Ann: Results of Meeting, page-49

Hi ronimc,

Sure. I'm a long term holder. Got in at about 6.4c and and have accumulated a bit more since so avg about 10c. I like many longer term holders im sure were into the idea of speed to market with NAL acquisition even though I was skeptical of the long term resilience of the current mine. Years later have same concerns as really the questions Alan Kohler asked BL cpl years ago remain.

I have what I see as enough SYA shares as far as my own strategy is concerned and am happy to wait till we start seeing some revenue which is clearly going to come before making any more moves. Anyone that completely trashes SYA is disingenuous because it is clear there is value there and a viable path forward. But strategy and some luck are everything really. It may sound odd being skeptical as a holder but really who cares because at the end of the day SYA will be pored over by the market and they will ultimately be judged on the truth of the situation.

With that said I'm personally unlikely to buy more because:

- Don't want to add risk to my avg price
- Not sure if I want to wait another 12 months for tax exemption if were to buy more and am interested in not just SYA
- Dont like PLL like many of us
- I feel like mgmt is like the cliche of the dad that has started the reno but never finished; has the old holden in the garage that he's been restoring for last 6 years and the landscaping project out the back thats been on hold for the last 3 years.
- The long standing concerns SH's have seem to always lose scrutiny because mgmt always seem to have some other money sink theyre now cooking up when a cleaner approach where cash is used to consolidate a more humble strategy makes more sense to me
- Quebec is a long way from demonstrating its viability as a true lithium hub due to skills, cost, social licence to name a few and i really dont like they never engage with the reality of permitting up there. Not saying its all bad but its incredibly underrated how crucial permission to mine up there is.
- I just dont understand the value of having a passive gov partner up there whos asset grows in value off our dollars. Historically it doesnt seem like theyve been involved in many successful projects. If local populations dont sanction a mine then IQ means nothing to my mind. I genuinely have no clue what they do other than conduct a lithium panel every 6 months and are 'connected'