Magnificent commentary:'No Magnis did not during the course of...

Magnificent commentary:

'No Magnis did not during the course of December 2023 track progress against the Forecast. The
board, at the time of the release of the AGM Presentation, had no reason to not believe the
representations made to it by Dr Upreti'

'iM3NY LLC (LLC) would not have necessarily been aware as it has no staff and the only connection is
through Dr Upreti'

'Yes, MNS does consider it has adequate oversight, it meets regularly with the Lender Directors
and their appointed CAO and can seek information at any time between those meetings.'

Duncan W Glasgow
Group General Counsel & Company Secretary
Magnis Energy Technologies Ltd.
E:[email protected]

Further to the above, they said that during December, after lenders had taken control of the board, they made no enquiries about production or sales because they were concentrating on obtaining finance. For the factory and its production facilities. Just a non specific loan nothing special, so the new lenders were not likely to ask about the source of the income for repayment. YOU COULD NOT MAKE THIS STUFF UP