Ann: Siviour Battery Anode Material Study Results, page-197

Hi Scarpa.

Nice to hear from you and your summary is terrific, thank you.

Whilst I agree with much of what you have written I personally believe you are giving the market too much credit.

I doubt very much that most of the sellers today could run a complex analysis or even a basic Net present value calculation over the BAM metrics released by the company.

I believe it was more a case of buy the rumor sell the fact. Many people wrongly believed that the BAM release would put a rocket under the SP and when that failed to eventuate exited today.

The major theme across the market as a whole lately is a lack of patience as people are no longer prepared to buy and hold long term. Instead constantly looking to lock in an immediate profit and move to the next hot fast mover.

Personally I am very pleased with the BAM as it derisks my long term investment here even further. I was concerned we might see another capital raise as construction costs blow out, but feel now it’s no longer an option as we use debt funding plus strategic equity partnerships with offtake partners.

Also very excited to see what DC meant by the term “growth opportunities”.

Let’s see how the next few months plays out.

10x