Ann: Stellantis complete first equity investment of US$15M in E25, page-31

E25 production and operational metrics have looked ugly due to a number of factors including:

• Production volumes below expectations
• Production grades below expectations
• Possibly recovery rates below expectations
• World recessionary conditions lowering demand for steel and related inputs like manganese
• High fuel costs increasing trucking
• Covid-19 related disruptions causing shipping rates to go through the roof
• Personnel movement restrictions limited the ability to access experts and staff all roles with the best candidates

As factors on the list above are resolved, cash flow and financials will improve. That's not to say there won't be new issues but typically the market is forward looking not backward looking. There could be an explosive re-rate upwards of the share price if it becomes clear this list of problems has shrunk from 7 to 2-3 and is on its way down to even less. The last 3 on the list seem to be back to normal levels. Oil prices are back to the 70-80 range from well over $100/barrel which while not cheap is back from super-high. Shipping costs are back to normal and E25 has noted it is getting under $20/t shipping quotes. The Covid border restrictions are gone so E25 can get experts to site to suggest solutions to technical issues.

There was progress on production volumes in the last quarter, particularly in March. It will be extremely interesting to see how that translates into the current quarter - particularly if there has been a further big production improvement. Typically the recovery/growth phase of the economic cycle is a lot longer than the recession phase so we could be in for strong world growth across a lot of the mid-late 2020's.

Previously investors were prepared to pay $2/share for E25 when Hydroxide was substantially less advanced than it is now and the scale of the ore operation was no more advanced than it is now.