Ann: Suspension from Official Quotation, page-33

’discussions’ is probably code for AZS board are trying to get the bidder(s) to cough up a price that the Germans and Creasy will accept (they have 2 of 4 board seats) to get both those entities willing to accept the bid.

I take it that being in discussions to be a very positive sign regarding price.

Re the resource - Tony will have a good idea of TA3 potential and if it’s anything like TA1 ( it could even be bigger) then we could be looking at a resource of 300mt for TA1 and 3. Then we have multiple other targets plus TA2 which maybe have something reasonable at the northern part. The potential at Andover is, as Tony has stated many times ‘enormous’ - while other may scoff at my view that Andover could be the biggest lithium deposit in Australia, if TA3 is of the size of TA1 with heaps more targets then I believe it will be the biggest. Remember what Tony stated in the last presentation - lots more 60m, 80m and 100m assays coming in TA1 with 3 of the 4 drills doing extensional drilling with the deposit open to the north east, south west and at depth. Assuming @wowvery josh is right about his current 134m resource at TA1 then that figure is only going to head much higher and could get to 200mt.

Andover in my view has potential to be over 500mt and we will know by first quarter next year what the potential is like. Tony is right in that Andover TA1 drill results of numerous holes with 100m has not been seen at any other WA lithium deposit and he expects the number of 100m+ holes to increase.m

Tony and the AZS aboard will know what the potential size of TA1 and TA3 is and the rest of the targets and if accords with my comments above are they really going to recommend a price that is not substantially above $3? I think not.

Also realise that SQM’s $2.31 offer was in July - we now have many more assay results and drilling at TA3 which provides a much better idea of the potential very large resource at Andover.

The questions I have are, other than the bid price:

- is it just SQM bidding or does it include other parties?
- if it’s not SQM then who is it?
- is the bidder also after Creasy’s 40%? - if they are I cannot see Creasy selling anywhere below $5 and he may hold out for a much bigger price.
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