Ann: Suspension from Quotation, page-258

My perspective has always been $150M since inception, these things don't change as we look at long term not short term trading. Tony has always gunned for $40M, so it looks like he'll somewhat achieve that target albeit $26M left in the SZZL kitty upon CRML listing. GEM forks out $125M post listing/merger. So ultimately, targets are being achieved although not straight forward for those not familiar, as these things are quite complicated and cost millions with each transaction.

From where we stand, EUR will own just over 80% of CRML post merger, with or without additional redemptions. Over time, that will reduce to 50-60% as more shares are issued to raise capital, such as that for GEM. This is normal and observed across all companies publicly listing in financing to fund capital investments/expenditures.

We also need to consider SEC, as this new information or addendum to the proxy is something they would need to review post finalisation of transactions - the activities that SZZL and Critical Metals companies are each undergoing, for then to combine for a successful merger. So I am expecting a bit more delays but I don't foresee all of this to go beyond Q1 2024. It could, but it remains in the best interest of all parties for the merger to finalise this quarter and CRML to list publicly, as soon as possible. From a time perspective, it's in my view any meaningful benefit has now been exhausted so any further delays risks or is damaging to the merger when as previously it was to help it.

I'd also point to the agreement which shares are subject to lock-up period, duration and which are able for re-sale at market and when.

Note there are many clauses that should any party terminate the agreement, there are fines involved... such as Velar (investor) $500k cash.

It seems messy but it's not. Although I admit it is complicated. For those of us who have had the privilege to writing up these things, it comes of SSDD, but I since appreciate not everyone come across the fine details US rules and process, unlike ASX...

Nasdaq, Delaware etc are a completely different breed. But I can assure you, once listed, I am of the view that CRML (and therefore EUR by association) would be able to attract a lot more capital investment surging through the veins of US capital markets, especially for mining critical minerals in supplying the emerging North American and European batteries supply chain. I think those of us in the industry knows it and can feel it all too well but finding it challenging to get others not used to the flows and cycles of mining that look long term. That our actions today, the benefits is not for next year but 2-5yrs later if not longer.

For those looking in the short term, I'm of the view that there will be significant re-rate of EUR and shareholder value based on CRML Nasdaq listing, as in itself is a feat not many can achieve, that ALL companies dream of but not all can get - tapping into the U.S. capital markets.

Hope this makes sense.