Ann: Trading Halt, page-235

Fair enough. If I misled anyone with my opinion, I apologise. Point I was making that there are so many less risky ways to get battery materials. Why would someone want to take extra risks if they don’t need to.

My view is that getting funding to get to production could take many avenues. One of which is further dilution which B.B. stipulated they didn’t really want to do. So what’s left? a) multiple partners for off take b) debt financing c) combination of a and b d) JV

A JV would work if you secure a bigger and more experienced partner/producer - let’s say someone like Rio or Glencore. Still probably a low chance of that given AUZ knows the resource they sit on. If it were me I would want a JV only if it derisked my project and gave me something I can’t get alone and therefore had to give up control over my destiny

Multiple partners? Yes quite likely if B.B. can’t get a single mega deal. Probably quite realistic to sell supply contracts that include a combo of upfront funding and guaranteed supply for x years.

Debt financing? Well we need a DFS for that which surprise suprise, AUZ is currently working on that. Plenty of large investment banks would jump at a derisked project with almost guaranteed interest cover. Implication here is you need to show you’ve got demand for your product AND ability to produce economically

As a CEO I’d be thinking how do I derisk my company and get to sustainable revenue as quickly as I can? After all our board have a significant stake in the company so it’s definitely in their interest. Also, I’d be thinking I don’t want sell my soul to the devil either so not every partner would be ranked the same. My view is that the consultants they hired were exactly to make sure an arms length decision was reached to secure a great future for AUZ.

We just need to wait till Wed for the Ann and then we’ll know for sure. Either way for us retail investors it probably does not matter who the offtake partner is or if it’s multiple. As long as they come with the goods and are in for the long term. Right?

BTW, I hope I was not the garbage guy referred to above. Still learning the mining industry intricacies and always happy to be corrected by those who have been around longer. And like many here I am also heavily invested here for the long term. So all good.