Ann: Trading Halt, page-50

Obviously BLM approval is what everyone was hoping for, and it certainly is an important approval. But as I've said a few times before, it isn't the most pressing issue for AZL management.

IMO, the most important near term milestones from a value realisation perspective (rather than a short term sugar hit from BLM approval) are around actually progressing the Big Sandy Project i.e. scoping study, PFS and the prerequisites required to actually produce lithium.

My take is that the use of funds align with unlocking long term value for shareholders:

• A$8m - A demonstration/pilot plant at the Big Sandy project - self explanatory
• A$7m – Potential, associated freehold land purchases - possibly land purchase for water rights, or industrial land for processing (both longer term keys for production)
• A$5m - Exploration programs - self explanatory
• A$2m - A Big Sandy scoping study and further metallurgical test work - self explanatory

If BLM approval is going to take longer than expected, and management anticipate a short term softness in the share price, then it is prudent of them to raise additional capital now at a more favourable valuation. That is unambiguously good for all shareholders, and will allow the company to progress Big Sandy regardless of decisions that are outside of their control.