Ann: Wonarah Phosphate Project Direct Shipping Ore Update, page-8

The Company is expecting to generate significant
cash flows in the near future, with its high-grade ore from the Wonarah mine.
Avenira intends to leverage its cash flows from the DSO operation to develop its integrated LFP
Battery Cathode Project.”

Avenira is well advanced on discussions for binding offtake agreements. Marketing samples have
been successfully shipped and are being laboratory tested by interested regional Phosphoric Acid
customers. These samples have been independently verified to contain an abnormally high
phosphorous content which paired with the physical robustness of the phosphate ore makes it
uniquely suited for thermal processing and the production of high-purity Battery Grade Phosphoric
Acid. Additionally, trial shipments have been requested by potential offtakers.
Pending successful product qualification, a binding offtake agreement is expected to be executed
for the sale of up to 600,000tpa of high grade, high value DSO phosphate ore.

Mining contractor selection process underway with request for quotation to be distributed shortly.
Rail haulage rates are currently being negotiated with Aurizoni for Tennant Creek to Darwin
transport to formulate the freight and logistical framework required to transport the DSO ore to the
Darwin port.
Negotiations to lease an existing under utilised construction camp (less than 5 years old) adjacent
to the Wonarah mine has commenced and will be executed once the mining license is granted.