Ann: Yibin Tianyi Withdraw FIRB Application, page-139

Scarps in reality the equity investment for Yibin was very cheap and opportune for them.

The DFS and the Data Room are now public and open for business.

That equity is no longer important....but the deal was done and we were committed to it whether we needed it or not. The Fed Govt preventing it’s completion is a positive IMO for the capital structure going forward with negotiations for funding and Offtake.

Yibin still engaged, still at the table working out other ways of investing. They want the product, otherwise why would they still be at the table. They won’t have equity in AVZ, but seems like they want to support funding of the project in some form.

Offtakers with Yibin and others for at least 70% of the product is what’s important for FID on the best funding mix. From my discussions with NF in Melbs they were already in discussions with many and now the DFS and Data Room allows them to progress those discussions.

Yibin not having equity or a Board seat has removed some potential cheap shackles and NF has a much stronger position to negotiate from.

The in country management team seem to have very strong relationships with the DRC Govt and the SEZ Framework continues. I don’t see the DRC govt wanting to to interrupt the progress being made. If anything, they might be more inclined to agree with AVZ’s wishes in order to not provide any impediment to the potential funding mix of the project.......the DRC want this development just as much as AVZ.

All IMO