Morning trading April 21, page-6

AVZ Delivers Highly Positive Definitive Feasibility Study for
Manono Lithium and Tin Project

 US$2,348 M1
pre-tax NPV10 and US$1,028 M1
post-tax NPV10
 Internal Rate of Return of 53% (pre-tax)1
and 33% (post-tax)1

 Net Profit After Tax - Life of Mine of US$3,779 M1

 Payback period of 1.50 years (pre-tax) and 2.25 years (post-tax)
 The Ore Reserves contains 44.6 Mt of Proved Category and 48.5 Mt of
Probable category Ore Reserves
 Life of Mine beyond 20 years based on a 4.5 Mt/a operation under
pinned by the Ore Reserves
 Conventional open pit mining with low ore waste strip ratio of 1:0.48
 LOM lithia recoveries of 60% using only conventional DMS
 CAPEX of US$545.5 M includes a contingency of US$49.59 M (10%)
 US$380 M average annual EBITDA for LOM
 Two transport routes solution at US$229 per tonne2
cost to Lobito port
and US$275 per tonne2
cost to Dar es Salaam port
 20-year mine life producing 700,000 tonnes per annum high grade of SC6
lithium3
and 45,375 tonnes per annum of Primary Lithium Sulphate
 Pre-production capital expenditure of US$545.5 M includes transport
upgrade and rehabilitation of the Mpiana Mwanga Hydroelectric Power
Plant
 Initial project development works already