Running discussion on SP, page-20140

"I think the cash position might be better than your estimated, will find out in next month quarterly report. "

It might be a little better - due to deferred spending (waiting on a large water pump, mets work happening later) but my figures were from AVZ's own quarterly report. But that deferred spending is still likely to cost as much when it arises and so still draws on the same cash on hand.***

In 2018 we got the cash position for end june on 30 July, In 2017 we got it 31 July. Based on the record we (the general market) won't get an update on the cash position at 30 June this year until end July this year.

So when will Chen get it? In 2017 there were 6 directors meetings (and Chen wasn't a director to attend) in 2018 he could have gone to 4 but only went to 1. If he wants to know the cash position for AVZ at end of June this year he'll probably go to the director's meeting and get it about two weeks ahead of the general market at end of July.

During that two weeks he couldn't trade but nothing to stop him so far as I can see from using his knowledge of the cash position to offer AVZ financing say somewhere between 3.8 cents and 10 cents (say 7cents) for as many shares as he can get.

"If one deal were announced, any CR/funding would not be an issue, that's how the sentiment could be changing."

I think the only deal that makes CR/funding not an issue is specifically a deal that addresses operational cash needs and funding. I don't think a change in general sentiment towards lithium over 6 or 12 months will make potential partners overlook the non-existence of an all weather road unless they have a contract or insurance against the risk of that road not being there in time or fit for purpose (construction and offtakes). AVZ has rights to the tenements but not a legal right to have a road on time. That is where they differ from FMG in my opinion. FMG had more control over its infrastructure. It could mortgage it in effect.