Running discussion on SP, page-31783

Firstly, I doubt he’s looking at AVZ. Secondly, I am not sure we need AF at this stage of development unless he plans on doing a TO at a very hefty premium.

We have already been told

1. Discussions with multiple, potential offtake partners for significant volumes of Spodumene Concentrate and Tin are well advanced

2. Negotiations around financing options with several entities in Europe, the Middle East and South Africa are progressing well

As alluded to by others, the project is IMO likely to be fully debt funded at a very low rate. Therefore no further equity debt needed meaning no further dilution. Hence if it’s not an OT that FMG is going to take and we don’t want to give away further shares in the company because we can get finance at a good rate already then why would we need them?

In the very unlikely scenario that he is in fact considering a TO then don’t even think about starting negotiations below 50cps.

We already have our white knight in the form of the ECB/EU as mentioned in the last announcement. The value of this can’t be overstated. It will take time and some subsequent announcements regarding this relationship for the market to truly appreciate just how fantastic it is. Over the next couple of months as ink dries on the deals true value will start to reflect in the SP.

AIMHO