VOTE NO AGM 2023 RESOLUTION 1-5...... NO, page-572

"SYA would not have acquired a 75% ownership in NAL without PLL, and in return PLL secured a very favourable offtake."

That's it in a nutshell and we also wouldn't even be having this conversation without them...I certainly wouldn't go so far to say we needed to to give 25% to PLL to lubricate the transition to a Carbonate but they did help us gain a foothold in the sector when we had a measly $25m MC, whether anyone else was around the time who would have given a better deal will never be known but 75% of a producing asset even with initial revenue restrictions is better than a 100% of nothing.

The silly thing is despite a natural tendency to play down or stall proceedings at NAL by PLL and who wouldn't given the circumstances, there is actually no particular evidence that a Carbonate plant won't be in ramp up mode by the current timeline of late CY 26 just speculation, but a decision would realistically need to be made in the next 3 to 4 months, finance would likely be a bigger obstacle in the current environment than PLL IMO, the potential to self fund our share isn't going to happen with today's prices and the concentrator at MOBLAN also requires funding in a similar timeframe at tge moment.

What we do know is the hydroxide/Carbonate review is already in front of the JV so let's see where that takes us before throwing toys out the cot.

As for my thoughts around a merger, it's something that any BOD would look at as part of ongoing corporate discussion and a large number of successful companies have at some stage have either merged of grown through acquisition, it's more about how it's done. Neither PLL or SYA are in a position to aquire each other so either its merge or battle on as two small entities withna shared asset exposed to a potential TO. I prefer SYA as it is but am open minded on the issue.

It's rather ironic that if Altura had survived the last crash in concentrate prices not only would this conversation not be taking place but they would have likely merged with PLS by now anyway, such is life...

Cheers Whisky