Some Interesting Points, page-2

Hey Oz just my take on a couple of points.

1) I've no idea if SKI's offtake interests continue to Flem at this stage but the Cobalt market is so hot getting an offtake agreement for Flem once it's proved up would be as easy as getting acid at Woodstock.

2) My take on Scandium is it's use is currently in it's infancy but my own research indicates massive industry interest for Super Alloys covering the transport spectrum. That interest will transform into uptake once industry players are convinced Scandium Oxide is actually going to be produced in industrial quantities and will be commercially available with potential suppliers like AUZ actually getting mine funding which provides market certainty of supply. In other words I would expect a Scandium offtake agreement post not pre mine funding though happy to be wrong on that offtake point.

3) No. Prior to the Presentation I had no knowledge of any Scandium R&D being carried out by AUZ.

4) Given Sconi's offtake with SKI I'm presuming they're talking about specifically tailoring Sconi's output to meeting SKI's technical requirements which is something we know is happening at the Demo plant with SKI engineers onsite there. Plant optimization specifically for SKI would I expect command a premium.

All in my opinion.