Member Info for Ivybush

Agree, volume so far does not warrant a drop. However on AIM we are always going to have
a volatile market. Just look what has happened to PREM in last couple of days, and that is
on a "hope & prayer" RNS! Could happen just as quickly here also.

Of course there are always alternative views on any major issue. However as far as this bb is
concerned, being about kdnc, there is clearly a change in public perception on climate change.

As a pragmatist, I see politicians wakening to public opinion and encouraging development of
renewable energy. This means far greater emphasis on solar power and battery development.
For the time being the main battery element will be lithium--and we are in that market.

Many adverse comments are made on this bb aimed at the BOD members. I can only speak as I find
and at the AGM I was able to talk afterwards to three board members individually.

It was my impression that they were all very committed to kdnc and answered my questions very frankly.
One Director admitted that at the last placing he had invested all of his personal savings in kdnc.
Also KM reiterated that Amapa was going to be very much his major involvement in the coming months.

With financial and personal commitment confirmed, I am prepared to give them time with Amapa.

A real help to the Lithium over supply/shortage debate and thus price, will be when LME start trading
this as a commodity. Forward pricing contracts will bring confidence to end users and the banks for
development finance.

We are given to understand this market contact will be available shortly.

Indeed the fall over the last two days is particularly disappointing in view of:

a] The W H Ireland report which apparently gives fair value as of todays date 44p pr share.

b] As a reply to my direct question at AGM about the $3.5 further funding for Amapa
Adrian Fairbourn said "majority of funding will be by debt" and he should know.
So it would seem that a further placing would either not be required or for a smaller
sum -- time will tell, but I would like to believe a Directors public comment at an AGM.

BOD stated on $3.5m raise "majority of funding from debt" --important comment.

Re Greenland: No recent drilling, £300k to renew licence, BOD to review: will lapse imv.

@Obs You could be right and I misinterpreted. I was not aware the 65%Fe was production target.

@Obs KM definitely said 65% Fe. Premium grade looked for by China.

I think I have finished now! At least I will pick up prize for most prolific poster.

$60m value based on $60 per ton. 65fe premium rate $100+ so some margin to spare.

Many questions were raised [and answered] in the 1hr+ discussion. Happy to be corrected by others attending.

Presumably when all requisites are met we could start shipping ore and repay loan.

Re $3.5m BOD stated that placing was "an option" not certain. My feeling is for short term debt.

KM told me that he had ensured the agreements were firmly in our favour. He speaks Portuguese which helps.

Our $6m commitment will not be utilised until all prerequisites have been met. So we are risk free until then.

R$900m debt restucture is not a commitment. The understanding is that it will be repaid from yr 5 onwards.

@Obs I got the impression a strategic investor would come in to assist future capex required.

I understood that $3.5m plus $2.5m to be repaid by Neco jv from free cash flow. Coupon at 18%

Sino have provided $49m to acquire stockpile/infrastructure etc. This debt to be assigned to Newco jv.