RE:RE:New ReportWe have reset our valuation to A$2.09/share Assigning a value to AII is a readily quantifiable exercise given the broad operating parameters and guidance as confirmed by management. This is not to say the valuation is without risk as new projects, in this case Valtreixal, Sangdong and Sangdong Moly are longer dated and subject to completion/commissioning risks and final definition. Our estimates are underpinned by a significant number of assumptions that are subject to potentially significant change and a (subjective) probability weighted confidence assessment of ultimate commercial outcomes. Exhibit 8: AII NAV – the NAV is compelling before unwinding of risk weightings Pr A$mn A$/share Sangdong 100% 75% $338 $1.63 Progress to schedule over the next 18 months should underpin the unwinding of the risk discount Sangdong Moly 100% 25% $15 $0.07 This should be considered a nominal value only at this stage as we await the results of the evaluation drilling Valtreixal 100% $72 $0.35 We apply 75% weighting to Valtreixal as proposed given the project is yet to finalise financing and timing. We value the ‘resource’ upside against a 25% Pr weighting Panasqueira 100% $46 $0.22 We weight the resources upside at Pr=25% against the unit NPV of the producing operation Los Santos 100% $6 $0.03 Expected to restart in 2022 as a tailings project to keep the plant in good order while Valtreixal plant is developed $477 $2.30 Net Debt ($35) ($0.17) Estimated as at 31-Dec-2021 Corporate ($8) ($0.04) TOTAL $434 $2.09 Shares issued (mn) 208 Issued capital is as projected post the completion of the ASX listing and allotment of new shares as prescribed.