6 questions submitted at 2024 Brazilian Rare Earths AGM

May 31, 2024

Here is the text of the 6 written questions submitted at the 2024 Brazilian Rare Earths virtual AGM held in Sydney at 9am on May 31.

Q1. Why have you waited until the last legal day to hold your AGM? You're a $678 million market cap company and shouldn't be behaving like a disorganised two bit tiddler running a last day of the season AGM. Will you promise to get organised next year and deliver an earlier AGM or is there some special reason why you waited the full 5 months after balance day to conduct the most important governance event of your year?

Q2. The AFR has today released its 2024 Rich List valuing Gina Rinehart as the wealthiest Australian at $40 billion. Last month she privatised ASX listed lithium miner Azure with Chilian partner SQM in a joint $1.7 billion cash deal. She is also one of our substantial holders with a 6.4% stake. What is the history of that investment in BRE and have we held any takeover talks with the Rinehart camp? Are they using their heft to add any value to the company?

Q3. When are we going to move to the better corporate governance model of having an independent non-executive director as chair? And with a market cap of $678 million, is it also time that we spent more than $62,000 getting audited by a small firm like Hall Chadwick?

Q4. Our executive chair Todd Hannigan was unceremoniously fired by then Rich Lister Nathan Tinkler as CEO of his Aston Resources in 2011. What was his key learning from that experience? Also, in 2015 he bought a 5% stake in Tiger Resources, an African copper play which collapsed in 2019 with total shareholder and creditor losses of about $500 million, which he talked up in the media at the time of his investment. What went wrong with Tiger's Congo copper project and how are we playing things differently in Brazil?

Q5. Given the interesting discussions across a range of topics today, could the chair undertake to make an archived copy of the webcast plus a full transcript of proceedings available on the company's website, for the benefit of the 1000+ shareholders who weren't able to attend live?

Q6. Will we hold a hybrid AGM next year using a non-Zoom platform such as Lumi, Link or Computershare so that more shareholders are able to participate and shareholders get an opportunity to meet the directors in person?