AVZ Minerals Limited (ASX: AVZ, OTC: AZZVF, 'the Company') presents its Quarterly Activities Report for the period ended 30 June 2023 and provides the following update to shareholders.
Voluntary Suspension and Mining Licence
AVZ's securities remained in suspension during the June 2023 Quarter, pending a resolution and clarity on the mining and exploration rights for the Manono Project. During the quarter the status of the suspension changed from its securities being suspended at the request of the Company under Australian Stock Exchange 'ASX' rule 17.2 to being suspended by the ASX under listing rule 17.3.11. The Company continued its discussions with the Government of the ('DRC') with respect to the grant of the Mining Licence ('ML') or Permis d'Exploitation ('PE') and Dathcom's continuing exploration rights for the Manono Project. AVZ made several announcements relating to its tenure of Voluntary Suspension during the June 2023 Quarter.
Cominiere Dispute - Emergency Arbitrators ruling
Dathcom requested injunctive relief from the ICC for the purposes of restraining Cominiere from taking any actions with regards to its purported termination of the Dathcom Joint Venture Agreement. The Emergency Arbitrator ruled in favour of the Company's subsidiary Dathcom.2 Cominiere was ordered from taking any action or taking any steps, that would result from the implementation of the termination of the Dathcom Joint Venture Agreement ('JVA') and/or the consequences of such termination, until the final award on the merits of the broader Cominiere Arbitration Proceedings is made. Any violation to the abovementioned orders, are subject to a penalty of 50,000 Euros per day of violation to be paid to Dathcom including any dispute concerning the liquidation of the penalty
Cominiere and Jin Cheng Dispute
The Company received a combined request for ICC arbitration proceedings from Cominiere and Jin Cheng against its wholly owned subsidiaries GLH and AVZI.4 In the Request, the Claimants claim that the Company has breached the Dathcom JVA entitling the Claimants to a claim of damages, estimated provisionally at US$850M for Jin Cheng and US$566M for Cominiere. This action establishes that Cominiere and Jin Cheng are acting in concert and affirms the Company's view that various actors including the Claimants, intend to unlawfully acquire, for themselves and/or other third parties, interests in the Manono Project, to the exclusion of the Company.
Cominiere and Jin Cheng Dispute
The Company received a combined request for ICC arbitration proceedings from Cominiere and Jin Cheng against its wholly owned subsidiaries GLH and AVZI.4 In the Request, the Claimants claim that the Company has breached the Dathcom JVA entitling the Claimants to a claim of damages, estimated provisionally at US$850M for Jin Cheng and US$566M for Cominiere. This action establishes that Cominiere and Jin Cheng are acting in concert and affirms the Company's view that various actors including the Claimants, intend to unlawfully acquire, for themselves and/or other third parties, interests in the Manono Project, to the exclusion of the Company.
Contact:
Tel: +61 (0) 412 124 33
Email: admin@avzminerals.com.au
ABOUT MANONO LITHIUM AND TIN PROJECT
AVZ holds a 75% interest in the Manono Project, located 500km north of Lubumbashi in the south of the Democratic Republic of Congo, hosting the world class Roche Dure Mineral Resource, one of the largest undeveloped hard rock lithium deposits in the world. 10% will remain with the DRC government as per the DRC Mining Code and the 15% balance, currently belonging to the DRC government, is subject to a purchase agreement from AVZ International but is yet to be finalised. The Manono Project is strategically positioned as a clean, sustainable source of lithium, significantly contributing to the green energy transition, feeding the global lithium-ion battery value chain. With industry leading ESG credentials, it is forecast to be one of the lowest carbon emitting hard rock mines in the world. AVZ, as operators of the Manono Project, has been admitted as an inaugural member of the DRC Battery Council.
FORWARD LOOKING INFORMATION
This announcement contains certain forward-looking statements and comments about future events, including the Company's expectations about the Manono Project and the performance of its businesses. Forward looking statements can generally be identified by the use of forward-looking words such as 'expect', 'anticipate', 'likely', 'intend', 'should', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target' and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, future earnings or financial position or performance are also forward-looking statements. Forward looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Forward looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. Forward looking statements involve known and unknown risks, uncertainty and other factors which can cause the Company's actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements and many of these factors are outside the control of the Company. As such, undue reliance should not be placed on any forward-looking statement. Past performance is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information or other forecast. Nothing contained in this announcement, nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of the Company
AVZ MINERALS 
