Ann: Appendix 3E , page-82

Charlie,

In my view CDU have quite a deal of capital still to raise.

The Buyback is running at about $37m cash needed per year. Exploration gobbles up quite a deal, along with day to day Admin.

There are at least 20 months of these cash outflows to cover.

The mine construction will require a large amount of cask as per their January announcement.

A sizeable raising is therefore still needed.

It would have been better to have completed this ahead of the worldwide weakening of the financial markets.

Interesting times ahead for sure.