Ann: Financial Year 2018 - Summary, page-62

Expecting SP to be punished until SMRA.

So reliant on SMRA it is really concerning. Plus, we are building production facilities that are not SMRA approved. So that means WHA actually needs to make sales and have a prepared market share to start functioning as an actual business (ie, operate for profit not cap raises).

Might be a long wait and another cap raise to get good results. Unless SMRA and those offtake partners achieve good sales on our behalf.

I wonder long term we are better suited to be an SM1 instead of a A2M or BAL.