Ann: Investor Presentation, page-7

Don’t know what you are all whining about. Yearly revenue has gone from $6m to over $12m and now a forecast $30m.

The growth is in ZinClear which has exceeded their guidance forecasts. The 4th quarter is obviously the weakest for seasonality. Too early for the Aussie summer, too late for the US summer. It’s not that surprising.

FY19 and particularly most recent periods include significant costs of setting up new production facility in QLD, setting up a laboratory, improving the existing WA facility and growing stock of raw material - over $4 million. Seems like the moves of a business looking to take advantage of a major growth opportunity. Did people expect them to just sit on cash and not try to capture market share?

The received order run rate is moving from around 300T per year to over 300T per quarter.

It is obvious that profit margins will improve drastically from here based on the scale and free available capacity.

Given when they put out their forecast for previous year they said $8m revenue originally and did over $12m - the $30m is probably of similar conservatism. In reality they can probably crank out $40-50m quite easily. They will make further traction in Europe and the US market is growing at a pace that is beyond predictability at the moment. I doubt this is factored into their forecasts yet.

In 6-12 months this company will clearly be well over 3x the size with no signs of stopping. It is rare to find growth like this.