Ann: Placement to raise $1.4 Million to advance Siviour, page-6

Agree, a company can't be run without money and hopefully this top up is going to get us through to the point of getting a partner and a mine into detailed design.

It could have been worse, 1 cent and 15% dilution wouldn't have been out of the question, they also gave us a chance to top up if we dare. Bad situation but seems to have been handled reasonably by management.

The below is the list of deliverables the company put forward for the last capital raise in April last year.

- Completion of the Definitive Feasibility Study in respect of the Siviour Graphite concentrate operation;
- Submission of the Mining Lease Application in respect of the Siviour Project;
- Further technical assessment of the downstream options which may be available to enhance the financial returns available from the Siviour Project;
- Advancing marketing and off take discussions;
- Exploration activities at the Olary Cobalt Project, including geophysical studies and drilling of priority targets; and
- Working capital.

So it looks as though the funding got through what was promised, unsure on the extent of drilling targets at Olary Cobalt though.

We were always going to run out of money around now, i think we just all hoped that the bill would be picked up by a partner or offtake agreement.