EOS Long, page-114

Agree I dont think the market is ascribing any value to SpaceComms at these values, free option on this in the current share price. If they are confident of getting debt and equity locked up by Q2 2021 then hopefully these talks are well advanced right now and management isnt wasting time. There would be confidentiality agreements as well with the customer base that may make a valuation harder. Nevertheless hopefully they are able to get this away without detracting too much from management focus on current revenue generators. An exicting announcement with an industy player, someone who is able to do DOD type contracts, would be exciting. But the market will be sceptical and rightfully so until we hear firm news.

I think CUAS is going to be the next big thing for us in the short term, company hasnt been shy in noting this. havent heard anything re launch of Mopoke. A short term contract win the middle east as a down selected provider would validate the entire platform.

Land 400 win seems very good at this stage, for the t2000 at higher unit cost, particuarly as Hanwha won the howtizer contract and is building in geelong- but i hadnt seen anything that has the Lynx using an EOS turret. I dont think this is a done deal and it is clearly a competitive process with the two vehicles being bashed around in the outback.

General Space has been a bit of a laggard- but it seems with renewed focus on Space as a key defence priority, hopefully some more announcements off the back of the $5m award from Australia Government for technical services. Expect to hear news on the large US contract that was blocked on indigenous production rules.

With UAE cash in the bank, a bank balance of potentially over $100m, and with defence budgets around the world going up and EOS playing in the new frontier of space, then we are set for long term value growth.