Ann: Full Year Statutory Accounts, page-14

G'day Alfie

I still think there's a presumption here that POD needs to do a capital raise as a matter of urgency. We'd all be listening to the chat about "pump for a cap raise" if they raised during the "pump". I don't think the company can win in terms of the criticism of the standard HotCopper thread.

What I will say is this, my view is that POD doesn't need to hurry to do a capital raise. If evil forces are lurking around out there trying to top up via a placement then perhaps they are wrong - who knows.

December 2020: $2.5m cash + $2.4m receivable = $4.9m
January 2021: Cap raise @ 11.5 cents
March 2021: $3.8m + $2.4m receivable = $6.2m
June 2021: $3m + $2.4m receivable = $5.4m

POD achieves a lot of things without spending much cash. Compared to other operators there's plenty of money in the bank.

You may be aware that the local native title body in the area was recently changed to a PBC (prescribed body corporate) which only incorporated in June. There has been delays out of POD's control. Department of Mines recommended granting the amended mining permit months ago, and now the rest will get sorted with the remaining condition on the MTO database which is native title sign off, which is pretty straight forward given POD is already operating in the same mining permit area. This will bring the first EV metals tranche payment to POD.