Ann: Trading Halt, page-23

At 15M raised for 40c = 37.5M extra shared issued.
380M SOI currently
New SOI 417M.

If PSC opens at 40c = 168M MC same as today. at 44c = 184M. Which is 29% of the recently release OFS.
Expect the direct 2.4mtpa to have even further upside.

Noting post raise we'll have 20M cash on hand. So think 29% of NPV is very very cheap still. Considering used LoM SC6 pricing of 736usd/t discount rate of 10%.

Not many if any project at this low an NPV to the MC. The ones that are, are not as developed and will not be producing before PSC.

40-45c was my quoted floor. Think 40c will be it now. Last buying before the 2.4mtpa direct feasibility and the FID occurring sometime in the next 2-3 months. Before end of this calendar year for Sam to get awarded options, so there will be a push from his end top expedite but if not I think January would be roughly the latest target.

As for the quoted flippers. PSC is super tight registry. Not going to be much flipping available for a 9% profit from today price to push back to 40c if it's oversubscribed you can expect the share to be bought on market at will. With the aforementioned news, don't think there will be much liquidity at lower levels, but admittedly yes it does often touch the CR price. But wouldn't be surprised if this one doesn't give the immediate news flow.

SF2TH