Ann: Trading Halt, page-60

Every so often there is what I call a "transformational Capital Raising" from junior mining companies - usually around the time they go from explorer to producer.

I have participated in many, and the SP usually flies on such cap raisings over the short to medium term.

This may or may not be that, but I reserve my judgement till I see the details.

To my mind, EUR did get us through to the DFS without the need for a cap raising.

They do appear however to be raising funds for a strategic land acquisition - likely either the Hydroxide plant site, or perhaps Weinebene to double their land holding and likely resource??.

If it's land for the Hydroxide plant, then guess what - we are going mining!!!!. And holders will make multiples (likely many) of their current investment. You don't buy a plot of land for a new processing plant just in case!!.

If it's Weinebene land, then that is likely also a positive as it will likely get the total resource to 20M+ tonnes in the near term which will increase mine life and potentially capacity. If this is the case, I would like to see them focus on getting mining a.s.a.p. whilst they increase the reserves in the background. Let's get this show on the road!!.

So personally, I don't read too much into the cap raising just yet until we see all the details.

They may come out with a hugely increased DFS NPV (a Billion??), a new land acquisition for the processing plant (or doubling the Wolfsberg footprint) and a finalised agreement for off-take with Traxys perhaps - a 3 for 1 deal!! It would be hard to say this is anything but positive but let's see.

I'm very much looking forward to the detail as I'm sure my old sparring partner MB is also. We will both be heavily scrutinising all the moving parts of the detailed announcement, but each with a very different lens and view of EUR's future outlook