Existing MOU Extension 10/8/22, page-10

My personal belief is that a takeover of PRL or sale of HyEnergy is David Frances’ fallback position in the scenario you suggest, (which I agree is always a possibility in trying to put together a JV). Frances has hinted on many occasions - most memorably during a coffee shop interview he did with a stocks YouTuber in Perth last year if memory serves me correctly - along the lines of “what we know as PRL/HyEnergy now may not actually be PRL/HyEnergy in the future” (paraphrasing).

Even some large director/employee incentives are tied to the sale of the project for a minimum $100m, I think. I don’t believe his (or our) backs are to the wall even if Total Eren walked away from a % + % JV arrangement, not by a long shot. Given where our pegged tenements are located, and who surrounds them.

Others may not, but I’d be quite happy to wake up tomorrow to find a takeover bid on our hands or a proposal for the full sale of the project for a very decent sum far exceeding the current market cap.