Ann: Application for quotation of securities - NRZ, page-4

Hey mate,

I’ve spoken to Tony on many occasions. I’ve always found him to be a genuine human being, and lovely to talk to.

Unfortunately, Justyn’s recent interview is about the closest we’ll get to gauging just how confident they are on this. In the interview he seemed supremely confident that we’re close (almost as if DD was being performed on current options, with one to be selected), and that the funding portion is somewhat “easy”.

But our cash burn, and the team’s consistent inability to stick to timelines that they themselves put out to shareholders (even the “next quarter” milestones), is rather concerning.

Considering the following :

- We don’t have many months of cash left, and they’re still hiring more staff at present.
- Stage 1 needs ongoing progression.
- FID (after a completed BFS and funding sorted) is supposedly only a few months away.
- We have almost a month of inactivity coming up over Christmas
- The shareprice is only going to sink lower as we progress without news

….. this means we need this $50-$100M funding component sorted yesterday.

10.5 cents (and current MC) is disgraceful at this stage of the game.


Cheyne