Ann: 1Q FY24 Quarterly Report & Appendix 5B, page-109

Hi JD

Since some of the major egos believe we have already been taken over by STX, there are some observations I make from the STX September cashflow document which are relevant to TPD shareholders:

1) The STX debt facility went up by $6M to $79M, compared to $73M at the end of June.
The amount drawndown also went up by $6M - to $32.250M from $26.250M.
I wonder if it was Macquarie who "encouraged" STX to take on the extra $6M debt to "help" TPD.

2) Also, the STX net cash position worsened by $30.390M during the September quarter ($101.627 - $71.237), which is the major point that some of us have been saying for months: STX has such an ambitious development program that cash is going out the door more rapidly than their Walyering 55% cash inflow will support. Taking us over to get out 45% still won't be enough without STX taking on more debt on top of the $80M "uncommitted facility". IMHO that means asset sales and a CR are likely in 2024 for STX, unless STX has been taken over with a lowball offer.

3) And then there are likely to be the typical delays to design, fabricate, deliver, install and test modules from Canada.

Cheers
ft