Ann: Galan Secures Glencore Agreement For Offtake & Financing, page-153

Hi Luke

Not a lot, but JP was as happy a young kid in a candy shop which was good to see. You could tell he has been under a lot of stress over recent weeks getting this over the line, so kudos to both his and the Board's achievements.

A few curly questions from the crowd on would another cap raise be likely and JP was coy. I think its fair to say they dont want to make any comittment either way . I suspect we could see another placement to bring onboard a strategic investor as part of the offtake and funding arrangements for DFS Stage 2.

JP however was very mindful to mention a number of times he is very determined to avoid a massively dilutionary path to get Stage 2 fully funded and again he appears confident that should be achievable. I think its inevitable here another cap raise has to come at some point for Stage 2 but after today I think the scales have flipped. Until today the market could say, they have to run out of money soon and raise again so lets just wait it out. That's no longer a given in the short run and now those with that strategy have to contend with the likelihood that on simple economics and a credible pathway to production, this has to start re-rating upwards from its current insane low valuation compared to some of our peers. In the end the Lassonde curve does actually go up not down........and I feel we might have just come around past the bottom of our Lassonde curve on this news today.