Ann: SUCCESSFUL COMPLETION OF RETAIL ENTITLEMENT OFFER, page-14

Round oak cost $34 million in net cash + 1.466 billion shares (before 7:1 consolidation). Those shares are now worth only $25 million so WHSP has received approximately only $60 million from the sale of Round Oak.

At the same time in May 2022, Aeris raised $85 million from a capital raise. So Aeris cash balance actually went up 85-34 = $61 milion in mid 2022.

The capital raise associated with the Round Oak deal has helped fund the development of Budgerygar and Avoca tank. Unfortunately, Budgerygar was delayedby approximately 9 months which significantly impacted copper production for the year. The Zinc price collapsed and Jaguar ran at a big loss this year. So shareholders (including me) who collectively coughed up $85 million lost most of their money.