Ann: January 2024 Investor Presentation (Updated ASX Title), page-45

Less relevant given we're up 100% (40c from 20c) since then including a significant dilution event. 50% gain p.a. from that point on and making our first profit is materially different.

I voted against the ZEPOs but the majority holders voted in favour. On that basis I made 2 decisions:

1. I've interpreted the significant increase in YES votes to represented stronger Shareholder conviction - it's not short term holders who are voting here but LTH
2. The ZEPOs are approved now so no point further discussing the merits. I've chalked it on the "Con" side of the investment and i'm moving on.

No point talking about Known Knowns. Add them to your investment decision and move on.
What I find far more interesting and valuable is trying to understand exactly WHO is buying our products and how are they being used.

We've been told by management that majority of our buyers are repeat customers which is positive however, are they also buying competitors products? Are there market developments which could risk rendering our products obsolete? Was 2023 a fluke year due to demand from War which is one-off and cannot be repeated?