Ann: $19.5m Raising to Fund Ongoing Development of HMW Phase 1, page-53

Hi RE,I'd like to address the speculation about the Glencore deal falling through. It's important to note that banks often adjust lending terms in deals like this, seeking additional security or equity, which is a common practice. (I’m sure you are aware)

Furthermore, with Glencore acting as the guarantor (considering Glencore's role as a commodity trader not as a loan provider), it's likely that a bank would structure its funding following a drawdown model tied to construction progress, ensuring efficient fund usage.

The amount of $136m AUD ($90 million USD), in the company’s presentation provided with the raise term sheet, is now specified from the previous range of 70-100 million USD, and this change may have prompted a capital raise by the board to address the shortfall. I believe this decision likely stems from the bank's repayment model, which would consider variables like lithium carbonate prices and their volatility. Given the recent decline in lithium prices, it's possible that revisions to repayment forecasts were necessary.

This is all based on my opinion and analysis of the situation.