Ann: Tivan receives commitments for $4.5m share placement, page-32

Both you and reddeer are applying some capital markets sense to the rationale for the cap raise at this time and in a market, as you say, were raising money for critical minerals is pretty much non existent.

A key thing we need to remember is that we are pivoting to 3 new pathways in becoming a truly diversified criticals mineral company. We have observed early today some mixed reactions from a few posters. I know early morning a long term investor expressed as much but as the day wore on he reflected and moderated his own post - respect that.

Remember we need cash to reset and strengthen the balance sheet by clearing some current liabilities, and keep the pathways going with cash whilst keeping an eye on dilution. Just look at the comparables in this sector. It’s looks tough for many when you compare it to what TVN has achieved today.

Whilst we have the best of Board and management team in place, they are not Jesus where they can feed the 5000 with 5 loaves of bread and 2 fishes. They can’t print money here like the Feds. We simply needed to raise cash to reduce our commitments and advance our pathways. Seems to me to be pretty clear.

Let me also make a few points on today’s announcement. These are from the preso which I know we have read. But notable to highlight.


- Part cash used to pay KKR - $6m of $10m has been paid
- L1 CN be
ing repaid by monthly election of cash rather than a share issue.

with these elements directed at limiting dilution.

Finally Tivan is progressing Fluorite and the patheay to early revenue. Can’t wait for the PFS. If Earth AI can continue to prove up a commercial find at Sandover of lead, copper and the holy grail silver we are away.