Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-14

Cash now sub 100m, even with the expected 11m tax rebate. The " financial line has been crossed", let's see when the next CR comes along. Definitely not by end of '25. But PH changed the raising strategy at RAD, from discounts to premium - but at a 400% dilution which now has given RAD to about 5 instos and PH at 90% combined holding. That again has triggered an expected NASDAQ listing with 1 for 200 ADRs.

CHM is next over the next 6-7 weeks, already 100% dilution announced. We now wait for the "new owners" and the CR price. If CHM works out in a similar way to RAD then we can assume what will happen here. Retail holders will be diluted out, a few big players take over, US listing and if we are lucky and won't sell out of frustration we might get a few crumbs.

My speculation, unless an asset sale or big financial injection by a partner, is 15b-30b shares, 1: 100 consolidation, US listing and suddenly, as no ASX-participants have the power to muck around with the sp, an USD10b valuation emerges. Paul & Co reap the rewards, maybe some of us get a little bit as well.

GLTA