Who benefits from Low ARU SP?, page-4

Good morning Birch.

Absolute rot it tis. And worse they can do it - some companies - blatantly misguide retail investors with BS critical details such a sour past FID timelines that the board knew were not true - such as the boards advice that won you over that their performance freebies were aligned to shareholder value when as we see here it certainly is not - it is clearly aligned to their own pockets and Insto's they are in bed with - unfortunately have to at this stage given the very substantial funding required - I suggested I would much prefer a SP target achievement for those huge freebies - it happens but not often and achieved milestones are the norm - have we actually achieved debt financing? it remains conditional therefore not achieved in my view.

The debt facility announcement is another example - they immediately killed any SP increase the next day with a pre arranged SPP at another significant discount. So obvious - surprised no one brought it up on web chat the other day. It is a blatant effort to block any SP increase on such a significant milestone/achievement and allow Insto to - well as I said previously a massage - provide the Insto with a performance milestone free hit of their own and more stock to short for another couple of months

Consideration I have on past BS from this board - is stage 2 another spin. It's a long ways off so time will tell. Why are they really raising so much equity? An anticipated blowout on CAPEX! Just more for the Insto's to enjoy a sthey dilute the hell out of us! Is $35kg OPEX really achievable? Is average LOM $135kg achievable or just all spin. Given their past mis information - anything they say to retail - general market is questionable in my view.
But what is not questionable is the debt providers and insto financing commitments - and they are the best guide given they are shown intricate details - so therefore I am at ease given they want returns - in way of supply - interest or multiples on their equity finance contributions - and they will co ordinate when it suits them - and we will finally enjoy what has been brutal BS since Dec 2022 when Gina and other Insto arrived - and it may get worse ahead at different times but when they want it to go north they will let it go and manipulate it north..