Ann: Quarterly Activities Report, page-81

I forecast a flow of news so as to support the Rights Issue, but how wrong was I in saying that! I am really surprised that has been no news on Steam Engine, not only because of the MD's positive statements in that regard, but also to help the capital raise.

So, with the GM Resolution to approve the proposed Placement to be voted on tomorrow AND the Rights Issue to close on Friday afternoon, there would be no advantage in releasing news now so as to entice participation in the Rights Issue. I say that as it can up to a few days for payment by way of B-Pay to reach the company's bank account.

So, what can we make of it all?

1. Disappointing assays? Scoping Study not positive? If so, then what about the Rights Issue response? A shortfall? A shortfall, but plenty of willing takers to take it all up?

OR

2. Assays still being assembled for reporting on? Scoping Study not finalised yet? If so, just let the Rights Issue run its course and see what the final uptake is? On this point, I would think that HQ would have received indications of support from some big holders.

Then there is the Placement. 142,857,142 Shares (with 1 for 2 options) are to be allocated at the discretion of both the Board and Cumulus. This is from the Notice of GM:

The 2024 Placement Securities will be issued to investors identified by the Company and Cumulus, who are not related parties to the Company, members of the Company’s key management personnel, who is a substantial (10%+) holder, a substantial (30%+) holder or an advisor to the Company, or an associate of any of these, or otherwise a person to whom Listing Rule 10.11 applies.

Who would be favoured to get these shares and options? Might they include shareholders who applied for extra shares in the Rights Issue but did not fully succeed there? I hope so! It would be unjust for them to miss out with the Placement imo. The company has up to 3 months to allocate and issue by the way.

Overall though, SPQ is a lot like a common name for a sausage - a mystery bag!!

I add: I think that the share price has been, and continues to be, managed. Cumulus?