Ann: Half Year Financial Report, page-28

Hi chuffing

They put that notice out the day they had confirmation of the SWF's investment, as your attachment shows, it's just an estimate, probably allowing more time than expected. Note too the estimated maximum shares is 188m, whereas they've recently said not all the $10m will go into shares but some into our subsidiary - probably Phobos. For example if they did it 50/50 using the exchange rate they based the 188m on, it would only be an extra 94m shares with the other $5m being invested in Phobos.

Re the Go Button, at the ADU conference interview, Lindsay said " the Project is 2 weeks away from pushing the button to Go " and he also said re the Bank finance “ I think we’re pretty much there, hopefully we’ll know for sure next week” . Now that "next week" is the week just passed, so hopefully we'll get an announcement early this coming week. The 2 weeks to hitting the go button to me indicated they expected the SWF to be finalised in that time, and possibly the offtake as well.

They can finance this project with the SWF's $10m + the BAI's $15m without the IDC $14m. IMO even if they satisfied the 3 CPs within that 2 weeks, I'd guess it would take some time for the IDC to notify them the CPs have been satisfied & issue the loan, for that reason it sounds like Lindsay is talking about pushing the Go button either when they get the funds from BAI and possibly from the SWF as well, but not relying on the IDC final approval.

Also stage 1 of construction only costs US$5.5m and stage 2 doesn't commence till 2 months after stage 1 starts, so it's not like they need all the funds upfront.