Ann: HMW Phase 1 Funding & Offtake Secured with US Based Partner, page-26

Yes, it’s been tough, but we’ve finally become a producer at the shareholders’ expense. I know this is a disappointing way to secure the financing, but I still have a lot of respect for JP as he’s put a significant chunk of his life savings into the project. I suppose if they had raised $100 million in mid-2023, it would be a completely different story now. It is what it is, and hopefully this is the last (though maybe not) capital raise before we start generating cash from the ponds. I really wish they could have more experienced people on board when negotiating Phase 2, and I really hope they’ve learned from their past mistakes.