Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-16

You said "Holders need to look for a very substantial entity (not Tommy, not UQ) certifying that the dry process will achieve the production objectives" which is a fair point.

From the announcement on 18 February 2025:

"This work is being overseen by independent engineering firm Stantec Australia (“Stantec”) and process specialists from Pitch Black Group".

From a quick google, Stantec has revenue of over $5 billion and 32,000 employees, so I think that counts as a substantial entity.

Also from the February announcement:

"These results will be used in preparation for further advanced pilot scale dry comminution test work with the VRM [Vertical Roller Mill] vendors in the near future to confirm the viability of this technology."

And from the recent quarterly report:

"Site visit to major plant manufacturer GEBR Pfeiffer in Kaiserslautern Germany– large scale pilot plant trial on target for completion in 2H 2025"

So I think shareholders could be comfortable that while Tom may have had the idea of dry grinding, but he is getting the process independently tested and verified and to me, the progress is looking positive and we should know the outcome of the next phase this quarter (30 June 2025).