Ann: Share Placement Completion, page-11

Funds received from the Placement will be used to finalise the start-up of 1. Direct Shipping Ore ("DSO") operations later this month, 2. advance the development of the Kupang Smelting Hub Facility and for 3. general working capital purposes.

The above is a change from the orignal annoncement. Hamish has caught on that we all know this money is not going to a good cause. It would be interesting what portion of funds go to which of the above three. I can be sure most of it will go to working capital purposes as originally announced. I would say 1% to the smelter but mostly to paying wages and probably overdue accounts not paid.

Why does Hamish not disclose the funding allocation to the above three newly announced item?

I can tell you why......