General discussion, page-669

Notes from my call with Cormac Byrne (CFO) last Friday are below.

• I'm not an industry expert so I asked for some clarity on how the non-binding offtakes are beneficial when they don't lock in a price and aren't binding. Turns out our offtake partners are using the trial shipments to determine how our product behaves and how they need to alter their processing/refining techniques for when we start producing.
• I don't think the cap raise was horrible but I do think 14c was cheap and that it interrupted a nice little SP run. They were already 6-7 weeks into the raise process and pushed it back as long as they could to get a better price - initially they were looking at raising at 8-9c so we didn't do too badly there. You can say the cap raise was shit because it stopped our run and killed momentum but without that run we would've been raising at much lower prices so it depends whether or not your glass is half full.
• Following on from the raise, I mentioned that it hurt a lot of people's faith in management, etc. because they didn't understand it completely and said that I'd love to see some directors buying on market to restore confidence for some. As I'd expected, they haven't been allowed to buy for a while because they were sitting on non-public information. I have a vague memory of Cormac saying that period was coming to an end soon-ish and they would be able to buy on market but not sure if thats true - he didn't give much away. He did mention however that he has only ever been able to buy shares in their placements and never on market.
• Financing our larger plant. They will almost certainly have to raise again. They are going to finance the project with a mix of debt and equity - looking at the Big 4 banks and NAIF, as well as a raise of course.
• BurnVoir and Naust have been appointed to lead this raise and I mentioned that I noticed the two directors of Naust were formerly directors at NAIF. I asked if this was a coincidence and he said no, so it looks more and more likely that we will get some funding from here which would be fantastic. Election time brings big promises and there would be a lot of politicians looking to support our agriculture industry, food supply chains and the NQ economy.
• Apparently there are other people/funds starting to do research on CXM. I haven't had the chance to go searching for any of this but I doubt he'd feel the need to lie so definitely shows some more institutional interest in our little outfit

Hope you guys got something out of it. Don't take anything as gospel as I may have misheard him or misinterpreted my notes from the other day because I'm still hungover from Saturday. Happy to clarify any questions if needed

P.S. I'm buying today. I watched someone take $320k at 11:42:13am too.