Ann: Talga A$22M Institutional Placement, page-24

Mark has often talked about the uncertain time frames when it comes to Swedish regulation. It wasn't until recently that we were supposed to have our court date this quarter, which has now moved to Q1 2023. Had this not changed, perhaps a raise would not have been required. The potential funding options that emerged recently also likely played a factor in the avoidance of a CR.

In the past the share price had the habit of pumping on no news, often to well over $1.70+. In hindsight, a better time to raise but would've been met with irritated shareholders, with many likely to point out the X amount of cash still on hand and that it wasn't necessary. Mark also probably thought that de-risking the company with the EVA plant, more great drilling results and now customer qualification/verification of Talnode-C with ACC would have seen a re-rate far higher.

Unfortunately the market has been negatively impacted, meaning that delaying a CR has had a more detrimental effect in terms of dilution than what could have been. Hindsight.

If you look at it through a positive lens, this is another uncertainty that will be resolved. Talga will not be going into purchase agreement negotiations with only one quarter of cash on hand. With a CR out the way, market will be ready to jump in with both feet after ACC becomes binding. The binding agreement will also give total confirmation of Talnode-C. So, the CR will likely answer more questions, leaving only a couple of big ones.