Ann: Chairman and Managing Director Addresses to AGM, page-9

Market cap of $26M now below the cash value of $30M (as of Sept Q). The market clearly ascribing little value to the actual business opportunity at this stage so will be interesting to see if they can gain any traction.

The fact that the MD and Executive Director are each on packages >A$1M per annum, is not a great look for a small cap yet to prove themselves. 2022 loss of almost $17M (with staff expenses of A$9M) suggests that they will need to think about another cap raise in early 2024 if they maintain the current burn rate. If they don't start generating some decent revenues in 2023, expect a very dilutive cap raise.

I bought shortly after the IPO and sold out for a loss at ~80c (a spec buy based on little else than having briefly met the MD in a casual setting and being quite impressed by him). So now on the sidelines watching with interest. Will only consider buying again if there are clear indications of commercial success (and happy to then also buy in at a higher price). At this stage it is no slam-dunk.