Ann: Successful completion of Institutional Placement, page-18

They are raising to buy new assets, not to top up working capital. There will be another much larger raise in 12-18 months if they exercise the option to build DAWN. But this the type of CR that we want.

I guess the only alternative to raising capital is to wait for the RKEFs to pay down their debt and then retain earnings over perhaps a 3-5 year period before expanding into HPAL, but by then NIC would have missed out on these opportunities.

NIC seems to have convinced Tsingahan that NIC can be the vehicle/platform for their ambitions to feed nickel into lithium battery precursor production, and I am thrilled we can ride the coat tails.

Regarding the disproportionate approach, I can only see merit in your complaint if they scale you back, so perhaps wait and see how that plays out. Further, you have had plenty of opportunity to top over the last 6 months on market at a deep discount to the CR price.

Just my thoughts, all the best.