Ann: Appointment of Chief Financial Officer, page-54

Umm - nope I’ve not suggested nor agreed that a “capital raise” is required … not at all have I done that - please show me where I have (or accept that your are trying to out words in my mouth). And while here - can you show where in the LTR presentation it says there will be a “capital raising” as you premised here originally? Additional capex - yes - that’s well known and been discussed many times as to the benefits it brings.

I suspect that you may have conveniently missed the following options for such additional capex in your assumptive reply:

1. Profit from DSO sales - reminder that is sale of material which was never intended to form part of the resource to be mined and processed in our spod operation and is already being mined and stockpiled and awaiting announcement for sale arrangements.

2. Pre-sale of the additional spod capacity made available by the extra capex.

3. Federal Government funding for critical minerals (we haven’t even started to tap that option).

So no - we are not agreed that there will be a “capital raising”.