Ann: Premium Strategic Placement and Offtake MOU, page-68

Hi Blakesley-- thanku for those estimates --i am no accountant truth be told,but looking at this quickly i would opt for chart 2 .If in the FID we raise at 20 cents as you say and its not a bad number,[[[we traded at 18.5c just over 12 months ago]]]] we create 50%more new SOI and dilution would be close to that.That would get us to production C2025 -----from there we are CIRCA152 M/US minimum cash flow and paypack to strategic partner of 27 months from C2025 [[ and that is the ace in the hole for me ]] the share price in the Q4 2023 might, or might not be in the toilet for a period after this depending on macro economic conditions continuing . I am alright with this because i understood that many years ago and invested accordingly. Everything has happened in an orderly way on time and on budget 'knock on wood ' As for chart '1' the standout item is the less cashflow of C30M/Y plus i cant see an equity raise done at 70 c in the forseeable future anyway. Oh and throw in a powerhouse offtake agreement with posco or the likes of said such prior to production---well you get it. NICE CHAT-----By the way what is BEE free carry and i think your pessimism is going to change soon.Also shareholder returns i gather will be less than C5 years---thinking C3Y----FCF HERE WE COME---