Ann: A$200M Placement to Speed Quebec Lithium Production, page-87

Strongly disagree. I would have thought that a working capital facility would have been much more appropriate and likely prefarable to this further dilution in the eyes of many holders. It is possible that it was not an option in this circumstance.

If indeed the majority if not all of this raise is for NAL rampup, and let's face it, they would not be raising right now for Moblan or WA drilling, then one would hope that in 12 months time that can be replenished from sale of product post rampup. In that case I would consider diluting equity to be one of the worst kinds of money, certainly not in the category of no better money.