Ann: Quarterly Activities and Cashflow Report 30 June 2023, page-16

I think the reality is they currently have plenty of cash to test and likely define what type of resource there is. Obviously a lot of drilling happening currently and will continue for the balance of the year.

So if they are able to define or at least demonstrate a material resource (similar quantum to RNU, separate of Sugarloaf) then you would think a capital raise shouldn't be a big issue.

I think we will know what the opportunity is with the current cash balance, and it's a huge potential market, so if there is a big resource to work with I don't see how having two big participants in the same location is a big issue. If anything, could make SA a hub for anode material, which provides the opportunity to leverage downstream opportunities.