Ann: Funding for Grandis and Nomgon, page-101

Definitely wasn't expecting this reaction and i was negative on EXR in the (high) teens given i thought funding would be an issue at the Tarroom.

At 6.5c, take-up of the SPP wont be substantial (read - nothing).

i guess then if you aim to raise $10m and get $7m then it may affect things given you raised 30% less than you thought - even at this discount.

the term sheet i saw had the $3m from the SPP to be allocated to Taroom, so i guess in a round about way....will they need to raise again?

Can't imagine debt, even if they do get the full R&D (and that is still an "if" as it needs to be formally approved), will be cheap.

I just think that if the Grandis project works well then this will bag from here...and thats our way back....7c will be a fraction of that future share price.

And if they only get $7m out of the $10.5m I'd rather that be spent in QLD than Mongolia - which has proven much more difficult than we hoped....and success in QLD will be so heavily rewarded and so topical given the activity in the area (infrastructure too!) and a gas crisis that isn't going away.....