EXR Trading 2023, page-1240

No one needs me to post the trading data, it's bad and there's not much to say. Also, most things that need to be said about the capital raise have been said, both positive and negative - so I'm not going to add much to that noise either.

Only thing I add is that the raise was both disappointing and necessary. No company wants to raise at the lowest point in several years, and what it indicates to me is that there are no near term positive 'surprises' expected from Mongolia - otherwise they would have waited for them before raising. My supposition is that the hope to get the share price back up rests in Queensland, thus the need for more money for the relatively expensive drilling program. I guess the idea is to 'fatten the pig' for market and use the proceeds for a huge Mongolia campaign, but (a) I've heard that before and (b) I'm unclear on the company strategy and how the three projects fit together.

I've said it before, this company needs to clarify its strategic goals. These were once razor sharp. The deflating share price reflects the drifting strategy.

The capital raise also poses a question for any would be investor, "Do you think the share price will be more than 12c in three years time?". If the answer is yes then you should load up your maximum entitlement.

My view is in three years time this company will be worth $$$ or zero, and I have no clue which.