Ann: HMW Project Achieves 1,000t LCE Contained Inventory, page-19

It would have been scary if this wasn't there.

These are necessary and prudent measures which are evidence of a board with an ownership mindset who are alive to the risk of us reaching the end of our cash runway without having finance sewed up.

I agree that a financing announcement is what we all want. But in the absence of that, as i have always said, we still have an asset which, even undeveloped, is worth multiples of the current MC. The most important thing JP and the board have to do is ensure they do not take out ANY debt, unless it is sufficient, with a buffer, to get us to positive cash flow.

If they are stupid enough to take out debt knowing we still need more funding - we are Altura and Allkem is Pilbara, laughing all the way to the bank buying us off administrators and realising huge synergies for a pittance.

In the absence of funding announcement - time is our friend.

Keeping corporate costs low is critical. Understanding how to lower development intensity while maintaining key personnel so it can be ramped up quickly is equally important.