Ann: Results of Meeting, page-40

This construct may be a bit optimistic but something like this could potentially work:

a) DoD foots the bill for US Cobalt refinery (Precedence being what they did with Lynas)

b) GTP and DoD secure offtake rights over the cobalt sulphate/end product (Canada recently demonstrated Govts are getting warmed up to idea of offtakes)

c) As part of the deal the intellectual property and know how for Kokkola is moved to US control (There is value here despite mismanagement of corporate structure by our leaders)

d) Aussie super + GTP(other strategic) recapitalises JRV to the extent there is an equity commitment needed by LPO/DoD

e) DoD offers a floor price to enable equity contribution from Pvt sector

Lots of ifs and buts here obviously - something to amuse myself with this morning!