Ann: Quarterly Activities Report and Appendix 4C, page-6

Technically working cash is only around 2-3 quarters left max, if the current burn rate per quarter is 5m. The financing requires cash backed deposits to withdraw so it really isn't financing isn't it? Unless I'm not understanding correctly.

The 3DAO options are expiring Dec 2025 {3DAO : OPTION EXPIRING 02-DEC-2025 187,845,091} and there is around 33m worth if exercised that will help the bank but cannot be relied on for the next 18months.

Reading back on the offtake agreement, it is most probably Castheon as you said Kenji "The counterparty to the agreement is a leading and deeply resourced additive manufacturer of C103 and refractory alloys for the defense and space industries. The company has industry leading technical and applied research capabilities operating out of multiple locations in the United States, and collaborates with U.S. Department of Defense (“DoD”) funded laboratories, as well as prime defense contractors" so that is great. But expenses are probably rising as the team is growing.

There has been a lot of money raised 10mil in end of CY22, 10mil end of CY23 and 20mil March CY24. I guess there will be another raise in the next 6-12months most likely to carry us through to end of 2025 where reportedly we will achieve 'break even operations'. Then the options to carry us through to true profitability. Hopefully Hank keeps delivering on the good news, setting low expectations then smashing them out of the park, at much higher market cap, money will be much easier. One of the best CEOs I've seen for a public company its really amazing how articulate and confident he is.