Ann: June Quarterly Report, page-18

NO - I don't think that is correct. ---- (and I am happy to be corrected)

The bulk of the CR was $5m.
Those shares were issued on 30 April 2024.
The balance of $500k was to BL, and had to be approved by s/h.
It was, and the shares (38 m shares) to BL were issued about 22 July 2024.

So the $4.972m of capital shown in the Qtrly must represent the $5m CR to those s/h other than BL.

So the balance of cash at end of June Qtr of $2.028m is AFTER the bulk of the CR.

So not so good. They will get BL's $500k.

I do not like the idea of IXR having to sell its s/h in VMM. We have no idea of how much tax rebate IXR will get from R&D grant? Is that Aust rebate of UK??? In Aust you can get funding based on security of the Tax R&D Rebate - but it would need to be confirmed that it would be paid by Govt eventually.

I reckon a CR is a certainty this Qtr - but I am hopeful IXR is awaiting some really positive news on Belfast, or even from Makuutu before it does any CR. All we need is a Offtake from either Makuutu of Belfast.