Ann: Trading Halt, page-149

I am filthy about the raise, and in particular the strike price on the options...

However, if you take a step back and look at the big picture
- +$1b NPV project
- All project approvals in place
- Land ownership and access
- Agreement with Native title and local elders
- BOA's in place with leading global Kaolin distribution customers

If we were starting from here this would be a totally different story and we would all be applauding management. The outrageous failings of the management team have seen the ADN circus tarnish the project which has been costly for all of us. And as a result we are now diluting the sh$t out of ourselves for some measly working capital. But, we need it. Finance will take another 3 months and they know it. If it isn't locked in by November it will be more like February so these funds and the 'options' are the strategy to get through this last hurdle.

If we get to FID and funding is announced (Traxys cornerstone with debt from Traxys network - highly likely) then we should see a clean up of the perception and a return to a more normal SP valuation based on NPV for the 1A+ stage at a minimum.

Junior mining.... Fkn almost impossible