Ann: Results of Meeting, page-5

Hi Tiny,

The AGM was good—although it was a smaller gathering than last year, with only a few retail shareholders attending by the looks. CEO Nigel Lange delivered an in-depth presentation, highlighting the incoming catalysts with impressive detail.

One of the standout moments was hearing from Renzo DiCarlo, an expert in Operations and R&D, who provided updates on the Sydney Cyclotek facility and ANSTO reactor operations. We learned that the reactor slots we contractually signed up for, are capable of producing up to four batches per month, with each batch comprising 50 doses—translating to a potential annual output of 2,400 doses, at lower manufacturing costs of let's say 25% to 37% less than currently purchased in Germany, but depending on production numbers. And there are new different ampule volume/ sizes of 50,100,200 and 250 for further efficiencies. These can be shipped globally in just two days using specially designed containers.

The company appears to be in a strong position to support its growth trajectory, especially with recent developments. The removal of the Osprey registry red tape (achieved via the UKCA certificate) has paved the way for faster hospital onboarding and cost efficiencies. This, combined with German hospitals now able to negotiate reimbursement under the NUB innovation funding program for treated patients, is setting the stage for expansion into both new and existing markets.

The upcoming 2,400-dose production capacity aligns well with their projected market penetration targets of 5%-10%, equating to potential sales of $57m-$115m. From what was presented at the AGM and in the investor updates, it’s clear they are strategically preparing for this next phase of growth. - When Nigel and Renzo mentioned these numbers, they also referred to their work at Sirtex, and they sound like they mean it. It was an interesting sincere vibe.

Yeah, and then there was a rather high ranking representative of Kidder Williams present in the audience. Mind you, not Williams himself. Yet, there was no mentioning of anything in that regards in Nigel's presentation. Maybe just for gathering overall info, or maybe a shareholder, no idea.

The elephant in the room is still the ongoing funding requirement in 2025, to bridge the time when all this fully kicks in. In my opinion, there is no doubt it will happen much quicker now, ie 12-18 months for break even, if investors, ie funds see us doing much larger patient numbers, I believe it will be no problem to do a funding round that is not so dilutive.