Ann: Approval for Listing on the NSX, page-2

If they had the appropriate skills and competence finding an asset in a first world jurisdiction is optimal. Raising capital on the ASX is easier. Requiring a $30m buffer for indemnities means they will have to raise capital on the NSX if they are to explore Eritrea or deal in Saudi as they only have the min requirement of working capital left to play with. Here is what they are avoiding-but be aware the $30m indemnity buffer will mean significant dilution if capital raising is required on NSX. It likely going to destroy Total Shareholder Value.

To determine the minimum capital raiserequired for ASX re-compliance, we need to reference the ASX ListingRules, particularly Chapters 1 and 2, which govern re-compliancelistings. Based on these rules, the minimum amount depends on several keycriteria:

1.Financial Condition (ASX Listing Rule 1.3.3)

• The company must have net tangible assets (NTA) of at least $4 millionOR a market capitalization of $15 million post-listing.
• Since DNK currently has $31 million, but $30 million is tied to indemnities, only $1 million remains available for operations.
• This $2 million NTAfalls short of the $4 million minimum, meaning a capital raise of at least $3 million is required just to meet the NTA requirement.

2. WorkingCapital Requirement (ASX Listing Rule 1.3.5)

• The company must have at least $1.5 million in working capital after deducting all liabilities, including potential indemnity claims.
• Since $30 million of DNK’s funds are locked up for indemnity obligations, the available working capital is negative when considering operating expenses and re-compliance costs.
• A minimum raise of $1.5 million would meet this specific rule.

3. CapitalStructure Requirement (ASX Listing Rule 1.1.3)

• The company must have at least 300 non-affiliated shareholders holding at least $2,000 worth of shares each. If existing shareholders do not meet this spread requirement, a public offer would need to raise enough funds from new investors to meet this threshold.

4. TotalEstimated Capital Raise

Based on the above calculations, DNKwould need to raise at least $4.5 million to re-comply with ASXListing Rules, broken down as follows:

• $3 million for net tangible assets (NTA) compliance.
• $1.5 million for working capital compliance.

Additional Considerations:

• Capital Raising Costs: Issuance, underwriting, and administrative costs could add another 10% to 15% (~$350,000-$500,000).
• Buffer for Indemnity Claims: Raising an additional amount beyond $3.5 million would provide a financial buffer if indemnity claims are triggered.

Conclusion

Minimum Capital Raise Required:$4.5 million to $5 million-this will be easier to do on ASX-and they've had time to find an asset.

This amount would restore financialcompliance under ASX Listing Rules, provide a working capital buffer,and account for capital raising costs. If DNK anticipates indemnity-relatedcash outflows, the raise may need to be 6 million or more to ensurelong-term compliance and reduce the risk of further suspension