Speaking of capital structure Roly has done an outstanding job...

Speaking of capital structure Roly has done an outstanding job progressing us to where we are now with the number of shares on issue.

Fully diluted we sit at 368,742,589 which is very low given progress mate and the fact we are weeks away from what I believe to be confirmed we are going to production, a much larger strategy being rolled out and the funding Alcoa will provide, etc.

As a comparison the other main players trying to find their way in the HPA space:

ATC - over 1.2 million SOI with a flawed strategy that is up in the air

A4N - 868 million SOI. They do have 50m in the bank that will go to funding a non-core plant and will cover expenses for quite a while. Still no funding though for the core plant and the SOI will easily tip them over into the 1 billion SOI mark by the time they get full funding for their main plant.

In my view it's a flawed argument to say that FYI shareholders will be heavily diluted from here. In fact it's nonsense.

The key reason is because our SOI is so low so even if we have to raise further funds via equity it won't blow our register out at all.