3DA 2024 and beyond, page-148

From the last investor webinar, I believe the sequence will be:

1. Qualification of powder done
2. This will then make the offtake agreement for another 2T C-103 binding (it was only conditional on the qualification)
3. Hank then expects a re-rate with share price going up
4. Raise A$45m

I'm not expecting the raise to be done at a lower price.

The qualification of the powder should be achieved. I believe this because:

- This version of the EIGA was qualified by a US Govt dept in Germany (different metal, but still... the previous version of the EIGA is used by ATI today for this C-103 alloy)
- The operations team is very experienced and highly incentivised to make this work
- The powder was delivered early

I find it difficult to believe that the team would deliver powder well ahead of the due date if it didn't meet the agreed specifications.


All of that is a long way of saying, I think there are solid reasons for people to buy into 3DA now, ahead of the anticipated re-rate.