Ann: Approvals Submitted for Construction of HFfree BAM Facility, page-105

That's exactly as our CEO conveyed our financial position, Peter. Thanks for transcribing those words verbatim.

In summary, EGR only needs to borrow US$40 million in the form of a conditional loan which the Aust govt has granted us for the expansion of our downstream PSG plant in Kwinana. We have AU$50 in cash already in the bank to commence construrction as soon as the local govt of Kwinana/Rockingham give us approval to proceed which is only a matter of weeks away.

There will be surplus funds from the initial Cap Raise of last year to fill the gap of US$10 needed to complete the projected cost of the expansion to the plant's output to 20,000 tpa (not to mention that by time will have revenue coming in via Stage 1 production). So, essentially our complete downstream operation is fully funded with a comparatively small govt loan factored into the equation. Some companies are having to contemplate loans in the vicinity of US$185 million plus CR far higher then EGR which also has the SOI of a quarter. Go figure.