A message to the directors

DO NOT scale back applications under the SPP and then activate the top up facility!

Shareholders deserve first bite, up to the total amount to be raised, particularly given the delayed discounted VWAP issue price calculation method.

You have at least a moral obligation to shareholders to exercise your discretion regarding the amount raised under the SPP to minimize current shareholder dilution, so the top up facility should only be activated if applications from shareholders under the SPP do not equal or exceed the total amount required to facilitate the project financing and for working capital, which appears to be in the order of circa $6M.