And the steady rise progresses, page-2

And no capital raising necessary -

”Elixir is fortunate that it has staff and contractors within Mongolia that enable it to progress work while Covid-19 restrictions exist, rather than having to wait until restrictions are relaxed. The capital raising should provide enough funding to continue operations until 2H 2021. At that point further capital will be required, with the quantum and work programs which it will fund dependent upon the outcome of the exploration and appraisal undertaken with the current round of funding. That follow- on program may involve an initial multi-well pilot to determine well productivity parameters.”

Page 4. K1 Report May 2020

https://6ed76f85-6647-4538-b506-c16e852c1409.filesusr.com/ugd/96a7fe_998cef9bb85c465a962d89cd4368c4bf.pdf