Ann: Annual Report to shareholders, page-118

The main issue for me is how we are going to fund the starter plant. I'm not sure it can turn a profit based on the 50,000 t/pa output (bearing in mind this also includes samples for customers to evaluate so we won't be selling the full amount being produced). The banks won't touch it if they can't see the initial plant being profitable. That leaves a credit raise which I am ok with, but the market won't take kindly to it at these levels, and will likely result in close to 4 billion shares on issue. We will then need to fund losses for the first 12-18 months from initial production as it will take at least this long to get the equipment in to expand the starter plant. This of course assumes the BOA's start flooding in. I am a big fan of the company and James, however if feels more like a punt at this stage rather than a well researched investment decision.