Ann: Appendix 4C & Quarterly Activity Report - 31 March 2024, page-19

Good post Mike, some points from me in response to yours (same numbering) ...

• Quality of product is outstanding - from my own personal use as well as the many many studies.
• Agree risk is high ...

1. Sales - NSX is at embrionic levels. I think they can achieve the forecast given the study results coming thru. But no certainty. Currently sales a minor fraction of what's possible.
2. Yep - plenty of risk. But commentary/explanation is within the reylms of credibility
3. Agree. Lang is dead - hence NXS has no "go-to" man wrt capital raising. IV realises this and has therefore had to adjust cost responsibly and seeking other options. Better for shareholders if he can manage thru without - and it seems he's having a crack at that. Cash is king!
4. Yep - but as per 3, IV is having a crack within capital constraints so I'm not going to second guess his decision.
5. Not sure. He seems to be taking tougher/more unpopular decisions than Judith. This can be a good thing and personaly I'm williing to give him a bit more rope.

Agree with the rest of your post. Thanks for posting - appreciate the chat.

Cheers, Simon