Ann: Appendix 4C - quarterly, page-2

Treasury falling below $2m by end of the current quarter

In the lead to the raise, we’ll see narrative and presentation about ‘near term opportunities’, future partnerships with key industry players and ambitious Mw targets

Low volume pump culminating in a TH and lowball CR (incl. Rights Issue)

Address to the AGM focussing on lessons learned, substantial progress made behind the scenes and positive transformation of company strategy

Bulls will reconcile themselves to the need to look forward rather than backwards, and be comforted by the bargain shareprice and fact T20 holders seem to be buying

With the AGM over and Treasury replenished, a mist of optimism will descend over the forum once again

The occasional gripe as milestones are missed will be howled down with demands that holders be patient and call the MD for reassurance. The occasional shrill cry of 20c by March will be heard above the din

The shareprice will gradually but surely start to erode once again, punctuated by sudden precipitous drops. The forum will be become unsettled. People will feel able to express their frustrations and trepidation more freely

As milestones pass without being honored, money evaporates on salaries and admin, and shareprice grinds to near all time lows, we’ll hear the pained cries of bleeding longs call out ‘liars’, ‘swindlers’ and ‘crooks’

Even the most fervent bulls will now stop defending the company. Their will be long periods where no-one posts on the forum. The occasional non-holder will rubber-neck into the forum to offer unsolicited advice.