Ann: Appendix 5B, page-4

Rather simplistic look at the companies finances.

Total relevant outgoings (8.3) was $1.079m for the quarter. If you deduct the circa $5m the company needs to set aside for arbitration, funds remaining will be circa $10m.

If the status quo remains the company will be able to hold off raising funds for another 8 quarters (24months) or until the company is no longer considered to be a going concern. But that doesn’t add any value to shareholders. The company will need to progress their lithium assets and potentially purchase more assets to add value, which costs more money.

Arbitration could easily take another 24months to play out, and that’s if the arbitrators rule in the companies favour regarding bifurcation. If it goes the the Greenland courts, could potentially drag on for many more years.

Reality is the company is in an extremely precarious financial position over the short term.

P.S The company had 12 months to appeal the GoG decision rejecting the exploitation license. Believe that expires in June 24, after which the company will have no recourse against the GoG of arbitration fails.