Ann: Ardea KNP Goongarrie Hub MOU with Japanese Consortium, page-178

Interesting to note in the AGM announcement management are seeking to add 10% to the placement facility for a total of 25%.

Given the recent raise one would think the 15% in place would be enough to cover operations.

So why the need for 25% ?

1. Need the extra to issue as part of JV agreement, best case scenario.

2. In case JV is delayed or doesn’t happen need the extra to fund DFS, not ideal in the short term however the longer we maintain 100% the better value for holders ultimately.

Given the cash on hand the 15% in place would be sufficient to get things moving along. DFS is a 12-18month process costing 30-40 million if my sources are correct. So I am more optimistic on option one especially given the narrative in MOU update.