Ann: Cabinda Phosphate Fertilizer Project Funding Update, page-28

I posted the below a few months ago, investments by sovereign wealth funds are usually done at a premium to the present prices

A strategic Investment is different to a Cap Raise.

An example of this is the Ghana Mineral Investment Fund (owned by the Govt) invested A$43.6m in Atlantic Lithium to acquire a 6% stake in the projects.

At the time Atlantic only had a market cap of around $250m, so this is at a very high premium - over double based on the then share price. (Sept 2023). There were no shares issued, they invested at the project level. Atlantic's SP at the time was not beaten down like ours is.