Ann: Carnaby Successfully Completes A$20M Placement, page-26

many ways to look at the cr.

cash rate was 0.1% in Jan 2022 when cr was $1.30

current cash rate 3.6% cr at $1.22

personally I would have preferred current cr to be $1.56 a 20% increase on $1.30

12.8 million shares at $1.56 compared to 16.4 million shares at $1.22

certainly the board should support existing shareholders but there is a benefit in getting sold support for a capital raise

so 3.6 million additional shares on issue or ~2% of issued stock where “traded” for a solidly supported capital raise.

let’s look forward and keep the drills turning