Ann: CBM Pilot Passes Key Milestone, page-162

Grandis can be an earn-in deal similar to TMK/TPD. In that scenario we won’t have to spend a single cent on it, but will only make a percentage of the sale. I doubt a business like us without any revenue can secure finance for a project like that.I don’t think they’ll use their own money for the QLD asset at all.

H2 will be project financed, for which we’ll probably get the finance if we’re entering a JV with SBE.

Leaves us with exploration and pilots, for which we have now 13M left.

Not unreasonable to think that they have a moderate drilling program in 2023 while they focus on Nomgon, Grandis and H2 outcomes to maximise SP value to set us up for a CR late this year that will fund (hopefully two) pilots + exploration drilling in the 2024 program.

With further appraising at Big Slope and Yangir this year, one can assume they are gathering the data required for pilots in those areas next year.