Ann: Change of Director's Interest Notice, page-22

Very few investors have any idea what they are investing in at this stage, so I don't think due diligence would help a lot here. There is very limited information available on Archer's commercialisation pathway, planned revenue streams or even on their mineral exploration prospects. Noone knows who will buy their biosensors, how massive their mineral reserves are (gold, kaolin, grafite) or how do they advance in the battery development space. As they don't have products in at least MVP/feasibility study stage, it's very difficult to calculate the intrinsic value of the company. The discounted CF model is not applicable, it's essentially a sentiment-based speculative stock right now. Whatever CM says, we have to believe in. Even hardcore long-term investors speculate(!) that one of Archer's potential products will turn into something big.

I am sort a mid term investor, so I want to see capital gains in 12 months. If the management could have published announcements to keep the SP around 60c during the SPP period, they surely could have just raised money on a lower price, so they didn't have to pump the price on every other day during the SPP.

In my (junior) mining investments, I know the rough size of the resource, potential AISC, spot/future price of the resource, so I can calculate the fair value of the company. Same goes for biotech firms. I know the size of their potential target markets, the competitive advantage of their drugs, approx. price of their potential products, so I know what i am investing in more or less. With Axe, it's almost like a black-box, sentiment-based investment and the current sentiment is rather pessimistic. It is difficult to justify a 40% loss, when I have no idea what to expect for the next 12 months.