Ann: Drilling Update at the Burmeister Lithium Discovery, page-250

Net of fees TG6 raised $9.4m. Closing cash at the end of the quarter was $10.763m. The CEO was 100% correct that the current work was fully funded. Without the capital raise cash at the end of December would have been about $1.4m (or higher). It probably would have been higher because there was Nov/Dec work that probably wouldn't have occurred in the absence of the CR. $1.4m is low but still fully funded for stage 2.

TG6 wasn't in the position of having committed money to drilling that they didn't have and needing to CR to pay the drillers invoices. The drilling work they were undertaking was fully funded and backed by money in the bank. What is unfortunate is that it was a live presentation and a less than perfect choice of words was used. You don't get to refilm the clip with life presentations.

Anyone could see that the full extent of potential exploration programs was not funded by the dwindling IPO cash so there would be a further capital raising. The only real question was when and at what price.

The subsequent incredibly sharp fall in price will be heavily influenced by the spod price collapsing and other lithum companies falling in price to the point where a number of lithium juniors trade at MC's below the equity value held in their accounts. The market is ineffect saying there's zero incremental value in the deposits they have defined. When the market is taking that pricing approach shares get hammered and TG6 has fallen for that reason. IMO its not the CEO that has caused the fall, but you are of course can hold your own opinions.

Some of the BMX style auctions by Sigma, PLS, MinRes and Albemarle indicate prices are better than some commentary. That may be a precursor to stronger lithium junior valuations across the board.