Ann: European Customer Request VHD Graphite Samples, page-34

Given the current cash position of $1.32 million AUD, a $3 million AUD raise at $0.0136 per share could happen, resulting in around 13% dilution. This is relatively manageable, considering the potential upside if GCM successfully moves towards commercialisation. The success of this CR would largely depend on positive updates regarding customer validation or JV progress to justify the raise.

However, this is just speculation. If the share price moves past $0.020 AUD before the raise, they might set the issue price at around $0.017 AUD after a typical 15% discount. This would result in issuing approximately 176.5 million shares, leading to about 10.7% dilution. Post-raise, the share price could stabilize around $0.0197 AUD, reflecting the adjusted valuation.

A government grant, loan, or JV would obviously be a better outcome and is possible. All guesswork for now... but the future looks good.