Ann: First Customer Binding Offtake Signed for Great White, page-168

Great announcement and presentation by JM today. I’ve been saying for months I will feel much more comfortable when I see BoA’s starting to get announced as we can have the all the best product in the world but if no one wants to buy it there is no business so very happy to see this. Japan is an added bonus. A couple of queries I have after today that some of you may be able to help me understand.

There has been talk for some time about DFS being a multiple of PFS. Am I correct in assuming that now DFS will focus purely on ceramics these multiples are no longer likely?

given it appears we may go directly to wet processing year 1 as opposed to DSO will we and MEP need to raise more capital to fund this initial investment either through debt or CR?

im still not clear if this BoA is for DSO or wet processed material. If the later isn’t $700 / tn less than the PFS estimate which I thought was for DSO?

don’t want to sound negative I suppose my mind just works this way and looks to understand all the risks first before I dwell on all the positives.

was great to hear JM say now we have 1 signed others will need to get a move on and sign on the dotted line.

also amazing how many people came on line prior to ADN and then left as soon as JM was finished. The amount of chat on the discussion board also picked up significantly during JM’s stint.

overall a great couple of weeks for us all and long may it continue.