Ann: FYI Secures A$80M Funding, Delivers DFS & Upgrades Reserves, page-40

For what it's worth here is my 2 cents worth on then funding and how it will take place.

- Today's equity funding announcement, yes equity funding announcement will enable GEM to build a position as a cornerstone investor with FYI. Importantly, we can choose when we release shares to GEM via the facility. This is effectively the maximum 30% funding we will require via equity release and the pricing and timing is on our terms. Relevant to the nay sayers about the possibility of funding.

- This facility now gives us leverage to finalise offtakes and remaining financing (much better with this on the table then having nothing in place for negotiation of terms etc)

- One of the big players (as Roly described, monster) we know wants half our annual production of HPA and are talking exclusively to us. We are refining HPA for their specific, unique purpose. They will also be involved in offtake / funding.

- Once these other arrangements are in place, from a variety of sources, our share price should be well up from where we are today.

- We can then pay GEM for their facility as well as start releasing equity to them as required, at a much larger share price than we have currently. So we won't be diluting at anywhere near the current share price.

Interested in anyone else's thoughts on this.