Ann: Galan Investor Presentation Singapore March 2024, page-10

i am glad that JP acknowledged the Glencore deal is taking longer than expected. But I wished he also acknowledged he'd screwed up big time with the latest CR. He kept telling people he's looking for non dilutive funding but turned out we're hit with a dilutive CR. He could have been more proactive. When he first came up with DFS for phase one and two, he knew he'll need millions of dollars. From the DFS till the latest CR, there are so many opportunities to raise capital at a much better prices. He didn't do it, why? I think (note: this is my opinion) he was overly optimistic. He thought the market cap will go up once he showed people that pond one and two are progressing, i.e. getting nearer to production. He thinks his asset is world class and it's worth a lot more. He failed to recognise that the asset is only as valuable as the prevailing LCE price trend, i.e. if LCE price is on an uptrend, the asset is worth billions, but in a downtrend it's worth much less. In some ways, it's similar to what Charlie Munger said about properties, it's only worth as much as the financiers are willing to finance. It was extremely dangerous and reckless to let cash balance run down to a level where you're forced to decide either to take anything that's available or turn off the lights. Now that the CR is done, I just hope that JP has learnt from the past experience and be more pragmatic and proactive going forward. All my opinion. Still a shareholder who bought when share price went below 0.3 and also took the SPP.