Ann: Investor Presentation and Webinar, page-5

The potential problematic issue they have now with the funding is the interest rate, since all interest rates have been rising rapidly over the past year.

They effectively missed the boat, and I'm not sure why.

A year ago they could have got rates for probably 4% or thereabouts, now they'll have to pay 9% to 12% possibly. High interest rates have killed some projects, looked what happened to AJM.

Often when it's announced, the true rate gets cleverly hidden by stating something like 8% + LIBOR, which means the real rate is usually 10%+.

Let's see how they word it.

Anyway, the repayment time has now probably doubled (or more) because of their inaction in not locking in funding a year ago, so that's actually been a poor effort on their part, though I'm not sure if this was actually the result of something out of their control - I hope so.

It's just a great pity that they never secured funding 18 months ago, because a great opportunity has been missed by this company.

I'd now like to see revised DFS figures once the funding is announced.

The other thing they might consider, is raising a larger portion of the funding via a substantial capital raise, giving shareholders a discount as a reward for their investment, and in this way they might be able to mitigate the increase in interest rates and repayment amounts to some small degree. Of course, dilution is always an issue, but less so if all current shareholders take up a 3 for 2 offer at a fixed price, or something similar.

This funding has been a long time coming, so hope it's going to worth it, there will be a lot of people recalculating the figures after it's been announced.

Gw