Ann: ioneer Completes A$80 Million Placement, page-14

Couldn't agree with you more @Luckyphil1

We all seem to understand that we are exposed to these type of cap raises by management across all these type of investments and the extra $20m is a real kick in the.....

I'm “whinging” more about the fact that the new corporate presentation has highlighted an updated timeline that pushes first production back 2 quarters.

JULY 2020 PRESENTATION (Timeline)

Q2 2021

• Complete financing

Q2 2023

• Mechanical completion
• Commission Plant
• First Product Shipped

MARCH 2021 PRESENTATION (Timeline)

Q3 2021

• Complete financing (back 1 quarter and not the first time)

Q4 2023 (2 quarters pushed back - also not the first time)

• Mechanical completion
• Commission Plant
• First Product Shipped

From an earlier presentation in Dec 2019 “First Product Shipped” was targeted for Q1 2023. I found that initial slip not so worrying but this additional 2 quarters (3 quarters in total) is a concern for me as a shareholder.

@Kevo88 I tend to agree with a comment from you yesterday on the cap raise that it is indeed “a bad look”. The extra $20m though probably irks me the most.The use of funds for the cap raise are clear.the extra $20m just dilutes us unnecessarily.It’s not like the $20m is going to make a dint on the circa A$1 billion needed in CAPEX.

Maybe they need the extra $20m for “working capital”.And we all know where that goes.

	Sources of Funds	Uses ofFunds
1	Proceeds from Capital Raising	A$60.0m	Advance detailed engineering (~60%) and vendor engineering to construction ready status	A$33.1m
2	Environmental, research and consulting expenses	A$3.1m
3	Discretionary substantive pre-construction activities	A$13.6m
4	Working capital and general purposes	A$10.2m
5	Total	A$60.0m	Total	A$60.0m

All very disappointing really. I'm clicking Sentiment "NONE" because Im still reeling from the kick in the......