Ann: Lease secured for titanium powder plant, page-5

They previously announced how much it will cost. Approximately $6Million cost remaining in 2022 from an approximately $11.5Million cash balance (as announced in AGM).

Would be extremely helpful to them (and us) if they announce the Middle East project contract to reduce the risk of a premature CR. They (SD in video presentation) stated that the $107M project pays them their "profit" up-front, so that should inject somewhere between $10M and $14M into the kitty.

The next CR in my opinion will be to serve the Fletcher (or better yet Owens Corning) Project. Ideally that CR is done at a significant premium to current SP, and the Middle East contract should provide that initial rerate. Then, we trust that management can raise the money for the Fletcher project at a further premium that the market will accept as the big re-rate opportunity.

Prefer to see them access debt funding if necessary to finish the Ti processing plant which should be achieveable, particularly if they get a confirmed Off-Take agreement in place instead of just letters of support.