Ann: Letter to Shareholders - Upcoming EGM, page-9

Cheers. I didn't mean BTR project risk was extremely high relative to others, I meant any project has exceptional risk ATM. Look at RRL. And of course its not just regulatory risk, its also inflation and to a lesser extent now, supply chain risk.

Referring to an earlier comment, I am also aware that LSX has put money in here. Again I am making a general comment about funding being hard to get. Indeed LSX' own presentations clearly make the point that money isn't flowing to the small end which is why they are positioning themselves the way they are.

So let me make my summary point in a more positive way. BTR has the advantage of generating cash while developing projects. That puts them light years away from the poor struggling exploration/development sector generally. Please when they do their next big study (whatever it's called) can they lead with a chronology showing where the cashflows will be pulled from and how they relate to the expenditure so that we can clearly see the alignment and be sure there will be no major surprises along the way.

In my view that detail would provide the confidence for folks to hop aboard.

Over and out.