Ann: March 2023 Quarterly Activities & Cash Flow Report, page-11

Re-reading the report I believe management have bookmarked that before the end of FY2023 they will have FID finalized for SA1/VIC1. DEL has currently sunk ~6.4 million into these and Palisade have offered up 5 million in exercisable tranches (very much out of the money). I am unsure whether there will be a significant payday if those two projects are approved.

The company, as I write this, has <2 months of runway with a target that is ~2months away. Management have previously blown everyone away with their previous inept timelines so I still predict a capital raise is on the cards, plus releasing a weak quarterly at market close. The recent flurry of fluff announcements on LinkedIn generally follows up with a very weak cap raise. As others have noticed, the excuses for short term cashflows are piss poor and it doesn't take a chartered accountant to know things are dire and ready to fold.