Ann: March 2024 Quarterly Activities and Cashflow Report, page-19

My guess,

1. Japanese fund DFS, which scope is clearly extensive and includes some early works beyond most DFS studies for 15-20% equity each.

2. The joint venture collectively as clearly indicated and alluded to secures majority capex finance through government and private sector etc

3. Off take, each partner receive off take rights based on their own %, also as described securing off take partners will be required providing funding for capex, in this case the partners act as customers and provide further investment to secure their own of off take %

In the case of Ardea we obviously need to sec off take partners which may be the Japanese in which case they would provide further investment or it could be others as they have indicated have been receiving multiple enquires. Of course it could be a combination of both.

It’s complex and this a guess, I think it gets tricky because we have partners who essentially become customers of their own company, so yes they will provide extra funding but in their capacity as a strategic customer so it won’t necessarily entitle them to a greater % of the company.

Also should the Japanese be issued more shares for off take investment it doesn’t have to increase their company % as it could be offset by issuing more shares to institutions or other off take partners or retail investors.


I’ve mentioned before the narrative is everything is moving forward there is no hesitancy or suggestion that the deal won’t proceed.

They would not keep us waiting for an extension announcement or release the quarterly and it’s suggestive content if the deal was off.

I feel confident the deal will be fair and reasonable however it pans out.

Good luck everyone genuinely appreciate and enjoy everyone’s input, I hope you all make a shit ton of cash as my daughter would say haha.