Ann: Market Update and Newsletter - July 2022, page-6

I feel the report is just pure PR.

There is nothing commercially new or updated.

There is no feedback on status/ progress with respect to product development and timelines.

There is no real feel of commercial direction. In my experience this company has an appearance of a load of highly skilled academics engaged in ongoing experimentation and PR ….and loving it! It needs to become market focused. It is well understood that the applications are immense but it needs to select one segment, apply the science, prove it works, is commercially viable and generate some revenue The benefit of the commercialisation will bode well then for other market segments which may in turn require further ongoing research.

The company may well will need a CR inside the next 3 years to fund ongoing research if it does not generate some revenue streams. The share price has done exactly what a lot of pro investors predicted after the IPO . If the SP continues downward over the next few years in the absence of some form of commercialisation; what price will that be at?

I really want to see this Australian technology and the company succeed.