This is a major milestone met, and at the top end of...

This is a major milestone met, and at the top end of expectations. It is a significant requirement to unlocking the very large profits that Thunderbird has the potential of producing. It is a major de-risking event.

the remaining important piece of the puzzle before FID is the approx $160mil of commercial funding.

Don't be surprised to see this drop imminently. It's most likely that NAIF and commercial funding have been managed in parallel with the commercial funding contingent on NAIF and vice versa.

This quantum of funding should ensure that no further capital raise is required (except possibly a small $5mil raise, hopefully via a rights issue, as a top up to working capital for the next few years).

Another great result in my books and we should see the share price respond accordingly. Remember the price target just issued by Bridge Street is $2.00 per share.

all the best