Ann: NVX TO PARTICIPATE IN CITIs LITHIUM & BATTERY VIRTUAL DAY, page-45

That was a very particular capital raise and at a significant time. The value of that raise was greater than the dollar value.

Personally, I think unless any future raise is with a strategic partnership that enhances the greater production and supply picture then we are much better off making use of debt to fund expansion - from a share holder perspective. Having said that, there are a number of significant funding opportunities in the near future that mitigate any real need for a raise outside of the point above.

Current plans to 2025 are pretty much already funded. Other opportunities may require funding but sources have likely already been identified - BIF, DOE loans other government grants and loans.