Ann: Presentation - RIU Fremantle, page-101

Additionally, GLN has no other revenue streams (other than a sale of greenbushes) to keep them afloat for the next 12/18/24 months until things pick up in the lithium space again. They still have ongoing cost associated with C&M that need to be funded. Who’s to say they don’t need to issue a bunch more shares to fund these activities without any real benefit to the end goal of production.

I would rather they dilute further and raise the funds to complete pond 1 with the goal of producing in the next 12 months, than stop what they are doing and potentially have to raise further just to keep the lights on.

1H25 is the magic number!