Ann: Presentation - RIU Fremantle, page-139

Just for reference, it’s an equivalent 13% per annum, not over three years - based on a variable rate of 6.89% (13% less 47% tax = 6.89%). It’s just an illustrative example. A very boring approach but if someone had a decent sized mortgage and six figures or more of cash, the opportunity cost of not using the offset is extremely high, when you consider how badly the battery metals sector has performed in the past 12 months. Some seem to think sideline sitting means not making money, when the opposite is true.

And I agree… everyone is a billionaire in hindsight. But ever since JP’s November 2022 Crux video about non-dilutive funding, my position has clearly been that I thought they’d have to lean heavily on equity to fund the project. Two capital raises since ($1.15 and $0.44) and with the terms of funding still uncertain (but hopefully very close), it seems a bit rich to pretend I’m talking with hindsight… but whatever. Knock yourselves out guys!