Ann: Profit Update, page-7

Must be getting close to self funding further expansions now. Assume the last cap raising gives them 3 months of precursor-even at 40% upfront (covers most of the upfront costs) and 60% at terms -they’re looking at 1m/month free cash flow from Jan out to invest in further r&d etc. especially as we know Nov was a record month-that cash should be coming in shortly. noting also 3000 tonnes is now comfortably above current order run rate (& incentive for management to have 2x order capacity). so any further increases can be covered. Great return on capital employed. I haven’t done the months yet on how long it will take to churn through the accumulated losses but once done I definitely foresee dividends in the not too distant future