Ann: Quarterly Activities and Cash Flow Report - Jun 2024, page-20

It’s not possible to raise a useful amount in a discounted CR with a current MC of $57m. Until we have an oil revenue stream again, we need to sell something. Starting with a foundation stake in 2H. Then the Rafa cash ‘n’ carry farmout ie a significant cash up front component in addition to the free carry. (Rafa Shallow more likely to be carry, not so much cash.) Dilution can only be at project level, simply because it’s no longer possible to dilute further at company level… if there’s anyone here who would even contemplate participating in such a futile cap raise exercise, please raise your hand and explain how the maths would work and I’ll promise not to laugh at you too loudly.