Ann: Quarterly Activities and Cashflow Report 31 December 2021, page-5

Maybe, but personally I think it's going to be obvious this year whether they are going to be successful or not, with respect to Kaolin, REE and Graphite opportunities. The ANSTO testing, the upcoming drilling and the ANZAPLAN work on the graphite project all should have answers by mid year or not long after. If they establish good prospects they will obviously have to raise more capital regardless to progress them, but will likely be at much higher levels, there's plenty of cash to get to that stage. I'm happy they are progressing things on multiple fronts and I can't see anything but positives from the markets they are looking to participate in (battery materials).

That was the beauty of this company, all the leg work that had already been done by Archer.

I suspect current price action is more to do with the broader market. Most other similar stocks are 10%+ down and it had been a good run in a pretty average market.