Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

Next one will be the one to confirm they are on the path.

Net cash used in operating activities was $3.3m, IAM notes the following:
- This cash spend is before the cost reduction exercise that is underway.
- The operating outflows include purchases of $1.4m of bond assets onto the balance sheet.
- IAM booked $800k placement fee revenue in December, for transactions that settle and will
realise cash in Q3 FY2025.
We believe that net of these points above, we would be close to break even for cash flow and
profitability.
Fees typical of a capital raise totalling almost $1m were also incurred during the period. These fees
include broker fees paid to Blue Ocean Equities and Morgans Financial, and professional, registry and
listing services relating to the capital raise.