Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-16

IMO one things for sure he doesn't have 90 million shares for the technology being developed by UQ, he's there for the mining side which is why the legal suit started in the first place.

Last quarter the company spent $10k on those assets of which $1k was work and $9k was rent and lease costs so they're doing nothing with the assets at all and consequently no work means no increase in shareholder value for shareholders from that side of the business.

There is no appetite for risk at all in this market, let alone to raise capital when you have an impending law suit over your head. The company has an EV of $65m which is fairly much entirely predicated on UQ's technology and IMO relying on academics to deliver a commercial outcome is fraught with danger. They don't deliver on time frames that public companies need, that's my experience and I have never seen a positive outcome because extended time frames mean more capital which means more dilution.

The company has a market cap of $67 m with dormant resource assets and UQ's technology which has delivered a bench top study. $2m in the bank is completely inadequate for a company of this market cap and that's without taking into account the impending law suit. So IMO one things certain, there's another capital raise coming soon.

The company already has over 1.6b shares on issue so the dilution factor that comes from raising at lower and lower prices, particularly down at these prices becomes debilitating for existing holders.

In my 25 years experience I have never seen a positive outcome emerge from a situation where a small cap is in litigation and in a market like this the risk becomes magnified.

Its fine though if you have the ability to have a 5 year call option via a non recourse loan provided by shareholders.....

WW