Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-13

Regarding the question of funding and specifically for the offtake component, here are some examples of prepayments for hard rock deposits offtakes.

Atlas Lithium
Tonnage committed to offtake - 120,000t/year (80% of phase 1 output for 5 years).
Cash - $40m cash + $10m equity buy in (10% premium to VWAP)
Cash / Tonnage = $416/t

GT1
Tonnage committed to offtake - 51,750/year (25% of expected tonnage for 5 years).
Cash - $20m equity buy in (43% premium to 30 day VWAP)
Cash / Tonnage = $386/t

A11 (still under tender process, not finalised)
Tonnage requested in offtake - 100,000tpa for 3-5 years
Cash - Public commentary that they are looking for $75m-$100m
Cash / Tonnage = $750/t (assuming a $75m cash prepayment)

Based on these numbers, the A11 numbers seem like an outlier. Not sure what's going on there.

But let's assume that offtake prepayments for hard rock deposits generally attract around the number ATLX received ($416/t).

LRS has said:

5 year offtake - 50% of annual production (let's assume the following annual 50% output numbers: 125ktpa, 175ktpa, 250ktpa, 300ktpa and 300ktpa) - This is a total of 1,150ktpa across the 5 year offtake (230,000tpa)

230,000tpa * $416/t = $95.68m potential cash prepayment

Also worth noting that many offtake deals have an equity component with a premium to VWAP (10% premium for ATLX). This might be a useful condition for us to use given we are likely to need to rely on the offtake ANN getting our share price higher before we run an equity raise.

If CG manages to get us >$100m this would be incredibly bullish for me (although need to see how much tonnage we give up).