Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-25

Speculation about an imminent raise is unfounded.

Here's why:

• $2.298M cash at 31 Mar 2025 (ASX 28/04/25);
• quarterly burn ~$1.2M = ~2 quarters runway.
• Incoming funds expected before June 30 incl:

~Up to $4.2M from 10c options likely to be exercised (ASX 30/06/23) - price will heat up as PFS approaches & speculation re Holcim deal approaches
~Up to $1.8M from 6c options likely to be exercised (ASX 21/10/24) - top option holders likely exercise early to help delay cap raise until post deal
~$1.5M R&D tax refund expected (higher than FY24’s $950k) (ASX 28/04/25)
~$1M secured loan in place at 8% to bridge R&D refund (ASX 28/04/25)
~Still in PFS stage so no major CapEx or construction underway (ASX 28/04/25)

With ~$2.3M in cash and up to ~$7.5M in expected inflows, ZEO is well-funded for now.

A capital raise before June 30 is very unlikely.


6c options below
10c options below