Ann: Quarterly Activities Report - March 2024, page-39

OK. Look at the financial statement. The final calcs that determine the number of quarters of funding remaining don't include the regular payments to Puna Mining. They never have.

I'm happy to agree with you in that expenditure on building the plant and commissioning it may be less in subsequent quarters. Therefore, the payment to Puna may be less than what it currently is. However, we own 77.5% of the project. Therefore, IMO it's reasonable to assume that we have to pay 77.5% of all Puna staff wages, and have to pay for 77.5% of all consumables, reagents, etc. If that assumption is correct, our payment to Puna will never be zero, and therefore I can't see how we have 44 quarters of funding remaining without additional revenue.