Ann: Quarterly Activity Report and Appendix 4C, page-6

I started to write this long post to explain my thinking on a particular matter, then I thought better of it.

So, the following dot points summarises my thinking.

• The majority of Wrkr's revenue to date, has been services revenue.
• I foresee a time in the not to distant future (later this year) where Wrkr may experience a possible dip in revenue, as Wrkr transitions to recurring transaction revenues on the back of onboarding industry super funds via the Link Group relationship.
• Because this recurring revenue stream is small in nature ($8 p.a. per superannuation member), you need volume (revenue multiplier) to replace the services revenue earned by Wrkr.
• No large superannuation fund is going to make a decision quickly on implementing the Wrkr platform without first trailing the platform with their employer clients and fund members. This creates a time delay.
• Funds will also want to make tweaks to the UI to suit what they think their client needs/wants are and to meet their branding strategy. This creates a time delay.
• REST I believe will become a client after the completion of the trial and Wrkr will need to start onboarding members and employers. This will take time and recurring revenue will be gradual not an overnight income source from the wining of a contract that enjoys an upfront payment for services.
• I also suspect in the coming months we may have other super funds wanting to trail the platform at the same time Wrkr is onboarding REST's members and employers.
• Payday Super is to start July 2026. Large super funds are not going to want to be caught out. They will need to give themselves and their employer clients sufficient time to transition to a service/platform (like Wrkr) that can process super contributions and pay seamlessly and at scale.
• Therefore, I believe there may well be pressure on the super funds to make a decision sooner rather than later re trailing a platform that can manage seamlessly the Government's Payday Super requirements.
• Wrkr may well be faced with having a number of large funds at the end of this year wanting to trial the platform and then onboard.
• If this plays out, Wrkr will want to take every super fund that puts their hand up. After all their hard work, they don't want to leave the door ajar to allow any competitors to sneak in and take the prize they have worked so hard to achieve.

So, all the above leads me to think Wrkr will need to raise capital sooner rather than later.

• Funding will be for growth, to capture the market (super funds) as outlined above and crush any potential competition.
• They will need human resources, like project managers and onboarding team members.
• I would like to think, they will also take the opportunity to raise enough funds to pay-out the CN's and take away this financial over hang.
• Joe & Trent are large shareholders and such a decision will hurt them most in terms of dilution so I would think they would want to do it as shareholder friendly as possible.
• It would be a strong indicator to the market of management's belief in the business and potential client success, otherwise why do it (dilute their SH)??
• In the CR, I hope a Micro Cap Fund(s) take a position, which would reinforce to retail investors their belief that Wrkr is on to something.
• A CR will also send a strong signal to Link, Industry Super funds and corporate employers alike, that Wrkr is a financially stable strategic partner.

The question is, at what price.....?

Ian