Ann: Quarterly Activity Report & Appendix 4C - Sept 24 quarter, page-6

For all the contract talk, geo-political tailwinds, demonstrations and negotiations, here's a quick comparison;

	Year to date comparisons (nine months)$A'000	2023	2024
1	Customer Receipts	219,990	196,837
2	Product, manufacturing & Operating costs	92,122	125,344
3	Research & Development	9,712	8,345
4	Staff & Admin Costs	45,761	61,573
5	Cash	46,150	54,988

Whilst the company has more cash in the bank (which will be fully absorbed in 11 months to the tune of payments totalling $52.1m to SOL), the company has received less cash, their operating costs have gone up. Staff & admin costs have ballooned and the company has spent less on R&D.

This isn't down ramping. These are numbers provided by the company. You can be assured that if no material contracts eventuate soon, a cap raise is again imminent.

All the best.