Ann: R&D Tax Refund of $15.8m Received, page-19

R&D loans are normal operational practice.

You want to build up your cash position.

We have 30 million in cash, 90 million MC, increasing production by 40% (pontentially) by the end of 2024, heading into the peak pricing period.

What people need to benchmark is firstly the end of year results, currently we have 52 million in revenue for the first 9 months.

Our cash position went from 15 million end of Dec 23 to 30.

The key stats will be the total revenue for the 12 months and subsequent 1/4s the year on year increases.

If we see the rolling 12 months revenue is increasing north, then we have a reasonable investment.

The great thing is that we have revenue, and can start actually talking about QPM as a real business