Ann: Response to ASX's Price Query, page-52

I see we are back to hanging on LDN's every word as though he were historically some kind of credible predictor of future revenues (as a rule of thumb divide his forecasts by 100). He has to keep the idea of IP revenues alive, as they have for 2 or 3 years now, as a carrot to dangle before investors ahead of the next CR. That said I would be suprised if we don't get something in that area this year, indeed if we don't it will be a disaster. My best guess would be $1-2 million, but it looks as though expenditure may rise by more than this. While revenues from chip sales are some way off (even a moderate cynic might surmise that the only way any company fronted by LDN is ever going to achieve the millions of chip sales required for profitability is by opening a chain of downmarket seafood resteraunts)

Nevertheless, on the first sign of any external validation/revenue flows I expect the price to spike sharply. Another of my AI investments a company called IQAI spiked 15 times after revenues started to come (from a low base and it was always a terrible company but it had AI in the name, and the CEO supplied the cash himself when a CLN was required (converting at a fixed price around the then current SP) BRN obviously won't manage that kind of increase, but I wouldn't rule out 15-20c.

Also Brainchip Studio was "much too expensive", that kind of revelation is sadly redolent of a company culture of amatuerism. It really should have been picked up at the time

Still things are looking up, if only we can get away without a sizeable CLN as part of the next CR. Noothing casts a pall over future prospects quite as eloquently as a company with cutting edge technology using a CLN.