Ann: Share Issue to Pioneer Resource Partners and Market Update, page-25

What we tried to do didn't work. Can we have some more money please! (We promise not to trash the share price)

"Licella completed additional test work focusing on the use of supercritical water as a carrier in a setting that utilised larger reactor vessels. Unfortunately, most trials did not achieve the optimal supercritical fluid density of around 0.35g/ml for converting torbanite, cannelite, and blend samples, despite holding reagents at about 400°C for 30 minutes. Conversions ranged from 28 wt% to 35 wt%, with the potential for improved yields under optimal
conditions"