Ann: Shareholder Update on NASDAQ Listing, page-56

Hi @Cougar1311. It's all to do with financing the project. The merger/IPO itself is to raise capital to fund the project, via US capital market. Via the merger/IPO, other than the SPAC bank account (which dwindled no thanks to redemptions) more funds required which resulted with Vellar Fund's PIPE. GEM investment is better seen as ability to raise more funds post merger/IPO by issuing shares (to GEM) using the line of capital they've made available for CRML.

I am of the view there should be more PIPE prior to listing. Personally I'd prefer as much capital raised for CRML listing now rather than later. Further, I expect EU grants and Govt tax incentives should support the project for resiliency and de-risk.

Provided 40% capital is raised from a combination of multiple investors and partners including Govt, 60% can then come more easily from EU bank loans. Lest we forget EU banks hardly ever get into the high risk stakes of mining unless pressured/incentivised by Govt but I digress.

For a simplified analogy, funding split is not too dissimilar to LVR when looking for mortgage to finance building a house. CRML right now is building up the deposit.

Hope this helps.