Ann: Shareholder Update on Section 249D Notice & Company Position, page-9

Hi Folks

I am a stat's man so I'll let the numbers do the talking. I have been in IPD since the number of shares on issue we about 375m. I participated in the first two CR's and then let the others pass me by.

I looked back into the annual reports I could find on the Commsec wedsite. I could only go back to 2019 annual report. here is what I found.

Annual report year------------Number of shares on issue -----------30 June Closing price -------------Mcap
2019--------------------------------------507m-----------------------------------------$0.1138------------------------$57.7m
2020-------------------------------------1,035m----------------------------------------$0.062-------------------------$64.2m
2021-------------------------------------1,494m----------------------------------------$0.105------------------------$156.9m
2022-------------------------------------1,780m----------------------------------------$0.06--------------------------$106.8m
2023-------------------------------------2.018m----------------------------------------$0.18--------------------------$363.2m

So in just 5 annual report the number of shares on issue has gone from 507m to 2,018m.

How much of the increase in Mcap from $57.7m to 363m is shareholders funds from Capital Raises

I have my opinion on this issue about the board members past performance but I will let you decide after looking at the data.

DYOR

cheers Lies

PS At todays SP of 17c the Mcap is $343m at 15c its $303m