Ann: Successful A$35 Million Placement to Fund Company Growth, page-17

What part of the quote you have extracted says the money raised provides cash in hand for the high purity business?

Although the quote is (probably intentionally) unclear, the effect of it is the raise is to support Stage 1 of the ore business and nothing else. "Optimisation of our Butcherbird manganese project" does not mean high purity, nor does it mean expansion - it means getting the existing project working properly.

So many red flags. Two announcements about this and no clarity of what the money is for, but probably for Stage 1 years after we were told Stage 2 is funded. No engineering competence, no sales/marketing competence, no transparency.

No so fussed about the discount given the price has been pumped over the last two weeks. But the rest of it is so disappointing. Like damo77 I'll be out on the DFS pump.

Hope the dream comes true for other holders, but there's just no way to know. At this stage retail holders are so in the dark that this is not investment, it's gambling.