Ann: Successful completion of Placement and Institutional Offer, page-53

I am sorry but I must strongly disagree with this minority shareholder dilution argument.

There are not many capital raising structures fairer than a pro -rata non renounceable entitlement offer. Use it or lose it according to your existing holding. I am sick to death of SPP with a $30,000 cap that absolutely dilute many small to mid tier holders.

With the exception of the placement component, every person has an equal right to participate and retain their stake with minimum dilution.

I need to dig very deep to participate at the 5.4:1 offer, as I expect will most retail holders. Nevertheless, I am extraordinarily happy to get to top up in a meaningful way in the low 40s. Never forget, we all had a chance to SELL in the high 80s this calendar year. It wasn't a heroic investment call, IMO.

Along the same line of thought, buying back in at half price would appear to be an unremarkable decision for any investor able to do so.

I totally get that no one here has a limitless supply of capital, neither do I. I have reluctantly chosen to lighten some precious metals, lithium, uranium and REE holdings in order to raise money for JRV. That is a choice I have made based on the current price of JRV and the current prices in other green energy stocks that have run hard.

I could be very wrong getting out of some genuine big winners to add to JRV. That is the risk we all take when selecting positions.

GLTASH