Ann: Trading Halt, page-5

IMHO this capital raise will prove to be a pivotal event in the future survival of NTU as a corporate entity, akin to the Hail Mary cap raise @ 2cps of May 2020 after the initial FIRB intervention and the ATO's attempted clawback of R&D credits.

After the Yuxiao divestment process displayed an apparent lack of support for Wolverine/Browns Range project from western institutions and corporates, NTU now finds itself without the long term 'Strategic' vision and deep pockets previously provided by our PRC aligned comrades.

So who is going to fund the ongoing operations at Browns Range through to FID? Iluka and SRK has had access to the draft DFS since March and have had the opportunity to form a view on the viability of the Wolverine project...unlike the rest of us retail numpties! If we see SRK's clients or Iluka supporting/underwriting the CR there is still hope for the rest of us.

If not it's time to bite the recapitalisation/restructure bullet...the $15m Iluka con. note due for conversion @4.8cps or repayment by 31/12/2024 may well prove to be the catalyst. If I were T.O'L it would be very tempting to demand repayment and force the NTU board into handing over control of Browns Range, leaving the rest of us NTU shareholders taking a kitchen table haircut. If ILU could gain control of Wolverine for A$20 it may well make the Wolverine project viable, while simultaneously cleaning out the undesirables (and the rest of us) from the NTU share register.

Sorry to all the NTU loyalists, let's hope Mother Mary rides to our rescue again, but for an old agnostic I'm getting a feeling in my waters that this is not going to end well for current shareholders.

GLTAH & DYOR!!

Disclosure; I hold a lot more ILU than NTU.