Day to Day SP Discussion, page-28

Current market sentiment says no.

We will need the dfs and offtake before securing finance as these will ensure we have a tailored product pending the dfs tweaks to the flowsheet (ie what needs to be done at product lvl to produce a quality product) and also a product buyer/s which will ensure cashflow going forward (to the extent that it satisfies finance, 2 yrs?).

Its probably favourable at this stage for INR to hold out until Dec/Jan as the industry is very bearish and only more time is now needed for sentiment to start changing (hopefully see demand pick up).

On top of the above management have been pretty transparent and usually if they have a date/period in mind they will aim for that. INR could be the exception though, they have constantly underpromised and over delivered.

Look at our management doing a big capital raise during 30/40c share price. It tells a story when PLS are now suspended pending a release for a capital raise that will likely see them go below $0.30. This is why good management, business strategy and experience can make the world of difference.

Good time to buy. “Wake me up, when September ends”.