General Discussion Topics, page-6182

Ideally, Magnis would have been able to hold out until May'23 Options conversions, though the Share Price was not overly encouraging that these options would be in the money (and even less convincing now).

Regardless of DoE loan for iM3NY or other iM3 Finance, Magnis have their own 100% owned projects that are completely separate to iM3NY. This is the Nachu Graphite project and the AAM facility. Each of these need to be funded external to iM3NY (I dount any iM3NY profits will be distributed and will instead go towards the ramp up of production and future capacity, meaning MNS need to generate their own seperate cashflow and financing for Nachu and AAM).

Magnis still need plenty of cash for both of these projects, and getting any form of finance to see them through to viability of these projects is required. unfortunately Finance in this space is hard and both projects have significant risks associated and significant capital requirements.

Even though a BFS for Nachu was recently updated (October 2022 - just 4 months prior to AAM offtake with Tesla), David Taylor has now suggested a scaled approach to Nachu to ensure easier financing and ability to source product to the AAM facility, which was not an assumption in the Nachu BFS.

Importantly, the AAM facility also needs it's own DFS completed with quite restricted time frames.