General Discussion, page-351

Legman,

"How much cash do you think NRZ will need to raise to pay near term debt" - An interesting thought.

Let's look at what we know. Income available in Quarter 2

1. Item 8.6 - Total available funding (item 8.4 + item 8.5) = $5.166 million (See March 2023 Announcement).

2. April 2023 - Tax refund for FY22 of net $1.18 million.

3. Private Share Placement
NeuRizer Ltd (ASX:NRZ) Private placement of $1.000 million at a share price of $0.07 per share with non-executive director Mr Zhe Wang.
Not available this quarter. Shareholder approval is required under Listing Rule 10.11 and not enough time (21 days' notice) for a general meeting to be held this quarter.

NRZ obviously doesn't need it. I don't understand.

4. 25 May 2023 - NRZ has secured another $1.5m (with another $500k) against the Advanced Finding. I.E., $2.00 million.

OK, NRZ's available funds for the quarter, that we are aware of, is $5.166 million, $1.180 million and $2.000 million. I.E. $8.346 million.

Available Funds - $8.346 million.

Total bills - $29.076 million (see below table) plus estimated expenditure of $5.740 million (see Item 8.3 Total relevant outgoings).

Total estimated expenditure - $31.000 million.



How are they going to service such a large, expected debt when they have a surplus of only ($8.346 million less $5.740 million) $2.606 million.

Mr. Zhe Wang's million is out of reach.

The boss says that there are no creditors of concern and that the project will go ahead. We have to take him at his word.

Now go back to the last AGM. Date of Meeting: Friday 25 November 2022. An additional 10% of shareholding giving a total of approximately 263 million shares without shareholder approval was passed. How much has been used up since then, I don't know, and I am not inclined, to do the hard work to make an estimate. Suffice to say, 263 million shares would be worth no more than about $18 million at $0.07 per share.

I can't see how there could be enough scope to bridge the gap with approved share placements between now and 30 June given the perceived level of debt.

Something big has to happen.

1. Will the creditors let NRZ off the hook.
2. DL, based on past experience, might come to the party.
2. Will KBR come to the party. They are owed quite a lot.
3. Has the project bogged down, and timing slipped, putting payments on hold.
4. Pre-FID funding.

We urgently need information from HO. The share price is suffering baldly at the moment, and the boss man is angry.

Of course, this is MO only, and I cannot guarantee accuracy.

What are your thoughts, fellas, how about a few scenarios? DYOR. J L.