General Discussion, page-7

I can’t see the issue of shares for this funding …. You’d essentially be gifting 50%+ of the company, so let’s assume convertible notes (Justyn did mention this as a possible option).

Con notes, where the balance and interest is paid once they secure full funding rather than a payout in shares, would be ideal. Or some sort of arrangement with a strategic partner involving a royalty etc.

I would think we’d back up to 15-20c minimum, assuming no dilution.
We have a few things that are favourable though, timing wise (though we know how well they stick to timelines).

- The BFS SHOULD be completed fairly soon after. Periods of no news is what has eroded the SP historically. A completed BFS is a big deal, and the figures should be more favourable than when they completed the PFS.
- Full funding will also need to occur in a timely manner, to avoid further blowing out of actual production.
- The massive volume we had a few months back gave plenty of stale sellers the option to sell out. This will is good for the next time we move north.

If they can tick off those three major milestones within 3-4 months (preFID funding, BFS, Project funding) … then $1B+ MC wouldn’t surprise me.


The question will be, what SP is $1B MC at the time of FID being made …

The stock has shown that it can move, that it can churn through volume …. We just need consistent catalysts to encourage the longer term holders/investors to buy in, rather than just daytraders flipping the stock (we need both).

I would imagine once funding is secured, there would be some interest from instos too.


Cheyne