Investor Call 9 August 2024, page-105

I see not reason in the short term to consolidate. Let's get the JV signed and start getting some revenue. The benefit of not consolidating in the SHORT term is we will get a bigger share prices hit on news of JV and all the media attention. Particularly on the new tech and the "300 machines" in the agreement.

Why? Expect a lot of less sophisticated investors will see this news as say at 5-10c this is really cheap and I had better get in. Not necessarily realising they have billions of shares on issue. I have a number of friends who will comment, wow this is a cheap share just because it is 6c. Clearly sophisticated investors will not be fooled. So think at short term sugar hit.

I think the time to consolidate is at the point they have a critical mass of Hadrian X's and are profitable. This could be a couple of years away. At that point the consolidation allowing listing on other markets and meeting min prices for investment companies makes sense.

Do this at the point of JV signing I think is too early. As even with JV signing, this does not guarantee success. As the Hadrian X profitability confirmation with actual builds in real world will yet to be proven (ie actual reliability, actual utilisation). Without this proven performance, as stated above price at consolidation time might go backward.