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June quarter 2021 - COMPANY UPDATE CFOAM Limited, CFOAM Corp (74.34% owned by CFOAM Limited, 25.66% owned by CONSOL Energy Inc) and its operating entity CFOAM LLC, Triadelphia, West Virginia, (CFOAM) wish to provide the following update for quarterly period ended 30 June 2021. SUMMARY OF Q4 2021 ACTIVITIES Strategic Initiatives – CFOAM and Department of Energy (DOE) funded project continues with key purchase orders placed for additional equipment Quarterly Cash Flow and Cash Position A$4.14m raised through placement in 2 tranches (A$1.9m settled in May 2021, A$2.24m settled in July 2021) Sales Activity and Pipeline Operational Platform update Paycheck Protection Program (PPP) Round 1 business support loan of US$293,400 fully forgiven Innovaero investment maintained with A$1m invested and further commitment to invest A$0.975m (made in July 2021) STRATEGIC INITIATIVES The DOE awarded the CFOAM proposal for “Continuous Processing of Carbon Foam Products Made from Coal at Atmospheric Pressure” (or CFOAM Project) for a total project value of US$2,421,802 The CFOAM Project commenced on 1st January 2021 with US$383,000 contribution by DOE in the quarter 68’ long belt continuous kiln installed and set in place at Triadelphia facility Air permit for new facility approved Nitrogen generator absorber system delivered and set in place Gas fired-incinerator/thermal oxidiser construction drawing approved and construction of the equipment at the vendor has been initiated Utility upgrade works on-going with conduit for 500 Amp service run and electrical panel works completed. Connection to the electrical grid was initiated on 26th July 2021
CFO Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held