Options Conversions, page-16

Firstly a big thank-you again to all that have put up their hard earned in converting their options, and then to those that are taking up the elf.

The company surpassed (by 14%) its target of 20% conversions for working capital for the next 18-24 months. Cash inflow target was $4.6m, and $5.25m was realized through conversion. Combine this with the expected high take up of the ELF and the company's working capital needs for the foreseeable future are assured. This outcome should not be underestimated because as we grow the need for extra resources is now affordable.

The misdirection attempt by others is just smoke, the outcome of the conversion and elf take up speaks for itself, the sentiment change is obvious by these actions and the share price will react accordingly as the targets are hit. We have an ambitious management team with major shareholders supporting with high expectations of favorable outcomes for all shareholders.

I noticed the first commercial contract in the BM update went by virtually unnoticed , whilst it is only for an initial 3 months it is significant as the hot trial obviously hit or exceeded expectation to go ahead with supply. Now before anyone jumps up and down that it should have been highlighted we all need to understand that we are receiving RnD rebates so it's obviously not in the best interests of anyone, at this stage.

With the Bacchus Marsh HVTF now at 15,000 TPA we can assume revenue of at least $6m as we all understand the demand is there for a solid fuel alternative with the surging gas price.
Bring on the additional upgrades!

Make no mistake, our future is very positive.

All the above is IMO and from my understanding the state of play.