SPN Chart 2022, page-19

Well I'm over the issue of the FFI deal, and bought more for the long haul. The deal's done, so looking forward, I still see huge potential for the hydrogen side, and hopefully some solid progress on the graphene business. They need to ensure that they don't get more diluted on the hydrogen business by FFI's desire for haste. I think if additional funding can increase speed to commercialisdation that's good for all parties, but they can leverage off FFI's greater need for urgency by negotiating hard to retain current levels of equity. i.e. if FFI want to spend more, they can free carry us and the Uni to achieve those ambitions. Tough negotations maybe, but FFI would have to then weigh up what is best for them - faster development or fair cost distribution. If I was FFI and believed SPN wouldn't budge, I'd stump up the extra small change to get there faster.