wow, page-32

imo, we are bleeding because we made the same misjudgment as AH

imo, AH got the money in the last capital raising at a very good price

his mistake was to misread the REE market, like us, and not raise more money

but the current capital raising i cannot agree with. it is very dangerous dropping the price to 17 cents when i reckon 25 cents was very possible, particularly considering the very advanced stage of the metallurgical work

raising $10m at 25 cents would have been less dilutive than the current capital raising

i concur this capital is a shocker and has also forced us into taking risk to survive

at i have invested an additional 60% of capital into PEK, which i did not really want to do

regards