Ann: West Erregulla Program Commences, page-19

"As detailed in Note 15, the Group has a banking facility which provides pre-funding for eligible R&D expenditure. Proceeds of the Group’s 2018 R&D refund were expected to fund the facility repayment on 30 March 2019. However as announced on 23 January 2019, the Group received an adverse finding from Innovation and Science Australia (ISA) regarding its 2017-18 (Jaws) R&D tax incentive claim. The ISA review process is expected to take 6-8 months which means there is now misalignment between the expected receipt of the R&D refund for 2018 and the repayment timelines of the CBA facility. The Group will either need to renegotiate the terms of the CBA facility, refinance the facility or raise additional funds. The Group is currently in discussions with CBA to realign the facility with the expected timing of the R&D refund."

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