Ahead of their peers, page-12

The difference in raising at 30 v 80c isn't significant as a one off event. A 2c day in today's price terms.

Our last raise at 50c, apparently oversubscribed by 300% was probably less successful than the earlier one at 30c to more informed investors - including our largest holders. Price action after each tells the story, albeit swayed by broader market sentiment.

We maybe need $3m to get to the point where we have bulk samples with end users and a DFS in hand, setting the price for them to participate.

10m shares at 30c or 3.75m shares at 85c. 106 v 100m SOI, wringing wet.. 6% differential and short term impact on price... a couple of cents in today's terms.

The big issue is not the issue price, it's the fact we'll shortly have an additional 5 or 10m tradable shares. This can work both ways depending on who has them.

Several serious and well informed investors combined with the expected precursor news to said raise... and we're off to the races. 30c to these folks would be a great result.

Rats and mice allocations sold to a group of investors with the discount to VWAP as their key reason to invest... and we take weeks to absorb the stock. This scenario and an 80c issue price might sound great but we end up in a worse position for the main game, construction funding.

We want to build a core group of holders who understand what their share of this deposit is worth. Only then can we sell 50% for the $300m that we want. That's (by far) the single biggest factor influencing end value. 2c either way isn't something management need to be thinking about.