Ann: Half Yearly Report and Accounts, page-36

The vagaries of the market are beyond me, Whatsa …. sp's move completely contrary to my expectations at times in specs (a LOT of the time ). Can I see it moving without income? Absolutely. One piece of good news and it will north on volume. No news and it will wobble around on low volume (as it has been). Bad news and it heads south on volume ….

Token income? This year. Meaningful income generation? Some time away, but will probably be followed quite quickly with profitability. The expectation of that happening is what will generate more sp movement than anything else. That will take positive news. Have a look at NEA action recently - I have been in that for years, but the expectation of profitability has blown the top off the share price recently. That type of company (SAAS) has a long gap between income and profitability, which you could equate to the development period in this sector.

Income will come with the MinRes plant builds and whatever they can get for offtake agreements for the commercial demo plant.

Alternatively, they could be talking now to people about building plants now … how would we know? It's quite possible that they are negotiating license agreements today … given that the tech has not run at a full scale level, a clever company may be able to negotiate a low license agreement with them to make up for the lack of historical data. Anything is possible - no conversation I have had has ruled these options out.