Hartleys Research Report - 12 month target 5.6c, 2021 for 11c, page-8

On my calculations from A$100M scenario put forward by Hartleys there would be USD $39.5M debt (AUD $55.5M) and AUD $44.2M equity.

A raise at current share price levels would perhaps be discounted to $0.024. That would add 1.84B shares and 920.8M options ( assuming these would also expire in 2023 ... unless they issue a second set of options outside of the current BATO series expiring later ).

Laying that out in the current capital structure, I get a fully-diluted share issue of approx 4.2B.

The unquoted options and listed options have potential to raise an additional $108M, in this rough sequence:

• 2020: $250k
• 2021: $9.23M
• 2022: $2.65M
• 2023: $95.8M

Of course the share price needs to be at the right level to enable the options to be exercised and the holders of the options need the financial capacity to exercise them.

The big question is - can they get traction in the share price before any raise. Would need some strong unexpected news. By my calculations a 1c boost now would reduce dilution by 812M fully-diluted shares and a 2c boost by 1.25M fully-diluted shares.