the good the bad and the ugly, page-3

Dear 3H

Needless to say, winning the major CROWS contract will completely redefine the company and present the Board with some major but very pleasant decision making.

The cash position is reasonable but the Board may want more of a buffer which may require a modest placement with a strategic shareholder.

I note with some interest that the new Director Robert Shuitema, a former JP Morgan investment banker, has acquired some 175,000 shares in the company. Apart from having some skin in the game, he also heads up the audit committee - which should result in some healthy expense management but also the timing and execution of potential deals on the corporate activity side.

As Lunchalot will agree. EOS is exciting and groundbreaking, but complex (unlike our beloved nickel miner), with a range of potential outcomes.

Regards Eos