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Based on the decline in the SR share price (which recovered 9.09% today) and the quality of recent interviews, I believe it was a reasonable issue to raise; this is after all a discussion forum.

Maybe the current price provides a buying opportunity if you believe the deal is all but done.

Ocelot

Thanks for the clarification. I should have read the RNS.

HawaiifiveO

Would the EXIM Bank funding be a grant or a loan?

Re funding, it would be helpful if they could obtain a grant from the US Development Finance Corporation.

No problem buying through Halifax.

Sebo10

Re water table issue: Interview time 9:20.

My principal takeaway was the lack of clarity and the introduction of new issues.

GM's comments about the further boreholes - "ready to go" are disappointing when compared with the following statement from the 21/03/24 RNS: - "Final preparations are underway to commence both Aircore and Sonic rig drilling programmes in April 2024."

All projects can, and usually do, experience schedule slippage, but it is inadvisable to intimate a target (April) where there is an element of doubt.

GM also mentioned that there may be an issue regarding extraction below the water table.

I would have preferred a positive JV announcement instead of this interview.

Hopefully, the SP will recover when the JV details are released.

Pauliewonder

With reference to your informative list of "short term factors", I note below some data from studies produced for Greenroc:

PEA for the mine reported an after-tax NPV8 of US$179M with IRR of 26.7%.

The feasibility study for an anode plant reported an after-tax NPV8 of US$545M with IRR of 25.3%.

This demonstrates the potential for a multiple of 3x for downstream processing.

Buys currently showing as sells.

The latest RNS has generated some interest.

Funding options identified in the 07/05/24 SB interview include:

- Invitation from Exim Bank to apply for funding up to $3.5m dollars.

- EU Critical Raw Materials Act - this will identify strategic projects and provide opportunities for companies to access public and private financing for strategic projects.

- European Battery Alliance is establishing a 500m euro fund to support the upstream supply of materials.

Given these funding options, we will hopefully have a very successful company.

Re Funding: RNS 12/05/22

"· The staged development approach means that the funding requirement is $37.3m until the Project is self-funding compared to the total development capex of $81m"

I haven't seen anything that would change the position, although the actual requirements may have changed since 2022.

Re Funding: RNS 12/05/22

"· The staged development approach means that the funding requirement is $37.3m until the Project is self-funding compared to the total development capex of $81m"

In the Crux interview (@24:35), GM also refers to other opportunities in Sri Lanka, but recognises the current project needs to be progressed. Taking a very positive view, perhaps his attendance at the conference is being used to showcase the company's capabilities and opportunities in Sri Lanka.

Without doubt, there are some uncertainties, but this could also be a very significant opportunity. The resource is there, and the outcome of the impending drilling campaign should be positive.

I think it is also worth pointing out that GM advised that "they are in the advanced stages of negotiating the documents". In my view, the outstanding steps are:

- Sheffield complete their due diligence, no show stoppers identified to date, and they are already invested.

- Review the offers

- Complete the JV documentation

- Board review and decision.

QUESTION: since Sheffield hold 10% and have a further option, how much equity would LB be given if they provide the best offer?

In the interview, GM states that they need to have a certain amount of HMC under licence to be able to push the button on the construction process. He expects to achieve the target within the next 3 months. There is clearly some uncertainty

re timescale and this could be the reason he states the FID process could be 6 - 9 months. Given the benefits to all stakeholders, I am optimistic that securing the licences is a matter of when, not if.

In the interview, the timescales were:

FID Process - 6 to 9 months

Construction - 12 months

Production - Q1 2026

As well as the provision of funding, a reminder of the potential value of this resource is perhaps worth mentioning; some extracts from RNS's:

"RNS 12/05/22

Study Demonstrates Exceptional Economics.

Base Case ungeared post tax internal rate of return ("IRR") of 56% and Net Present Value (using an 8% discount rate) ("NPV8") of US$155m, with a Upside Price Case IRR of 73% and NPV8 of US$235m

The staged development approach means that the funding requirement is $37.3m until the Project is self-funding compared to the total development capex of $81m

RNS 21/06/22

All drill results are from surface to a maximum of only 3.5m depth due to limitations of augur drilling, with an average depth of 1.5m. Sonic drilling at Komari in 2018 demonstrated the continuity of mineralisation to depth, with results of 14m at 26.3% THM and 8m at 26.6% THM returned.

RNS 21/03/24

… the Company has now received a formal letter confirming the GSMB's intention to process the Company's seven outstanding IML applications, which is expected to facilitate the granting of further IMLs to underpin the mine plan for the resource in the entire 47km2 EL168 licence area.

The Company is also in advanced discussions with the Coast Conservation Department ("CCD") to obtain a permit to mine covering all the CCD managed land in the EL168 area.

Final preparations are underway to commence both Aircore and Sonic rig drilling programmes in April 2024. "

Increased area of resource in current licence area + additional licences + further resource at greater depth = ?

As we await the 2023 results, I was reminded of an item in the 2022 results:

"Financial Highlights

· Revenues of $0.6 million (2021: $2.6 million). The decrease was anticipated and primarily due to the loss of pandemic-related sales to the meat processing plants as vaccinations became available."

If the contract with meat processing plants was worth say $2m, the potential revenues that could be generated from the range of opportunities that are now being developed must be significant. Even if the 2023 results disappoint some people, I am optimistic about the longer term outlook.

Hopefully, the Aircore and Sonic drilling programmes referenced in the 21/03/24 Project Development Update are progressing and these produce an increase in the Proven Reserve; to quote the RNS:

"Accordingly, a substantial resource increase is anticipated from this initial work programme, which is expected to subsequently motivate further resource confirmation and exploration activity."

Does anyone have any idea how long the DD and receipt of the loan, if approved, could take?

I have been reflecting on the information provide by GROC over the last 18 months and relative to some other AIM companies, I believe they have done a good job. They are working through the stages of the project and the assessments that are required, and providing updates and information about the approximate delivery dates. Details about the licence extension showing the areas of high grade mineralisation have also been provided.

Until today's RNS, I was concerned about dilution, but the LOI shows that work is going on behind the scenes. They also secured a grant from the Advanced Propulsion Centre, which suggests to me that they are endeavouring to progress matters as efficiently as possible.

The SP clearly has the potential to be significantly higher, but positive news is key. Let's hope the company continue with the level of communication. The next big steps for me will be securing additional funding and the completion of the PFS.

"Points taken from 04/04/24 RNS:Ondine has a pipeline of investigational products in various stages of development.

Ondine's nasal decolonisation light-activated technology has a CE mark in Europe and the UK-CA mark, and is approved in Canada and several other countries under the name Steriwave®. In the US, it has been granted Qualified Infectious Disease Product designation and Fast Track status by the FDA and is currently undergoing clinical trials for regulatory approval. Light-activated antimicrobial products in development include therapies for a variety of medical indications such as chronic sinusitis, ventilator-associated pneumonia, burns, and other indications."

The outcome of the clinical trials for regulatory approval (presumably FDA) may provide a short term boost. Hopefully, the upcoming full year results will contain positive updates as well as reassuring financial data.