I continue to be concerned at the businesses inability to scale to be positive cashflow .

On record revenues costs continue to be grow and cash burn rates lead to likely capital raising in 12 months or debt.

Have serious concerns at leadership whom spend significant time promoting the merits of the company and funding needs in an environment of rising costs which demand some degree and effort to manage cost base.

At what will revenue enable cashflows be positive is what i am struggling to answer leading me to sit out and watch this unfold ?

Jsmith feel your pain.

Fair to say I outlined to REACH that focus on the business and moving to CF positive and profitability might be of higher priority than burning shareholder funds ....

SP3 issuing more shares to fund its next 6-24months (see blow)

Concerns re price being offered and the dilution .

Further concerns is the March Qrt 2022 they had $676,000 but burning $250- $300k per qrt.

This essentially provides 18months of operations if they do not move positive operating cashflows

I respect the revenue growth being achieved but concerned at ability to convert to positive cashflow and profitability.

It is at 5.1c trading at 1x sales

Confidential Term Sheet THIS DOCUMENT IS A SUMMARY OF THE PLACEMENT OFFER AND COMPANY DEAL ROADSHOW PRESENTATIONS STRICTLY PRIVATE AND CONFIDENTIAL OVERVIEW Type of Transaction Professional/Sophisticated Investor Placement of Fully Paid Ordinary Shares with one (1) attaching Bonus Option for every two (2) shares subscribed for (Placement). Bonus Options For every two (2) shares subscribed for under the Placement, one (1) free attaching Bonus Option will be issued with an Exercise Price of A$0.066 and an Expiry Date two (2) years from issue. Bonus Options Disclosure The Company will issue a Prospectus containing a separate offer of Bonus Options to each Placement investor, thereby providing disclosure in relation to the Bonus Options. Investors under the placement will be taken to have authorised the Lead Manager, Reach Corporate Pty Ltd, to complete and submit applications for Bonus Options as agent on their behalf. The Prospectus will be provided to all Investors once announced on the ASX, with the option to withdraw. Country Australia. Issuer Spectur Ltd (ASX:SP3) ACN 140 151 579 (“SP3”, “Spectur” or the “Company”). Placement Amount Up to A$1,650,000 (with the ability to take over subscriptions, subject to shareholder approval at an EGM). Issue Price A$0.036 Last Traded Price A$0.051 (on 14 July 2022) Discount to 5-day VWAP 31.1% Discount to 15-day VWAP 8.8% Discount to Last Traded Price 29.4% Shares to be Issued under Placement 45,833,333 shares based on a A$1.65mill raise. Minimum Bid A$20,000 Firm Bids Due 5pm, Friday 15th July 2022 Funding Due 3pm, Monday 18th July 2022 Shares and Bonus Options Issued Subject to Shareholder Approval – anticipated to occur in late August 2022 Shares on issue 106,305,280 shares Market capitalisation $5.422 million at $0.051 cents per share OFFER DETAILS Use of Proceeds The funds raised under this placement will be used for; - the Company’s expansion in South and regional Australia; - development of the Company’s globalised modular platform; - expanding the Company’s marketing program; - purchasing further inventory to mitigate supply chain risk; - preparing for the Company’s entry to the USA; and - costs of the Offers and the Placement. Restrictions Investors must be either: “(i) “sophisticated investor” as defined in section 708(8) of the Corporations Act 2001 (Cth) or (iii) “professional investor” as defined in section 708(11) of the Corporations Act 2001 (Cth). Disclaimer This Term Sheet is not a Private Placement Memorandum. It is for information purposes only and is not to be taken as a recommendation or advice to apply for shares. This Term Sheet is summary only information. Underwriting The Placement is not underwritten.

Over the past several months Gerard feels more intent of selling the business and thus getting its valuation up rather than a focus on the fundamentals ie positive cashflow and profitability.

The drive to achieve success on the eastern seaboard as has occurred in WA will be interesting in terms of how well it can be executed and how much money will it need to spend to do so?

Coming from a Sales & Logistics background the ability to replicate such an outcome interstate is not easy as the advantage of the home state allows the business to quickly identify, adjust and respond to customer needs.

When you move to sell interstate there are different dynamics and challenges in terms of the recruitment and execution. This requires discipline in terms of clarity on what is required in order for the results to be positive. This alignment in my experience is the toughest aspect to replicating profitable outcomes.

Pleased to be wrong on this one....

Disc Held SM and RL