“To achieve this sales target, construction must start no later...

“To achieve this sales target, construction must start no later than July 2024 to facilitate first production in Q2 2025”

The above is actually what the asx announcement said re schedule, to me that means no later than July 31st, however I think even that has some fat in it.

They go on to say from 1st work to 1st delivery is 9 months.

If you work out the time from the various stages it actually works out to 8 months

Stage 1 takes 5 months, Stage 2 takes 5 months & commences 2 months after stage 1

So you’d expect Stage 2 to be complete 7 months after starting, then stage 3 takes a month.

July 31st for 8 months takes it to Mar 31st, or April 30th using 9 months, the target Q2 2025 finishes June 30th, and the aim is to have all the required fertiliser in the customer's (Carrinho) warehouse by the end of Dec 2025.

Not trying to make excuses for them, but there is a lot of fat in their schedule.

I assume they’d start construction as soon as the Angolan Bank finance is approved, and if that takes until July 31st I think the market would be very disappointed which would be reflected in the SP as that date approaches. I can’t see the SP getting much above current levels until the market is updated with some sort of news that makes the finance seem a reality or the “other equity options” becomes a reality & offtakes are firmed up.