Ann: Coburn Zircon Project Update , page-19

all is not lost.

while it is disappointing that a binding deal has again been delayed, there are a few things to note (since theres no real way out atm).

- for a company run on the sniff of an oily rag, they have committed to early long lead items
- a zircon offtake is more likely to be announced sooner rather than later
- posco have allowed gun to disclose their identity publicly for the first time (though it was already widely known)
- with only a non-binding term sheet in hand, i doubt communication channels with alternative partners/options would have been closed
- they have sufficient working capital for the next few months due to the recentish placement (which i admit i was initially sceptical of)
- i have always wondered why someone would pay greater than a companys market cap for only a 40% share in one of its projects