Ann: Indian Partners Australian Visit Dates Confirmed, page-90

Well its good to see the SP moving in the right direction and at long last something to talk about through our most recent Ann

I like many others here believe the only reason we are getting the visitors over here is for the signing of the MPA

@sholtz I wondered why the question,

Where would we sooner see the signing done , suddenly it all drops into place,

That is some crystal ball you have there my friend LOL

What I do question though with a differing opinion from both Sideways and Sholtz on the paragraph below

which I do not think can be ignored as it is quite a significant statement and I am amazed no one else has put more emphasis on this

The MPA provides the framework for the broad commercial
arrangements needed to execute the R&D project, including
funding, technical development, engineering, construction,
commissioning and operational R&D activities.

Detailed agreements covering these matters will be negotiated after the MPA is signed.

The MPA also clearly articulates the intent for the Intellectual Property generated in this R&D work to be utilised to underpin commercial projects, and sets the value sharing structure between the parties from the resulting projects.

Sideways has taken it at face value and making the most of this highlighted section and there is no denying HE IS CORRECT

READ IT

It clearly defines post MPA signing

And Sholtz you say

Yes SW, thats what the company originally wanted at the time so there would be no hold up with the signing of the MPA. That obviously didn’t happen so from that point of view it’s not unreasonable to assume all those negotiations have now taken place prior to the upcoming signing of the MPA.

Not saying you are incorrect here because your crystal ball never ceases to amaze me

However with the Ann being on the 23 / 3 / 18 it has taken how many years to finalise this deal I do not see them getting all that is covered in that paragraph together from then until the signing

So how do I actually see this I don’t see it as either a positive or a negative

I see it as another ill written announcement like so many we have had in the past in need of clarification

My take on this, is that one has to read between the two announcements dated 8 / 3 / 18 and the 23 / 3 18 to put the whole thing together and understand where this Ann may have fallen short.

AS IN

8 / 3 / 18

Our partners have approached this project with a long-term view.
So, while the project commences with an R&D stage with an
estimated equipment budget of around A$35M, the MPA provides the basis for the subsequent commercial deployment of the technologies, which may entail significant future investment

Also taken from the news letter

The project is divided into two phases:

R&D phase: aims to deliver a pilot scale demonstration with a capacity of two tonnes per hour of steel output (up from test plant scale of ~40kg per hour)

Commercial phase: following successful R&D, scale up to over 60 tonnes per hour (~500,000 tonnes per year) of steel product output, consisting several modular Matmor furnaces.


As you can see from the news letter divided into 2 phases one would think by now they would have
the R& D phase locked down agreed to.

So we move onto

THE PARAGRAPH

The MPA provides the framework for the broad commercial
arrangements needed to execute the R&D project, including
funding, technical development, engineering, construction,
commissioning and operational R&D activities.

Detailed agreements covering these matters will be negotiated after the MPA is signed.

I believe this is where the ANN is ill written IMHO because if we now go back to the Ann on the 8 / 3 18
And follow on


Our partners have approached this project with a long-term view.
So, while the project commences with an R&D stage with an
estimated equipment budget of around A$35M, the MPA provides the basis for the subsequent commercial deployment of the technologies, which may entail significant future investment
the MPA provides the basis for the subsequent commercial
deployment of the technologies, which may entail significant
future investment
For example, the scope within our techno-economic feasibility (TEF) study was for a Matmor plant with a capacity of 500,000 tonnes per annum of finished steel billet, with an estimated
capital investment of around A$300 million.
In that context, the extended period and rigour of review
and engagement between the parties have been entirely appropriate in setting the frame work to
step through the R&D phase and onwards to commercial scale ( NOTE STEP THROUGH )

So reading between the two Ann it now starts to make sense that the

MPA is far bigger than the R & D phase

The Ann cannot say all ends are tied up because the MPA incorporates the broader layout into the up scaling to 500,000 tonnes per annum,

Hence I presume all items in THE PARAGRAPH will still be under negotiations post MPA signing

This is my take on it anyway an ill written Ann that I believe requires clarification which I will be seeking

If I am incorrect then I would say we are being set up for another tripartite agreement where by there will be no information forthcoming on the MPA details because it is still under negotiations and we as shareholders must have been expecting to much once more after all it was written in the ann on the
23/ 3/ 18 all details are ongoing

I hope as a long term shareholder it is the former theory and not the latter and that we do get enough information that the market can at last put a true value on the potential of this SLEEPING GIANT

And all LT holders get their just rewards

Well done to Lloyd and all those that have done the heavy lifting in numbers at market just recently great to see, but we desperately need new blood here lets hope THE MPA BRINGS IT HOME

That’s is MHO anyway make of it what you will

Hope everyone had a great Easter

GO ESI