have we got a ship?, page-157

That's all good on paper but first MC must walk the talk.

As an investor I wouldn't look at potential in the future until I am convinced that management is on the track with previously announced progress plan.

Like it or not, the facts and reality is that despite 6 months old talk of "finalising" second offtake there are no signs of action other than speculation that our spot is of high quality and MC is not going to sell it cheap.
Good approach if you are in financial position like GXY but not when Tribeca is making changes to the loan.

JV binding agreement to be "finalised" by 30/06/19 still on drawing board while expenses and stockpile are growing.

It's not the end of the world for A40 as new agreement could be announced anytime and all stockpile turned into cash but IMO many investors lost trust in Mark's talk and perhaps even doubt that any of those offtakes will eventuate in 2019.

Current SP is a bargain if anyone believes that Mark will deliver but it can also turn into huge loss if he fails.
With A40 financial situation I see this now as a very speculative buy for brave investors only.