7.5c SP -> $1.11 SP Target (Largest Potash Deposit in West-Europe) $30M MC, page-965

Hey mate,

I'm not the master here, but I'll try to help out.

1. Potash vs ammonia. Try instead looking for MOP vs SOP (muriate vs sulphate of potash). From there you can look at their uses, from which I believe that SOP (which is SHP), whilst cheaper than MOP has a more stable market. Ammonia has the nitrogen, but it doesn't have the potassium.

2. Hole 2 not yet approved. All we have to go on is the 'expectation that it will be approved imminently' from recent press releases. My view - why would a government approve 1 and not the other? The risk, to me, is the location and angle and potential impacts. For hole 1 they closed a local road for over a week. My view... no risk, just tape and paper pushing

3. Capex will be essential to take this to mine, but there is the feasibility study, a DFS, an investment decision required beforehand. IMO we're funded for that and a couple extra starter holes. More options being exercised would be great to fluff the kitty. Question then is how will we fund this - that's where real dilution will occur ($300-400m) but we should be well north of where we are now at that point. There's also various options to fund to reduce the impact of dilution, but alongside all of that.... being funded will also send this sky high

Happy hunting