Ann: Quarterly Activities Report, page-3

Pretty straight forward update. Lots of good progress but also a couple of signs of stress.

Ponds 1&2 nearing completion! Rock armour outstanding - assume they could start to fill before this is completed.
Pond 3 to be completed before year end! Seawater intake dry commissioning still planned for December quarter which indicates we may have to wait till January for water in a pond.

Jetty progress is concerning; Jetty causeway mentioned for the first time and the contract will be let in the near term (not sure what that means but sounds close) and will be complete in 1H 2023 which will allow McDow to commence Jetty construction. Was hoping first salt shipment in H1 2025 but that looks to be slipping towards H2 2025. Hope they prove me wrong!

Still a solid buy for me. At 22.5c giving an MC of $272m, plus they have $188m in the bank, they look pretty cheap.