General Discussions, page-20561

Thanks for that Saddie, I'll take that as a market update from David Christensen. It only took 15 weeks after the PEPR approval to come through to tell us that .... but it is what it is and we can finally move on.

Three short-term goals: the BAM study, convert the off-takes to binding, and sort out the finance (which we knew about anyway).

Also full marks to DC for some timelines with the FID to follow hitting those goals. I will say again however that progressing any of those three goals would not have been blocked by the delay in the PEPR decision and all of them should have been progressed last year when the numpty bureaucrats stuffed around from May until November. When the PEPR approval finally came through those three goals should have been near-ready to finish off. But the actual timeline of construction to start the end of this year, commissioning to begin the end of next year and production to kick off in 2025 is welcome news. Thank you DC (but, seriously, why wait 15 weeks before telling us).

I think the massive news is DC saying that the midstream has gone soft with loads of overcapacity in China whereas the upstream still favours the miners.

I hope Renascor don't muck around and drag out the decision to postpone going midstream and rather go early and go hard with a lowish cap upstream facility for the time being and see how things look in a year or two regarding the midstream operations. (If the Chinese have overcapacity in the midstream they will absolutely shred any new player that attempts to expand into the midstream). Need to pick your fights, DC.