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26/04/23
16:00
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Originally posted by EDTD:
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Agree Nick. Annoyingly common response to a fair, not egregiously negative comment. Overall reads like we'll be bl**dy lucky to get finance wrapped up this quarter though hopefully, hopefully we won't go too far into the next. In particular, I really don't like the constant use of the word 'explore' when it comes to funding options when we should be at the pointy end. I am going to assume LPDOD is 95% likely to be dead. It would have been good to have previously explained to investors: - That DFC legal due diligence is in fact dependant on the upstream structuring. This has been guessed at by others but not made official till now. - The need for this 'second' due diligence' for Namibian interests - why the technical summary report from 2022 would not be regularly updated for commercial lender's benefit - seems an oversight, though at least it's drafted and under review. I suppose DFC may possibly have not advised the company of these first two requirements in advance which would let management off the hook. Otherwise, a half pager in the last 3 months on the high level process of negotiations and DD without giving away commercial intel would have been helpful. Very, very excited to hear our gypsum is good for gardening though which should really tip the FID. Get in on those big prices for apples and potatoes at Coles. Also... shipping of mineral reserves? Why? The good news is all this news is over three weeks old so hopefully a fair bit has been put to bed. Hoping for June, expecting August/September... good luck to us.
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first point was very unclear - had no idea plant funding was a prerequisite to DFC