Ann: Black Swan Restart & Company Update, page-198

In my humble opinion.
I like the idea of an equity partner. That would be a show of confidence, especially if the entity was the offtaker. We are told that the draft offtake contractual terms have been reviewed by POS and lawyers and are now being negotiated. More news about this and maybe a memorandum of understanding about a future contract would support confidence to a potential partner.

BS restart deferral. Despite the huge disappointment of a deferred FID decision, a worse scenario (imho) would be POS ramping up to a BS restart, drawing down a debt facility and then facing delays while having to pay off debt.

As a starter to confidence in BS restart, POS has said it is progressing with: an accommodation option for 150 people and BS metallurgy refinement (4 months).

The Western Power connection delay needs some explanation. Does the delay mean plant refurbishment is delayed to late 2024, or does it mean production is delayed to late 2024.

Labour supply also needs to be explained. POS needs to act now, if not already, to secure a future labour force.

Exploration (BS; LJ) and BS expansion projects are value enhancing. These might be of interest an offtaker who was also give an equity partner, since they might be preferred future offtakers.