Ann: Progress Report, page-158

I wouldn't get too excited about phase 3 Malaysia plant just yet. Note that the MoU's will be non-binding which means they can opt out at anytime. I think the real movement will come from the actual happenings - securing the land, approvals, binding agreements, financing, site preparation etc. Peter Church seems to have a lot of on-ground experience so that will help navigate the bureacracy and negotiate with potential investors.

The most critical next milestone will be to prove the hydroment process at commercial scale with emphical data to support extraction efficiency, Mg recovery and quality/saleability of SCM.

Following fly ash, they need to also prove with using Ni Slag and once we have those numbers they can do some serious calculations on profitability. It's at that point if all looks good we could see the sharks starting to circle for a takeover.