Ann: Quarterly Activities Report and Appendix 5B, page-153

Hi riverflows, a few comments on your post which was in reply to rolley02

IMO they should be engaged in other projects such as the Green Ammonia. They should prioritise the Phosphate business, but with these finance/offtake negotiations, there is always a lot of idle time, waiting just as we are. No reason you can't allocate some resources to GA.

Re the PFS completion date, the recent presentation said to watch for partnership & commencement of PFS - so it's still yet to start. Possibly they want a partner 1st, so they can set the parameters of the PFS (agreeable to both). Very hard to do a PFS based on say 50% GA for fertiliser and 50% Explosives when you have no idea what the explosives partner wants. From the Sept GA announcement, I take it they are still completing the environmental & social impact studies for the PFS.

Re $300m valuation. Valuations depend on who you ask, I think my car is worth a lot more than a used car dealer would tell me. Management know the company inside out, they know the likelihood of getting finance etc. The market doesn't know all of this, possibly if the market knew what management know it might value MNB closer to management's assessment.

Re the teams comments (I wouldn't call them promises) Unfortunately it's always a fine line between releasing too much information - plans etc, or too little information. If they don't set a timetable shareholders will complain, if they give themselves heaps of slack in a timetable, shareholders will want to know why that takes so long, if they release their actual planned timetable, inevitably something comes up causing a delay.