Ann: Suspension from Quotation, page-123

Personally I think GA talks at this stage are somewhat premature and at this stage are more of a daydreaming activity. MNB has shown very clearly that it tends to be extremely overly optimistic with its ability to obtain funding (besides timelines). Non-dilutionary funding promise has failed. Binding MoU term sheet from strategic investor (SHJS) became a worthless piece of paper. All the signals that more concrete evidence/extra caution is required before believing in management claims, because the journey has been anything but predictable and certain. So far it's not been a straight line and has been very wild and unpredictable for a project of this size.

So might need to be extra cautious this time with any claims from themselves that there are interested parties and reasonable chance of funding. From being an "interested" partner to a partner that forks out hundreds of millions of dollars is a long way to go.

On its own, MNB has no way of pulling this GA off, agreed by many people here. And even with a JV/partnership, there's no guarantee that MNB will end up being a member of the final party eating this GA pie. It literally has no competitive advantage: expertise, experience, management credentials, finance, except for just a few signed papers that it managed to come in first. Nothing prevents bigger, more resourced, better credentialled companies jumping in and finding a way, legal or illegal, to kick this ordinary player out.

So for now maybe it's better to only focus on the phosphate project. There isn't even a guarantee that it can produce this year, because: 1. Its estimates on timelines are very unreliable because this seems to be its first time building something real and significant, and 2. The person overseeing the project to be based full time in Angola is still being sought for.