Cash backed and a major Potash resource, page-22

Hi Stevenjd,

In case you missed it, CXM have provided an indicative target of 4 years to get this new Ardmore deposit into production. That seems an awfully long time to me, especially if it is a small scale, shallow, open pit DSO deposit close to existing infrastructure.

I would have thought a much quicker timeline would be achievable especially given that they are buying the deposit fully permitted with a mining lease.

They have also indicated that studies for Oxley will potentially be slowed in favour of retaining cash for Ardmore ... fair enough. The plan is sound - develop Ardmore and then use those FCF to develop the much more capital intensive Oxley .... however this will be a very slow process based on the Ardmore announcement.

Cheers
John