Thackaringa Results, page-336

Yes you're basing your assessment on ticking all the boxes.
I'm sorry, I call that severely high risk. Because it's miles off.

Put it this way. Everyone keeps talking about 'off takes imminent'.
So how would you feel if we got to say July and we haven't secured any off take partner to build the plant?
What if in July the line from Auz is "off take discussions are progressing well"?

IF that happens the sp will stall and probably retrace.
IF they then announce that they are changing tack and will now be seeking financial lenders it will set them right back. As in 6-12 months. And the sp will definately retrace.

Not downramping, just trying to demonstrate that this thing is miles off being derisked.
(Dependant on the exit point you're looking for).