Ann: Completion of Licence Marking at Cabinda Phosphate Project, page-9

There has been plenty of progress as you stated. Looking at the chart below, it's clear that the gains over the last 9 months have been very modest considering the gains would easily have been justified by the progress alone since that time - including the granting of the mining license and the decision and commitment to proceed with the project. There is nothing in the sp gains to reflect fertiliser prices bouncing up from decade long lows with a result of multiplying the NPV of the project by a factor of around three or four. The sp is certainly not reflecting the recovery of fertiliser prices.