Ann: Binding Offtake with Leading U.S. Fertiliser Company, page-70

Awaiting two very important de-risking steps:
(1) EPA approval and
(2) NAIF offer: (from annual report) "The Northern Australia Infrastructure Facility (“NAIF”) Board has previously expressed its interest in investigating the potential for NAIF support for the Mackay Potash Project with particular reference to Agrimin’s proposed infrastructure. The NAIF could potentially provide concessional longer term debt finance for the project. The NAIF is a corporate Commonwealth entity with the objective to provide financial assistance for the construction of infrastructure to benefit northern Australia. The NAIF is an integral part of the Australian Government's strategy to develop northern Australia."

The share price re-rate should be significant after that. Allowing for a 0.4xNPV(post tax) @ 8% WACC, we have 0.4x909,722,000 = $363,888,000 mktcap. At the current SOI, that would be $1.27 per share.

Allowing for a Debt/Equity ratio of 70:30, for a AUD553 million CAPEX means equity component of $165,900,000 which equates to approx additional 130,700,000 shares issued.