Ann: NeuRizer Ltd Presentation, page-76

Thank you for your comments. GN mate, you wear me out, I don't know what your background is, but I give you 10 out of 10 for putting together an argument. That's rare on this forum.

"JL you and your train spotting ally IW really do look for anything to down ramp this company JL you and your train spotting ally really do look for anything to down ramp this company you have no stocks of?"

"Down ramping", not true, I will deal with at a later time.

"Congratulations on learning about CSS. You point out that Neuriser stores 25% through carbon sequestration, that’s a marvelous amount. But I must point out you are missing the bigger picture."

I assume you mean CCS. Yes, storing 25% CO2 is excellent, it makes the manufacturing process completely carbon neutral, and it does this at an amazingly low cost. They do it at $5.0 per tonne. What it will cost for compression, transport and storage I don't know but the govt. is aiming for $20 per tonne. The other 75% is in the urea.

"As we all know the world needs food and feedstock’s of all kinds, considering it mostly is grown in soil, the nutrients and carbon that crops needed and use to grow must be replenished constantly. Yes there are other ways of doing this by rotating crops etc But this would take up more farming land than we have."

No argument with that, seems reasonable.

"I used to plant peas in-between grape vines in the winter and till it in to add Nitrogen to the soil, but that not the answer to all crops. The global demand for fertiliser is around 200million tonnes (Mt) per annum. Around 110 Mt of this demand is urea. Fertilizer Outlook 2019-2023, IFA)."

No argument with that, seems reasonable. You have done your research.

"So if we can remove 25% of Co₂ that’s awesome in my books. Even if it is only 1 – 2 million tons, hopefully we can grow around the world after we are up and running."

Yes, 25% sequestration is awesome, but don't lose sight of the other 75%, it's still out there.

"Just for you I’ll add the following Below, maybe you can prove it wrong. Bearing in mind that most the crops, trees and everything grown uses Carbon to grow, but in return releases the oxygen that we breathe. Surely you have heard of the lungs of the planet are getting cut down. Even more a reason to plant more and the use of Urea supercharges the O₂ output."

Whatever CO2 comes out of the ground has to be sequestrated or it gets into the atmosphere to do its damage. You can plant trees to sequestrate the carbon. It's expensive and not the option favored by some environmentalists. What you store in crops is only temporary sequestration. It can result in nasty global warming gases.

"I am also so sick of hearing about “Oh were running late, they promised Etc.” Im not so happy that the world is in an unprecedented situation ATM either. Who would have predicted Covid, wars and a Flu breakout all at once? Yes some projects are running on time, but they are not dealing with South Korea that are financing a great part of this plant and certain things have to be done face to face, as there is no history between the parties unlike many others. I am sure in future projects this won’t be such a problem."

Don't get sick, face realities. Their target were set during the height of covid. The planners would have taken this into account because that's what planners do. Debriefing seems in short supply, so we are left speculating as to the causes of missing target dates.

"This is a F’ing awesome project and I believe the BOD are doing a great job!. Well done guys…"

Yes, as many say "they are ticking all the boxes" , although a little late at times. Doesn't help the share price.

"As to Coating the granular Urea, I believe that is for another day and another forum. Not to be used to down-ramp NRZ here! Maybe this is being addressed? Would that upset you?"

No, not at all. As I have said, urease inhibiters are being promoted in Europe, and I believe that it is the way of the future. It comes at a premium of about 50 euros per tonne of urea. I would expect it to be applied at source, maybe a plus for NRZ.

That's how I see things. What say you? J L.