Ann: Procurement of Long Lead Items for the Great White Project, page-28

Not an ideal announcement to read on a Friday morning, non-price sensitive so I personally didn't see it in time for open (quite a shock, -16%!). I don't understand why it isn't price sensitive.

I thought these items would have been well advanced in procurement, but it seems they were awaiting certainty from BOAs first.. logical but also frustrating.

The downgrade in initial production & delay to first production are both a step change (it feels like?), and whilst not material long term it will scare our shorter-term holders. It feels like they are conceding that there won't be any more material BOAs for a while, but this also doesn't sound right (weren't we negotiating other agreements? Per verbal comments from JM). Definitely need more time to absorb this, I'll be emailing the company for some clarity also.