Ann: Coburn Project Commissioning of WCP Advancing Rapidly, page-49

Success or failure is a relative term, STA have been highly successful funding and developing Coburn to date and I have no reason to belive it won't commission to nameplate either. Just reminding holders to do a bit of fact checking and not take bullish release commentary on face value. Share value will have a lot to do with where the price cycle goes regardless of how well Coburn commissions, that's life.

For example, ilmenite is only ~24% of revenue but the price were locked in at DFS published rates I believe for the first 5 years. Thus, LG's talk of 30% higher prices than DFS was already gilding the lily because right through the 2021/22 ilmenite rice spike Coburn's ilm price was fixed much lower. Especially with the $50M CR done, the chance of STA no being around for a very long time looks remote. Investors need to decide what profits they want to take when, and how much to let ride if things get bumpy.

Cheers