Ann: Cleansing Notice, page-18

These 4 are why I still hold :

1. Daelim partnership + equity stake
2. SA Major project status and support
3. Urea Prices
4. MC sub $150M

Noteable mentions :
1. Pre-FID funding apparently almost secured (as per recent interview).
2. Chairman believes project funding is the “easier” of all milestones (as per recent interview).
3. BFS imminent (pending FEED completion and funding).
4. PPL granted.
5. Boxes ticked for the “green/carbon neutral” aspect.

It wouldn’t be balanced if I didn’t include my concerns :

1. Current cash balance. Pre-FID funding required yesterday or else another CR + delays could ensue.
2. Potential massive dilution via pre-FID and/or project funding. The apparent interest in the project hopefully means multiple “shareholder friendly” options are on the table.

Next year I should either be quite happy (financially in particular), or I’ll have egg all over my face (not just one, but a carton).

Let’s hope an update in the next two weeks, or another miserable Christmas for shareholders.


Cheyne