Ann: Positive Field Trial Results to Underpin Offtake Agreements, page-15

I don't think it's a good idea to compare MNB against the worst in terms of performance in timelines and then say that "so it's ok not too bad". Bad is bad, doesn't make it better by comparing it against the worst.

If MNB keeps being late in every step of the way like this with the GA project, even though each step is delayed in weeks/months, the total delay will be measured in years cumulatively. 4-5 years will be become 6-10 years, just like the other terribly delayed projects that you have mentioned.

What's particularly troubling is that now it cannot even predict short-term event timeline accurately. In July 2022 they predicted that construction was underway Q3 2022 i.e. within 3 months of their own announcements. Even just 2-3 weeks ago they assured that funding will still be finalised in September.

November 2023 was predicted as a very important milestone for commencement some time earlier this year, and now it's October and funding still hasn't finalised.

All these things happened AFTER Covid has ended.

Still worth holding for significant imminent progress, but doesn't mean there are no worrying signs.