Future Milestones & 2023 Summary, page-68

And rightly so, there appears to be oversupply across the full phosphate sector. Clearly the world bank prices aren't the best indicator as there is no way the price was at $350usd/t for months. Atm , I'd be thinking prices are far closer of $150usd/t than $350usd/t. Thrown in the loan $3mill due this year, nothing happen till after the wet with DSO and that is given prices are economic. Plus it was disappointing Aleese took cash not shares, shares would have projected confidence in the project.

So I reduced my holding last week to reflect the uncertainties I see.

Only thing I can see kicking this into gear is a binding LFP agreement with a car marker, as the odd of DSO happening are slim. Or maybe a pump to provide an exit, if some required it.

If they suddenly switch to gold project work then that will tell it's own story.