Ann: Operational Update, page-76

I think it's highly likely that the MOU will be extended. I know a few things first hand about how KSA works. The size and scale of their 2030 agenda is ridiculously large (NEOM, The Line alone is a $1.5 million USD project)! It's fair to say however that their ambition does not match their current ability to execute on this ambition (no matter what you might see in puff piece articles or press conferences). I would not be at all surprised that the delay in this MOU being signed is stalling / reprioritising on the KSA/Ajlan side due to them not being able to handle detailed discussions on multiple large agreements at the same time. Let's be honest, SRNs project while very important to SRN and its shareholders, is most likely not top priority for KSA/Ajlan. I personally think the interest is still there (I can only go on what's in recent announcements), it's just one of many competing priorities. Therefore I fully expect to see an extension to the MOU being announced by the end of the month. @daicosisgod, I don't share your optimism on a binding agreement being reached this month though.

My top concern is not the MOU falling through, it's whether the company will have the funding to be able to continue negotiating with KSA (and other key stakeholders) without needing to have a cap raise, which would be a complete disaster at the current SP. Any announcement in the next few weeks that de-risks this will remove my top concern and I will consider buying more at this stage.