Ann: Minbos Secures Site For Capanda Green Ammonia Project, page-228

World Bank latest TSP price for July 2024 is $505.80 which is Base case plus 20%. The TSP price is trending up off a relatively low base.





At the current TSP price of US$505, MNB's 85% share of project after tax NPV is US$261mill. That is A$400mill and that is after tax NPV. Compare to the current mc of A$56mill.That doesn't allow for large capex savings and brought forward cash flows through much higher volumes over the first 7 years relative to DFS allowances.
Remaining capex requirements are very low by any standards at just US$24mill with US$14mill of that already sourced from South Africa's IDC.

The balance of funding is in its late stages.

These are substantiated numbers as opposed to your opinions Merchant. I'll stick with the facts and my targets.