Ann: Quarterly Activities Report and Appendix 4C, page-211

“Possibly following the field-testing results, Carrinho concluded the product wasn't suited to their needs....”

I can assure you that is not the reason. At the AGM Lindsay said Carrinho had an “Epiphany moment” when they saw how well the phosphate worked in years 2 and beyond - they only expected 1 year. All trials to date have been very successful. In any case the TSP formula uses a RAE (Relative Agronomic Effectiveness) of our Phosphate compared to TSP, so the less it works the price reduces.

I don’t know why there is no offtake signed, buyers of phosphate don’t normally buy their stock through an offtake, they would normally just put in a buy order each year. Maybe Carrinho just don’t want to be tied down on a 7 year contract.

However I agree with you, it’s more than held up, Lindsay & the Board seem confident they will meet that CP by other means, they wouldn’t have commenced construction otherwise.