Ann: Annual Report to Shareholders, page-17

From the Chairman's address

"During the 2024 year the Company has advanced our vision of building an Angolan based crop nutrient mining, processing and distribution business."

I thought it was the first time they've referred to themselves as a distribution business - I was wrong, last years Annual Report had the same wording in the description of the company. In any case, Rob Newbold has been busy developing this network, I look forward to seeing the outcome.

Another thing I forgot to mention from the GM, Lindsay said their breakeven at 400ktpa was about $50/t. Even if they exported the whole 400kt pa, they'd be making about $100 profit atm. That's US$40m, call it A$40m allowing for our % ownership, so these distribution centres etc are just cream on top of that

I also noticed they show Plant & Equipment at $15.7m which will be the processing equipment they have stored.

In the Directors report they say:

" (IDC + BAI)....US$26 million of funding for a budgeted US$ 29 million construction of both phase 1 and 2 of the plant."

Looks like their budget includes the < $4m expansion (6.7 + 18.5 + 4m = 29.2m)
They haven't made FID on it yet, but certainly in their plans. Lindsay also mentioned the stage 1 concrete foundations etc will be built to the expansion plans - so extra for the larger crusher etc.