Ann: Annual Report to Shareholders, page-21

1. Additional requirements for capital

   The Company must have sufficient capital to fund the construction of a phosphate fertilizer plant for its Cabinda Phosphate Project, as well as to fund the feasibility studies for its Capanda Green Ammonia Project, along with other working capital requirements. At the reporting date, it has cash and cash equivalents of approximately $4.6M.

   Any additional equity financing will dilute shareholdings, and additional debt financing, if available, may involve restrictions on financing and operating activities. If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its operations and scale back its development programmes as the case may be. There is no guarantee that the Company will be able to secure any additional funding or be able to secure funding on terms favourable to the Company.

Its wise to read the Directors report all the risks detailed in the annual report - even though the report is for the period ended 31/12/23 - the many risks are specially mentioned in the report released yesterday 2/4/24

Why add all these risks now in a report for the period ended 31/12/23 - when the company has been in TH or Suspension in recent times

Risks to CAPEX and MOU penetration and so many more

2 Flagship projects - set up nicely with huge remuneration packages and performance shares etc when the company has no money

DYOR

@chuk
IMO