Ann: 2021 Annual General Meeting Presentation, page-11

That assessment assumes that they put their most advanced project in as a case study, but I think that is a reasonable assumption to make.

My favourite lines is

"The client has expressed an interest in developing a term sheet for the potential delivery of the project, in parallel with the feasibility study"

I think this may be why the last line, warning that nothing certain, was added. If the FS AND term sheet development get the counterparty's BOD approval, to me this does two things 1) indicates the customer is sufficiently confident that the process is beneficial and the FS is just due process 2) reduces the time to a binding contract, terms can take a long time to get through negotiations.

Looking forward to seeing how this plays out.

All IMO, please DUOR and GLTAH.