Ann: 2022 Annual General Meeting Chairman's & MD's Presentation, page-2

No big surprises here. Good progress as we have all been expecting.

It was good that they actually quantified the cost overrun on the initial works. Not that surprising really as we have all witnessed many of those costs filtering down into our own lives , in particular fuel costs. On the plus side, market value for salt and SOP are also up, so expect the business case still stacks up but they will need to get more funding to plug the gap which may prove more challenging. I was surprised that no mention was made regarding future financing costs; whilst CAPEX escalation happens once, financing costs live on and on until you pay down debt. Might be one to watch in the future.

Still looking pretty solid albeit not without its challenges. If they can get the pumps commissioned, remaining approvals and start the jetty/causeway with water pouring into the initial ponds, We will have a good Q1 next year.