They definitely haven't stalled. Keep in mind this is an extremely sensitive negotiation process - even the term sheet has been kept under tight wraps.
You are correct there hasn't been an update on the NCF website for year - but you must also realise this coincides with the term sheet announcement. It's in the negotiation phase and it would be improper (and probably offensive to the contracting party) to provide a running commentary on something that is being developed as we speak.
The latest quarterly indicates a near-term update on the progress of commercialisation. Just because we don't get an update every day doesn't mean it hasn't been ongoing. These things take time. With patience, we can all share in this trillion-dollar opportunity.
Expect a massive re-rate within 6 months when this occurs. You can even bookmark and quote my post here for future reference when it happens.
Ann: Appendix 4C - quarterly cash flow report, page-15
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