Ann: Appointment of Morgans as Lead Manager of McArthur IPO, page-37

In a recent announcement, might have been the quarterly, they admitted they were having some issues getting the IPO done. This included macro issues world-wide. Chuck in a likely recession and available funding gets mighty hard.
I hate to say it, but I'm very thoughtful of the headwinds we're encountering. If much larger companies such as Santos, Origin, Tamboran in the Beetaloo sub basin are the targets of legal and brick-walling from ESG green groups, imagine the problems we're about to encounter outside the basin.
And much of Armours future is reliant on the IPO going ahead successfully. We've got bugger all cash in the bank, there's been no real interest in Newstead, and we've barely got enough money to make basic improvements on our aging wells to get enough to cover our contracted responsibilities of 5 tj/d.
As I said, I'm very thoughtful, and not in a good way.