Ann: At The Market Raise, page-57

As I said earlier, unfortunately, it does not look good. The export permit is still unclear (let's face it - it is unclear when they will get it, and if there are major barriers). The new offtake and subsequent funding arrangement are also more than unclear (and seem to depend on the export permit - making the whole situation worse). As DJ highlighted, he cannot understand why SHs are so negative and angry. Tells you a lot. I think they are just milking SHs (via CRs) to save their own personal liabilities - it is them or SHs. It would be interesting to see what would happen if a completely new leadership with less personal and emotional attachment to the project took over, what would be a sober business decision in this situation. But mid-term, it does not look good (and if more CRs it will destroy value for SH permanently). Be careful!