Ann: Binding Offtake with Leading U.S. Fertiliser Company, page-29

AMN has ticked lots of important boxes.
RWD has almost certainly done more than you think. From the approvals perspective they are more shovel ready than AMN.
Savich himself said (about RWD) the biggest de-risking step is environmental approval. He hasn’t ticked this box yet for his own project. I’m sure he will but arguably his project isn’t as de-risked as RWD’s despite the off-takes and DFS. The approvals for Mackay will be stringent and if as predicted the public show an interest there will be a large number of submissions.

RWD’s project is targeting a very similar output. Capital cost is significantly less. Trucking distance is over 100 km less.
AMN has impressive operating costs (because of the wet processing).
AMN market cap now x7 RWD.
RWD has spent nearly $40M on their project, short of what AMN has spent but still a decent amount.
RWD now has significantly less shares on issue.
Progress at AMN can only be good for RWD. Investors who do their own research will see value in RWD when they appreciate the projects are very similar on a number of metrics.