On 19 July 2023, the Company advised that a binding Memorandum...

On 19 July 2023, the Company advised that a binding Memorandum of
Understanding (MOU) had been signed with Grupo Carrinho (Carrinho), Angola’s
largest agro-industrial group, for the supply of Cabinda Phosphate Rock to be
used as fertilizer. The MOU sets out terms such as the supply of fertilizer for up to
869,000 tonnes of Cabinda Phosphate Rock over the first 7 years of production,
representing 66% of the stage-1 production over the corresponding period. Plus
the MOU includes a proposed pricing mechanism, pegging the relative
agronomic effect of Cabinda Phosphate Rock fertilizer to the price of Triple Super
Phosphate. The pricing mechanism is in line with the assumptions used in the
Definitive Feasibility Study. If this program fails to eventuate into a binding offtake
agreement for the Company, or it results in lower or deferred volumes, there is a
risk of slower penetration into the market and a longer time to generate returns
for debt and equity holders. The Company is in discussions with other potential
customers in Angola and potential export customers in China, South Africa and
South America to mitigate risk associated with the MOU. ( now June 2025 )
On 1 July 2024, the Company announced that a non-binding memorandum of
understanding had been signed with Foskor Pty td (Foskor MOU), South Africa’s
largest phosphate fertilizer producer. The Foskor MOU contemplates an offtake
agreement subject to satisfactory test work by Foskor. The Foskor offtake and any
other export sale, will require the physical completion of the deep water port in
Cabinda (Porto do Caio). The release on 1 July 2024 provided an update on
progress at the port which is scheduled for physical completion in December
2025. Until Porto do Caio is operational the Company must use the smaller
Cabinda Port which is subject to silt build up if it is not regularly dredged. Silt build
up will reduce the size of vessel that can service the Cabinda Port and increase
shipping costs.

Obtaining environmental permits for the Cabinda Phosphate Project
The Company has two environmental installation licences for both the mine
activities and for the construction of the fertilizer plant of the Cabinda Phosphate
Project. Post installation and commissioning, the Company will require two
environmental operating licences. It has already lodged an application for the
operating licence for its mine and it will only lodge an application for the fertilizer
plant near to commencement of its commissioning. If the operating licences are
not granted then the Company may need to complete further environmental
studies for a new lodgement, which may delay the project, or may cause the
project to be postponed indefinitely.


@chuk 2025 critical timelines is the key

IMO - read ASX news on Risks - MNB words in full detail hence 4.6c SP