Ann: Caldeira Project Definitive Acquisition Agreement Signed, page-17

As an aside, good timetable below of what the company is indicatively thinking a pathway to production looks like. I'm somewhat surprised by the MRE size thresholds though, that looks pretty small to me as a back of napkin calcs have the currently drilled areas at 480Mt (assumptions = 4x1500*2500m areas 20m deep * 1.6 adjusting for the density of clay so give this a +-30% i.e. An 336-624Mt range - oh yes I know not every hole went to 20m, indented to be a really rough approximation as within this margin of error it doesn't change my positive view on the project). Perhaps what they're saying is that only a small portion of that can be used for JORC for now? I guess we will have to wait for the initial MRE in Q2 before we have an answer.

Hopefully that should silence the rabid pumpers that think we're going into production early next calendar year. Three years for a BFS is pretty reasonable I think, perhaps they will do a PFS this or next year in advance of that but it doesn't make sense to tie share based milestones off that. If you've got the patience to hold until about 2028-29 you'll do well here imho!