Ann: Cancel - Proposed issue of securities - MNB, page-6

The fact that the SWF invested at 8c doesn't mean that is all that the phosphate project is worth. In production it should be worth much more. How much more remains to be seen but the DFS suggests 20c plus. That will depend on production and sales volumes including domestic and probably a large volume of exports. Need more info over time to determine how much upside we are looking at but even just half of stage two capacity is going to see a sp many multiples of the current.
Once construction is fully underway, management should be able to start to put some time into progressing the green ammonia project.
Most of us have lost focus on that while the finance for the phosphate was being painfully slowly progressed but if the market starts to look at the green ammonia again, upside is difficult to quantify at this stage. It's worth remembering that cost of production is in line with the chespest fossil fuel production costs but transport costs into Angola for competing ammonia gives Minbos a clear advantage over imports - and it's green!