Ann: Capanda Green Ammonia Project Update, page-240

"In four years and through all the COVID delays, they have managed to build a phosphate market in Angola and are just around the corner from production. "

It wasn't just the Covid delays - and they were a big delay to the environmental studies - but there was also the big delay to the DFS caused by the Russian war and its effect on the price and availability of MAP which was an important input for the originally planned EPR fertiliser. They had to go back to the drawing board and rethink the product.

That may have been a blessing in disguise though because after deciding on the currently planned BPR fertiliser to replace the EPR, they have reduced expected upfront capex by at least $US10mill (A$15mill) and stage two capex has dropped by around US$25mill (A$38mill). There will also be operating cost savings.
Those savings and the big increase in expected production volumes for years 1 through six, should have a significant impact on the NPV and a much bigger impact on the annual profits of the first few years in particular.
While delays have been frustrating, we might see a much higher market cap earlier than may have been the case if the final product was not changed to BPR, even if production was started earlier because the first three years cash flow should now be much higher than was expected under the original scenario in the DFS and the previously expected higher capex might have resulted in more dilution, more debt and a later timeframe for dividends ( A$38mill would have needed to be put aside for stage 2 expansion) even if production started a year or two earlier.
The sp has suffered from the delays but it's quite possible that rather than a less volatile rise over the last 1-2 years without the delays, we might now see a big step re-rate higher in the sp when funding is completed and a much sharper sp rise from a much lower current base.
Now seems like the worst time to sell.