Ann: Continuation of Suspension, page-40

"IDC term sheet 1 may have changed or withdrawn

imo only "

Yes, in your opinion only.

And from your earlier post directed at me;
"look at SP and SOI today "

That's very much a part of what I do look at regularly. The sp and SOI make up the market cap. The fully diluted market cap, after allowing for a significantly larger cr than I expect we will see, gives a mc of around $100mill at the current low sp. Compare that market cap to the DFS, base case, after tax NPV of over $300million and you have a deeply undervalued stock.
Allowing for the upgraded production guidance that brings higher volumes forward from year seven to year one and you increase the NPV significantly. Reduce the upfront capex by US$10mill (A$15mill) and stage 2 capex by US$25mill (A$38mill) and you boost the NPV much further. Throw in a 200MW, world leading green ammonia project and you have much stronger upside potential.
I don't care if they give half the green ammonia project away in exchange for the partner funding MNB's share of the capex. Having 50% of a project that is funded and much more likely of going ahead is better than 100% of a project that the market doesn't currently value.
You see the current low sp as a negative. I see a better investment case offering stronger upside from the lower sp.
The recent 7c sp low to (as an example) say a 35c intermediate target offers five fold upside. Wait for 17c and less risk as you see it and you have 2 times upside. I liked the 5 times more than the 2 times.
You saw more risk at 7c. I saw less risk because of the lower sp and I see more sp risk at 17c than at 7c because there will be more sp risk after a big rally to get to 17c.
Each to their own.