Context is wonderful thing and l can provide that here.Back in...

Context is wonderful thing and l can provide that here.

Back in the day, the company was struggling on all fronts. We had unviable commodity prices, deadwood directors at the helm, a lack of funds, an impending deadline to mine at Ardmore, Oxley was on ice and there was no real capacity to fund anything at any of our projects. There have been dramatic changes since this time,

An independent report was conducted which concluded that the fair value of the company, given the aforementioned context, was at around 2 cents per share.

The company then offered shareholders a capital raising at 2.2 cents with a free attaching option at 5 cents. This yielded around 800k. The conversion note was also communicated to shareholders and on the same terms. It is important to note that Chrisp - and other substantial shareholders - could not participate in the capital raising. The amount of money raised was deemed the only solution, was seen as successful at the time, and l supported it and still do.

The capital raising and conversion note literally saved the company at the time. This is also why the company was so trigger happy to raise money at 9 cents after the monumental mega surge on 21/10/21. There has not been a capital raise since and l do not expect one anytime soon.

Chrisp, along with other shareholders, want their shareholding protected and preserved. This is why we are going down the debt financing route. I suspect that within the current debt financing negotiations, the lenders have clearly stated that the conversion note needs to be closed out. Hence the reason why the conversion note is escrowed for eight months or the Final Investment Decision on the 800.000 tpa for our Ardmore Phosphate project. This all makes sense to me.

The current context is exceptional. The stars have aligned and the total number of issued shares is way less than most. Chrisp fully supports the company, has a massive investment and will protect himself and protect all shareholders. A takeover will only be at the best price for us all.

Looking forward to the pink sheet update on Monday.