Ann: EUR receives grant of new mining licenses doubling footprint, page-206

If I may clarify, despite my rhetoric I am invested in VUL too. Practically dragged Rama77 to invest as well when we saw the bottom price.

Also to clarify, the Obeikan binding deal is different to getting things done. The Saudi plant, although agreed to make it happen still needs to make happen eg. setting up subsidiary Saudi company incl corporate structure and governance, finding location, financing etc. If I'd hazard a guess, the delay was caused by CRML's IPO (waiting for it) and whether or not an OIG rep sits on CRML Board. It's relatively important for investors (which includes JV partners) when chucking in significant value into the company to want a seat at the decision table. I'd say why not if in return to get free land/lot and capital loan to fund the full construction of a very rare chemical plant outside of China. That capital loan was mentioned at $US400M but I wouldn't be surprised if that goes up if true that Saudis are willing to fund the entire capex (hydroxide plant cost at least a billion to commission although granted cost may be significantly less if in KSA).

Further, the Nasdaq listing was not a failure. It may not have raised the $40M minimum originally expected from SZZL kitty but nevertheless raised $10M from PIPE plus unlocked access to $150M, with $1.8M of which for GEM to release post 60 days upon listing at $10 per share. It may have not immediately lifted EUR's valuation as hoped but it's too early to judge.