Ann: First Shipment of Ardmore Phosphate to Asian Market, page-7

If you look at the March quarterly in the section about stage 1.5, they anticipate to commence expanding mining and processing once environmental approvals are received in Q2, being this quarter. Even if the company makes only A$200 per tonne profit margin, this quarter it means at least A$7mln and up to A$9mln in free cash for Stage 1.5. In these circumstances, NAIF is a nice to have, not mandatory.

I think the company is well past any "keep the lights on" situation.

Once environmental approval is in and second 15k shipment is confirmed, there will be no more ambiguity and we'll be off to the races whether with or without NAIF.