Ann: Full Year Statutory Accounts, page-15

The timespan between licence approval and finalised off take agreements is completely irrelevant.

The company has repeated on numerous occasions that off takes and financing cannot be finalised prior to completion of the FEED results. FEED is the final study stage before execution of the project - the FEED results were only announced to the market on 29 January 2018.

Read page 8 of the report under the heading OFFTAKE. It says

Negotiations in the December 2017 Quarter were focused primarily on finalising remaining commercial terms contained in the bankable offtake agreements. Norton Rose Fulbright, who has significant experience in developing potash offtake agreements, continue to support negotiations and associated legal drafting.

Negotiations are advancing with several parties close to final binding offtake agreements.

It unambiguously says negotiations through the December quarter were focused on "remaining commercial terms". It also says, in very plain language, negotiations are advancing with several parties CLOSE to final binding off take agreements.

People seem to think the company has the predictive ability to identify the very date other parties will agree to significant financial agreements, it doesn't work that way!