Ann: India Project Proceeds to Next Stage, page-126

I believe this announcement could have been worded better. Many holders are quick to look for delays but have missed great news all together.  After doing my research, I am now comfortable the major risk (that NMDC doesn't approve the project) has been formally eliminated. We no longer need to speculate about NMDC's approval, which is a serious de-risking milestone.

The next de-risking milestone will be project funding (even though our funding is actually just a bond and not the capex). The ball is now back in ECT's court, and we can expect news very shortly. Keep in mind management have indicated at multiple stages that they have the ability to use the ELF loans to avoid any dilution, either through securitisation or incentives.

I suspect ECT did not sort the bond financing previously because it would have been based on unapproved terms.

I think the funding of the project bond is going to be a material catalyst as it cements the RCA's commercial terms that NMDC approved. Also, as with many stocks in this bucket, a lot of potential holders simply hold back until funding is sorted.

Management have already signaled the expected publicity in the lead up to the financial close and signing ceremony (refer prior announcements), so I expect this to now begin. I will up my attention on coverage and media releases from parties as well as ministries and feed back to fellow shareholders and hope you do the same.

This is an extremely busy and news rich March quarter for ECT. The team is also simultaneously finalising their feasibility study for their proposed 600,000 tpa plant in La Trobe due this quarter.