Ann: India Project Proceeds to Next Stage, page-319

Had ECT/NLC and NMDC progressed to signing the RCA as previously agreed the SP would be approx 2.1c IMO. From this point the ELF holders would have had no issues repaying the loans to fund the capex/opex requirements of the project. I'd say most of the $14m would have been converted - maybe $10m+ IMO.

However, NMDC have changed the game yet again... The sequence of events that was previously agreed to by all parties has now been changed by NMDC. We now don't have the opportunity of preparing the funding for opex/capex post signing, we are preparing in parallel. Shareholders are still not given any assurance that this is still going ahead. A signed and binding RCA would have done this for the company.

My issue is that our partners have made this extremely difficult at every point in this process. It's hard to trust that another curve ball won't be thrown.

We have shown patience and persistent politeness or whatever we called it for the last 5 years. It would be nice if our partners extended some in return

IMO they know they have us by the balls and I am eagerly awaiting this incentive program and to see how the BOD are going to fund these requirements.