It is worth noting that the DFS project economics don't include...

It is worth noting that the DFS project economics don't include the processing of phosphate rock with a high silica content as it cannot be used in fertilisers. However, MNB still plans to sell this “waste product” as it is ideal for the Lithium-Ferro Phosphate (LFP) battery market, which is growing in popularity in China.

Also, the DFS doesn’t include any of the additional resources MNB might add through the pegging of more phosphate ground in the area (which the company has begun doing).

These two factors provide additional upside to the economics of the project, not contemplated in the DFS.

Picked this point up from the NI email … the battery offtake numbers don’t appear to be included in the figures, so rather than using some of our production destined for fertiliser, it’s actually a bonus as it’s being taken from our waste! Have I understood that correctly?