Ann: Managing Director's Presentation to 2023 AGM, page-24

You lament the company for not releasing information. Then when the company releases its best available information you lament them for being inaccurate. Nothing will make you happy.

Fertiliser prices (DAP) were already down and are recovering. Phosphate is used in those as well as LFP batteries. Check electric car production to see demand. Also check platinum prices used in catalytic converters of petrol cars. They have been down for ages. For you to say that price of phosphate that the company receives would essentially halve from here is delusional. Add to the mix the overall underinvestment in commodities over the past decade.

I assume that throughout the year the company was seeing the efficiencies of their pilot plant and thought there would be no need to dilute. They then focused on getting debt. Debt takes time. This does not change the fact that debt or extra equity funding is needed only for the purpose of accelerating stage 1.5. I say there is no need to accelerate it. I'd rather delay and self fund in 6 months.

The 9+6 you refer to includes only 9 from the updated capex of 17. The 8 (17-9) is towards the end of the year which the company hopes to self fund. All the company did was split the project into components. That is called prudent project management. They could have said give us 40mln upfront and sat on it like most companies do. Instead they only ask for what they absolutely need. And they do that to maximise the ultimate shareholder value for people like you.