Ann: Minbos launches P4 concept study, page-8

With the project pipeline building and gradually advancing but still nothing in the sp for any of these other projects, perhaps we need the final funding for the phosphate to be announced to unleash a move in the sp to better reflect the value offered by that project plus some value to be attributed to these other projects. That funding will hopefully trigger a big re-rate as that risk is cleared, perhaps moving the market cap beyond just the phosphate project's NPV after production has started and the market considers the upside from the other projects.