Ann: Minbos to Pursue Yellow Phosphorus Potential in Stage 2, page-119

I've just re-read the quarterly to see what was mentioned in there regarding the start of construction.
I found this suggesting that at the time of the quarterly report, they still needed to sign the EPCM contract before work commenced.
"EPCM contract expected to be signed with EPCM staff to mobilize to site for the commencement of Plant siteworks."
I don't know if it's been signed since.
Apart from that, everything else looks as positive as you could hope for. Highlights below.
Probably the most important point being this one ("non equity funding" being the important part);
"Non equity funding currently being pursued with several parties being engaged to deliver the remaining ~US$30 million CAPEX for the Plant."

"In early January, the Company announced that it had executed its Private Investment Contract"
"The Project will receive a 90% reduction in Corporation Tax for the first 12 years of operations and, for the same period, have a 90% reduction in withholding tax on disbursement of dividends abroad."
"Other tax incentives include a Tax Credit for six years, equivalent to 30% of the investment, and a deferral period on the payment of taxes."

"In mid-January, the Company announced that its Fertilizer plant and equipment were enroute to Angola. Coincidently, the first plant shipments had landed in Angola, with 7 x 40-foot containers already arrived in the Port of Cabinda, containing conveyer belts, twin screens and vehicles2.Equipment departing the Port of Houston included 21 x 40-foot and 2 x 20-foot containers, with the crusher, dust collectors, bin activators, crossbelt magnets, polishing screens, dust collectors, screw conveyors and conveyor belts and 9 x breakbulk pieces all enroute to Angola. Also 5 x 40-foot and 1 x 20-foot containers had left from the Port of Hong Kong and include a truck unloader.By mid-March, most of the key plant and equipment had touched down in Angola and was subsequently moved into a secure storage and staging area (Fig. 1)."

"In mid-January, the Company updated the market on plant optimisation and flowsheet work completed on the Cabinda Phosphate Fertilizer Plant, which resulted in a material reduction in the forecast Capital Expenditure (CAPEX)3."
"As announced in late December 2022, field trial results confirmed that the Company’s phosphate rock is suitable as a direct application fertilizer product in most of Angola’s major growing region The Company responded with a review of its production profile which resulted in a simplified flowsheet to produce Beneficiated Phosphate Rock (BPR) with the core plant equipment consisting of the crusher, dryer and bagging plant and identified capital cost savings of approximately US$10 million."

"Importantly, field trials demonstrated that BPR provided 90% of the yield increase vs. MonoAmmonium Phosphate (MAP) fertilizer with much higher yields delivered by BPR fertilizer vs. control (unfertilized) crops. The BPR fertilizer has been designed not only to maximise agronomic potential, but also to meet the market at an attractive price performance point for commercial and Grow to Eat farmers. The simplified flowsheet is also expected to deliver lower Operating Expenses (OPEX) due to lower energy, maintenance, and fixed cost requirements.

"Yellow Phosphate
The Company will continue to engage with potential P4 partners with a view to securing a technical and funding partner to advance the Stage 2 strategy.• Importantly, new prospecting license applications have been submitted in Angola to support further phosphate exploration."

"Capanda Green Ammonia
The Company has begun offtake and financing discussions with high-quality project partners and funding providers."

"Cabinda Phosphate Project
Offtake discussions continuing with a cornerstone offtake partner and MUO currently being pursued.
The Company has also submitted applications to secure prospecting licences in Angola that have known phosphate occurrences that, with further work, may supplement this Stage 2 expansion opportunity.
Non equity funding currently being pursued with several parties being engaged to deliver the remaining ~US$30 million CAPEX for the Plant."

So plenty is going on and there have been some very positive developments including the new yellow phosphorous opportunity and the project is much closer to production now. The market has ignored the numerous positive developments with the sp back at 13c again where it was a year ago. Hard crowd to please.

Back down to $102mill mc again with a $300mill After Tax BASE case NPV on just the base phosphate project. Buyers will step back up at some point, maybe even before news now that the selloff has been more significant.