Ann: MOU Executed for Existing Shaft & Infrastructure Utilisation, page-20

Pretty sure the interest is there. I’m sure the Yara’s Glencore and Rio types are keeping an eye. However the big end of town has criteria for making investments. The criteria is around risk, just as much as it is about the valuation and opportunity. Some will only invest in ASX100, some require DFS, some require the complete regulatory approvals….and so on and so on. Hence if you’ve watched any of Luis’s latest interviews there is a consistent theme in his messaging of “de-risk”.

Look at the latest deals. LTR, AZS…only when these companies were sufficiently de-risked, did the suitors emerge.

Think of it this way, if Ohmgebirge were being developed by a major, it wouldn’t be a 600mn capex project but multiples of that given the internal bureaucracy in big orgs (Jansen anyone?). Also, think about the social and political scrutiny if for example, Rio or Vale decided to chime into SHP at this stage. One only need look at the Rio and their Serbian experience; or when BHP tried to take over PotashCorp.

So yes, it’s a waiting game for now as SHP follows the process with the expectation that the de-risking milestones will have been ticked off by Q4 ‘24 and the valuation is a reflection of this.