Ann: MoU with Foskor and Port Update, page-7

"The way I see it, stage 2 is dependant on the Foskor update, which is further away than we thought & is dependant on these bulk samples and trials."

Stage 2 expansion will cost US$4mill. That's a relatively small amount. Minbos spent more than that on long lead plant components before even finishing the DFS. So if they are confident in their product again and see these trials as having a high chance of success, they might commit to stage two before even shipping any product to Foskor. Carrinho, Biocom etc already has Minbos near stage 1 capacity anyway. Stage two will be worth building with or without Foskor just to cater for any increasing local demand as well as to boost next year's production which won't have the benefit of a full year to fill full potential demand at stage 1 capacity.