Ann: NH3 & Angel CCS Project Sign MoU for WAH2 Project, page-16

Be fair
- MOU non-binding will always be before binding ,
- Woodside don't put their name down unless they are serious.
- Its taken a long time to reach the point of CCS which means due diligence would be pretty high
by Angel which means the viability has been assessed.
- for clarity it can't be binding till FEED has been completed and FID nor can any of the agreements struck with others
- base case globally competitive should spell a signal - after FEED it certainly will be much better with cost
savings in opex/capex which means likely very competitive after FEED and certainly extremely with stage 2
- no allowance has been given for Australian/overseas government subsidies which is highly likely especially
labor and the movement of Korea/Japan to create greener fuels
-contracted offtake is in tandem with strategic stake/funding for FEED etc.

We seem close to finally be able to get incoming parties to fund FEED and FID is 18 months away after that point.
For the price of a small stake on a project level to cover sunk NH3 costs(8mill at least) and FEED(20mill) is
extremely small in comparison to the price of proposed Stage 1 capex. Definitely seems of value to Japan/Korea
utilities etc. to fund up to FID for their green objectives.

I agree the strategic raise announcement seems crap as the new investors haven't been buying the stock upwards
so maybe your right in that regard.