Fear of Minbos not being able to successfully (a) secure the...

Fear of Minbos not being able to successfully (a) secure the offtake contract with Carinnho and (b) secure the remaining funding deficit, both prior to July? Yes.

My reason in being fearful is because the company has given us no information about the status of the field trials or the reason for their much longer than expected duration. And the debt application process has only just started. And this is a company that never comes closer to meeting milestones.

Furthermore, the consequences of not meeting the (self-imposed) July construction milestone are catastrophic. If Minbos enters July without the funding and offtakes in place, the SharePrice will be well below 5c, and the company will be unable to raise funds via more dilutive CRs just to keep the lights turned on.