Ann: Ohmgebirge study evidences world-class potash development, page-50

I seriously think we have a situation where some investors simply did not fully comprehend that this was a long term investment with significant Capex. Admittedly the timeframes are a bit longer than I had hoped for, but the explanation in the investor presentation ie they are driven by German law is well made, what else do people expect? This was always a long term endeavour. The Capex is pretty reasonable; go and look at what BHP is pouring into its potash projects.

I know the market/macro environment is different, but we are now in the ridiculous situation where we are valued about where we were a year ago having made significant progress and proven a company making resource with sufficient confidence to support FS. Completely irrational. $40m MC for project NPV of $1.279b US....

We could retrace further, but looks very much like money getting transferred to the patient to me.