Ann: Partnership with Pilbara Clean Fuels, page-27

There's no real reason for you to assume it won't get built though, and yes with that logic/assumption it is a waste. But this management team doesn't have a history blowing money for no reason. Look at the quarterly expenses, very minimal for a $300m company. If they didn't think this had a high chance of going through they wouldn't be investing in it so therefore we should trust their thorough investigation and not just assume it's not going to get built and they're blowing $300k for fun.

I'm all for contrary views when they have merit, imo yours does not. Show me evidence of why it wont get built and I'll agree with you.