Ann: Phase 1 Project Economics Updated, page-16

Shipping concentrate is less preferred as the margin is much lower (and given limited resource it erodes total NPV as there is less or for the higher margin P1 plant).

To me it sounds like either LPD aren’t confident of P1 funding prior to another CR (and trying to avoid another without funding). Or that the P1 funding options are playing a bit more hardball now that LPD are basically committed to the KEZAD option (hence need for cashflow to become more attractive to other lenders).

Either way, it’s not a great position to be in and definitely a failure in corporate strategy to not secure any sort of funding within any of the (very extended) timelines. So grounds enough to vote no for remuneration report for me.