Protagonist a few things wrong with your post."construction...

Protagonist a few things wrong with your post.

"construction needs to begin by mid-July"
They actually said in July - so July 31 would be still in keeping with what they said

"Quite clearly, at the time the IDC finance was approved, the Carrinho contract and funding outcome were both very far from complete"
Correct, the IDC loan approval enabled the cheap Bank loans etc to be accessed. Prior to IDC approval we didn't know how much we'd need & showing we will be fully funded with a clear pathway to production hence revenue is something the banks want to see. Remember too the IDC finance enables the S African offtake, another revenue stream which also brings down our fixed costs.

As for the Carrinho contract, from what I've heard the figures keep getting revised upwards as Carrinho sign up more small farmers for the 2025/6 season. I assume they want to make the contract as realistic as possible, in any case the higher the contract quantity the more impact the announcement will have on our SP and also make it look better to banks etc.

Remember too, the contract isn't just for us, Carrinho need a reliable supply too. We also have commitments to Biocom & I'd assume other farms Carrinho don't supply. By the sound of it they'll need that extra $4m to go straight to stage 2, especially considering the following growing season will be bigger again. Signing a contract with the highest quantities is in both our best interest & Carrinho's. If that means delaying the signing - so be it.