Ann: Pre-Feasibility Study, page-13

having a large scale domestic producer of urea has got to be a big incentive, especially with the Covid situation, where people are understanding that significant interruptions can occur with little warning to disrupt international trade and prices... while also producing at $109/t there is a huge margin for profit once commercialised.

That said, no real new information was released, so the PPL will be the next big catalyst for SP movement.. and even then, i dont see us getting out of 20s without a commercial partner or offtake agreement.

Everything is lining up for it to be a big 12 months, there will undoubtedly be some negative swings in SP as spec traders sell on news, or as time draws on between PPL and securing a commercial partner. but I still think the SP isn't really indicative of current value vs risk and would be due for a Re-rate, especially after PPL.

GLTAH