Ann: Primobius Commercial Update, page-8

If I'm interpreting the announcement correctly the suggestion is that STELCO is prepared to move ahead at scale based on the "completion of a detailed engineering study and final factory acceptance testing "of the fully-integrated Mercedes-Benz 2,500tpa pilot plant."

STELCO effectively saying the due diligence of MB on the 2500 "pilot" is enough for us to have confidence in the capability of the fully integrated solution at scale.

If this interpretation is correct then should have the effect of compressing the previously stated timelines to STELCO revenue generation to late 2H 2025.

Thoughts!!