Yes, dwjd, as you say, the "Report made nearly 8 months ago...

Yes, dwjd, as you say, the "Report made nearly 8 months ago since then..huge collapse in urea price". You are correct, but it and the two reports by MST provide important reference points.

The results should not be taken as being absolute. But I believe that this Pitt Street Research report should be updated using the latest information available, while maintaining the originally proposed company structure (sorry Radosin, no fanciful financing arrangements at this stage). This would help to establish a much-needed trend. NRZ should now, after all their current negotiations, be able to provide more up-to-date input data for the analysis.

You can turn off now if you like, because I am about to ramble on a bit, giving my pessimistic view on how NRZ has developed. And I stand ready for any critical comment and good argument.

1. Uranium company MTN failed, due mainly to environmental stupidity.
2. MTN then saw a distressed company, had a vision, and LCK was born. A great entrepreneurial decision offering great potential.
3. LCK/NRZ initially focused gas production and supply.
3. This did not meet their overenthusiastic entrepreneurial desires. After all, the share price is escalating due to successful search and discovery.
4. By now NRZ decision makers are full of themselves, they are starting to believe in their own rhetoric. They are being egged on by enthusiastic shareholders, in-fact one poster likened the boss to the Messiah. But "He is not the Messiah; he is just a naughty boy". as it may turn out.
5. This entrepreneurial overzealousness has led to the continuous changing focus.
- Firstly, gas production and supply. Great decision.
- Secondly, gas production, power production with CCS. Great Idea.
- Thirdly, gas and urea production, with integral power production. Further value adding.
6. This constant urge to achieve, IMO, an unrealistically high IRR, continuously changing focus, and attempt to value add, has created problems of their own.
7. Too much focus and cost on side ventures, none of which has yet proved worthwhile. To date, they have been proved to benothing more than promotional activities, enthusiastically accepted by shareholders.
8. Time delays, unachieved scheduled milestones, and share dilution have wreaked havoc on share price.
9. This has led to decision makers becoming over committed financially, and carrying huge paper losses, which is not a good situation. This is a start-up company, not a functioning company which is, for example, raising funds for expansion. Financial over commitment in a company such as NRZ could be regarded as highly speculative.
10. Overcommitment by decision makers has the potential to cause a number of problems.
- Desperation to recover paper losses.
- Over-analysis leading to analysis paralysis.
- Clouded judgments leading to snap, bad, or no decision making at a critical time.

Legman, correct me if I am wrong, but was it you who some time ago contemplated do a study of NRZ. If it were you, I suggest that you forget about a book, and do a PhD in Psychology. I am sure that the late, great Rene Rivkin would nod with approval.

Here is something to ponder.

"Do 90% of entrepreneurs fail in starting a business?

The reality is that90% of startups fail. From budgeting apps to legal matchmaking services, businesses across every industry see more closures than billion-dollar success stories. And a whopping 10% of startups fail before they reach their second year. 19 Dec 2022"

Thats my worst scenario, for what it's worth. All my opinion, of course, What's yours.