Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-46

From what I gauged, FEED was largely completed but then an opportunity to optimise the process was identified and was seen as worthwhile to delay the finance process for (also at the cost of about $1mil for the process as per JW's crux interview late last yr).

I have no issues with the delays for improved fundamentals but the comms around this stuff needs to be better. We seems to be finding out after the fact and theres no NDA's on these things. Long term it's not an issue but short term investor confidence does matter... we saw this with a CR at 0.7c and LPDOD's possibly being out of the money.



Regarding DFC I wonder if the finance/structure is to ensure there's no competing interest in the downstream chemical plant? ie. some JV w a CCP subsidary.

The US has been very clear in the inflation reduction act that all investments into the energy transition must show that the supply chain is either domestic or from approved sources (allies). I know DFC is not the IRA but it'd be naive to think this may not be a factor.