Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

I remain completely mystified by the disdain the market has for the company. The grades admittedly aren't as high as Jansen but the access to market and the potential brownfieldsness of it surely means that lower margin opex is perfectly acceptable for the significantly lower capex that should be required. Stripping out the shaft likely saves ~75-100M so you now have a 520-550M USD capex that you can bring into production relatively (to Jansen or other greenfields sites) quickly. 50-100M to acquire the company doesn't seem a big ask for something with 21 year mine life (and likely a lot more once further drilling is undertaken to extend the life). Appreciate it is likely small beans for the big players but for someone looking to diversify into potash this seems like a pretty decent opportunity to cut your teeth on something that you can take the lessons from for any future brown or greenfields opportunities.

Would love to hear the bear case for a larger player having no interest in this deposit, because I am struggling to see it. Sure it isn't Jansen, but it is at ~1/15th of the price and still in a tier 1 jurisdiction.