Ann: Quarterly Activities Report and Appendix 5B, page-30

Small cap stocks are not for everyone. Some clearly don't like taking risks.
The biggest problem for some (I'm not saying all, or even most) retail holders is that they buy when everyone else is buying because they only look at the positives during uptrends and dismiss the risks. When the sp is trending down, they focus on the negatives and dismiss the positives. That's a natural reaction but it does not do them any favours because by the time the uptrend or downtrend is well established and obvious to all obvious, they tend to buy too late and sell too late.
While some here yesterday were focusing on admin and staff cost increases coming before construction, they may not have noticed that the sp had a strong bounce from its 5.4c low to a 6c close. They were focused on staff and admin costs but not the positives in the report.
I'm not just referring to the green ammonia project.
Did anyone notice the following regarding last year's field trial results on the phosphate project?

"This season is the first trial of theresidual effect. Good quality PR can, over time, present higher residual effects than WSPsources of P. The residual effect means that PR unused in the first season is utilized bycrops in subsequent seasons."

"On average, the results of last years trials show that the PR increased the yields ofall crops by at least 80% versus the control, and closer to 200% versus local practice. TheRelative Agronomic Effectiveness (RAE) of PR compared to standard WSP was on average85% (65% to 100%). When applied in conjunction with low rates of WSP, the yields werethe same as the WSP source by itself."

There are some clear takeaways from that. The first is that small scale farmers using MNB's product rather than the more expensive MAP or TSP, are going to get a more lasting effect and that matters if you have a tight budget - and the price is significantly lower while still delivering a strong increase in yields.
For commercial farmers this part is equally or more important;
"When applied in conjunction with low rates of WSP, the yields werethe same as the WSP source by itself."
That means that a commercial farmer can mix MNB's much lower cost product with the more expensive fertilisers, at a ratio of more than 50% MNB's product, to reduce the total cost significantly, with the same outcome. Why wouldn't they do that and save money even if their goal is maximum yield?
The Angolan government has given local producers a strong moat. MNB will be the only local producer but in addition to that moat provided by the government, it has a strong advantage in its product offering similar or the same effectiveness at a significantly lower total cost.