Ann: Quarterly Activities Report and Appendix 5B, page-292

I was shouted down for suggesting it, but I do believe the following:

The credit guarantee was confirmed months ago (which the company did not disclose). But BAI now wants Minbos to execute an offtake agreement prior to handing over any money (which the company has not disclosed). Unfortunately, IDC and Foskor have both indicated their unwillingness to commit to offtakes at this time (which the company has not disclosed), so they are desperately trying to ink any sort of sales agreement they can to funding needed for phase 2. And in the context of all this uncertainty, they have decided to tell the market as little as possible to avoid spooking holders.