Ann: Re-Compliance Listing on Completion of Pre-Feasibility Study, page-12

Always a possibility, though one I’m sure none of us would greet enthusiastically after three months locked in. The suspension conveniently gives them a large cloak under which to hide.

On the optimistic side:

• I hope they use the cover of darkness positively, to line up potential finance & development partners ahead of PFS release and re-compliance date. This will provide news flow and momentum immediately after resumption of trade.
• I hope they get Skane sold off in the meantime.
• I hope they have Rover Martin in Canberra, rogering the Govt on H2 sector support & project establishment incentives.
• I will be glad to know that nobody is trading on inside information while the PFS is being worked on.

The pessimistic view:

• It is an outrage to have investors locked in for three months plus, especially in these testing times. Listing is meant for liquidity, not longterm lock-ins.
• If the PFS is a no-go then we are well and truly screwed in July.
• I expect the usual cone of silence from PRL between now and then despite DF stating that he expected to be able to “talk more” and market us better from Apr 17.
• There will be no great pressure on DF and Burke to address their failure in negotiating a deal with Total Eren, or the delayed way in which it was finally communicated to us. DF is kicking that can way down the road here.
• I wonder how many options and rights and other incentives for insiders we’ll see paperwork filed for while in suspension.
• And, finally, I wouldn’t be totally shocked to see DF depart for greener pastures between now and July, if the project really is looking pie in the sky as PFS progresses. Especially given the recent flow of capital and people to more H2 friendly jurisdictions like the US, as Twiggy has previously foretold.

Fingers crossed that optimism wins.