Ann: Trading Halt, page-95

No, the fine print on various requirements for drawdown was not released- which is quite normal.

What is quite normal also is for project delays and cost blowouts for greenfield projects.

On that front, so far I think they are at par for the course.

Expectations of fully funded may well have been genuine at the time, but perhaps some overruns and additional customer initiated requirements have meant they did not have the required remaining funds for financiers to release the final allotment. They would want to be quite certain the company can handle commissioning/ ramp up financially speaking.

This current raise isn't massive and given all else, I was prepared for much worse.

This is no single offtaker reckless company. While you may not be pleased with the way they rushed for early mover advantage, potentially passing up better financing options had they waited, I am quite comfortable with the strategy.

If that changes I will be more than willing to rant about doom and gloom. But we are not there yet. There have been far fewer construction hiccups than I expected.

I get there are hopefuls yet to make FIDs that spent much more time getting approvals in place and sorting better debt arrangements, and I understand how frustrated they must be that SO4 will be first to SOP in Aus.

Market can't sustain them all, if SO4 waited they could well have missed out entirely.

As stated I am comfortable with my price average and am yet to be surprised.