Ann: US$14m Loan Facility Approved & Firm Bids for Placement, page-170

@chuk
"Exponentially is too strong a word but that's why many of us would like to see a JV partner - for me preferably 50:50. That would bring the technical expertise and the funding. We have 100% of a green ammonia project that has world leading lowest costs."

I am not exactly sure what you mean or why you think that "we have 100%". We have signed an MoU with Angola’s National Electricity Transmission Network ("RNT-EP") but this is yet another MoU (so far we have known how "valuable" an MoU is - not enough to satisfy IDC preconditions), and then another rental agreement for 60 years. Both of these can become worthless paper when a huge player comes directly to the Angolan government, and the Angolan government can award it with proper formal signed agreements, not an MoU, effectively removing MNB from the game. So I'd think we don't have anything 100%. You also can't give a convincing explanation why a huge player should share this opportunity with a little guy like MNB with no competitive advantages (I've written about this multiple times), but not go at it alone or grab it from MNB's hands by joining forces with another reputable player.

Buy it outright with a low ball offer of $200m-$300m? What exactly do we own, in a LEGAL sense, that allows us to sell the GA project? The market is not wrong by giving it 0 value at the moment. If MNB demonstrates very clearly and convincingly that it can develop the GA and the market still gives it 0 value, then at that point the market will be wrong. That "demonstrates clearly" has not happened yet.

I can tell you my guess now that by the end of next year, we might still not have the PFS done. What you are seeing is potential, but what you might not be seeing fully is the risks that the market sees. Let's wait and see if MNB can even deliver the first phosphate production by Q2-2025 first, before even think or dream of the GA, which is extremely premature at this stage.Substantial delivery will lead to substantial SP re-rates, but let's see if MNB can deliver real substance or fluff. So far it failed miserably at raising finance and timelines, to the point that even NI couldn't help but scold them indirectly in the email.