"BEFORE 30 June,"Lindsay actually said:"Don’t want to start...

"BEFORE 30 June,"

Lindsay actually said:

"Don’t want to start construction any later than July, if we can we’ll go earlier"

To me that says start by July 31, not June 30.

They have given up on meeting the 2024/5 growing season, and are now looking at the 2025/6 growing season - much more realistic. Even if they were able to have the plant finished by the growing season, they'd have no stock to sell and then it has to be transported, distributed and sown - it was always a stupid proposition, though there are a few other growing seasons in Angola for different crops, Biocom, the largest, is certainly the October ish growing season. Interestingly the original MOU with Carrinho was to start in the 2023/4 growing season, we’ve missed 2 seasons.

Now they have some breathing space. With sales being seasonal they certainly need a facility to bridge the production costs until revenue is received just prior to the growing season. Biocom have always imported their fertilisers, no doubt Carrinho will do the same, no way would they put their plans on hold because of our delays. But under Angola legislation once we start producing they have to buy from us so I don’t see firming up the MOU being problematic.

After a 6 month wait for IDC to approve our loan, I think most expected the funds to be available, not subject to these CPs. Realistically even if we could draw down on the loan, there is no point unless we have the funds to complete the project and the funds to finance the operation till we receive revenue. These CPs are just common sense.

We are not totally reliant on these Angolan financial institutions, Lindsay is now in Angola looking at some form of equity financing - they only need US$7m and the US$10m working capital facility.