I just wonder why you compare ELM only with STB and AAA.V, but...

I just wonder why you compare ELM only with STB and AAA.V, but not considering the other Potash project in the ROC, MagIndustries (MAA).

As the Marketcap of ELM is higher than MAA the question should be raised whether or not this is justified in terms of valuation.

Some facts as follows:

- MAA's NI 43-101 reserve estimate includes 33 million tonnes of KCl (inferred resources of 1.7b t) for only a fraction of the licence area. No JORC resource estimate available for ELM.

- MAA has contractual garanteed access to port, gas, rail and water. Potash Investment Agreement alraedy approved by ROC Government incl. Environmental and Social Impact Study. None of these agreements in place for ELM.

- MAA invested $60 million of project capex (pipeline, production wells, base camp, site preparation). Especially rail/port capacity could be an issue in future as a few Iron Ore companies are competing to secure access to key infrastructure. BTW, you can even see MAA's wood-chip plant in the background of one of the images on ELM's website.

Even with all these developments achieved by MAA they are struggling to secure project funding for some time. I have been following development of this project for years and it is very obvious to me that ELM will face quite a few obstacles on the way to production.

Do you own DD.