It is a legitimate question.
I think the chart below tells us why no BOAs have been signed and it has nothing to do with the customers and everything to do with the massive potential uplift in price and drop in costs associated with the concrete product.
I think James Marsh promised some results from the concrete trials by the end of January. Someone may care to correct me if I'm wrong. He is not usually late.
Assuming everything goes according to plan with testing then expect whoever was testing to step up with a LOI for offtake. Is it one of the majors as Crux Investor speculated?
Once James Marsh knows the demand for the concrete application he is in a much better position to sign BOAs with the porcelain customers and I suspect he'd prefer ones in Europe and Asia ex-China. That appears to be where the latest testing is taking place, including in Italy, which I don't think has been previously mentioned.
Anyway, I take any delays as positive for what is happening with the cement additive. The increase in margins is massive for NPV & IRR in the DFS.
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