I think stage 1 is in the bag for funding it will be a matter of...

I think stage 1 is in the bag for funding it will be a matter of just how much dilution occurs to get there . But yes I agree later stages are an issue funding wise unless we bring a decent offtake to the table for both stages 1and 2 at least . Again with stage 2, I would argue no point pushing out a dfs 2 without any offtakes . The same credibility issue will then arise with that dfs . It needs to go hand in hand with an offtake and probably as RE alluded to a strategic investor hopefully as part of that process . You wouldn’t need to do this if we were selling spod as the market knows spod, chloride but is different.

I am sure Jp and Daniel are and have been working on offtake , I am not telling them how to suck eggs but message is however fast your sucking those eggs , it needs to be the number 1 priority as in my view and others will obviously have different views, it’s the primary reason we can’t get any upward momentum and hence leaving ourselves open to shorters smashing us. Otherwise people come to the views Suni expressed and believe that the whole project won’t be funded as the existing producers who are our target market for stage 1 and likely stage 2 will just boycott us . Now I am not that pessimistic but that line of thinking propagates the longer there is silence on this critical piece of the puzzle .

If they are not careful they are creating a cycle of more and more dilution which compromises the ability raise big licks of capital which are needed from stages 2 and onwards which as RE quite insightfully highlights , will mean they will then have no choice but to give a huge share of the company away to a big fish to get this funded to the finish line . He is dead right . We could be inadvertently snaring ourselves in a trap of our own making .