12 months ago the project was not profitable due to the low rock...

12 months ago the project was not profitable due to the low rock phosphate prices.

Now it is a sure thing, current prices will generate huge profits and prices are trending up. Such a small company by market cap simply flies under the radar of most investors, they rightly associate microcaps with being risky.

Devils advocate:
What happens if China reverses thier fertilizer export ban? They have rapidly dwindling rock phosphate deposits and with the huge focus on food security by the CCP I'm not sure they ever will re-enter the global market as the major phosphate exporter.

This leaves middle East and Morroco as major exporters, with Morroco being the main player. They have draglines and conveyor belts to port, their FOB costs are going to be something like $50t. However can they supply the whole worlds demand? They have a near limitless resource but would require a considerable ramping up that would take years and add costs to their operations.

The big elephant in the room of global trade is rising shipping costs, especially as we go towards net zero carbon emissions. Getting a ship from the Morrocan coast to East Asia is going to cost a bomb compared to Townville. So maybe we are slowly entering a new age where the advantage will go to smaller, closer to market suppliers.

How can such a small company, with only a few million in the bank fund the development of the mine?
-They have $7-8 million dollars worth of product sitting in a yard in Mt Isa ready to sell, I'm guessing it cost them less than $3 to produce. If they keep doing these parcels of production every few months and secure some funding from the Northern Australia Infrastructure Facility or similar Government backed development funds. They could easily get there without large cap raising.