In other news, NAIF have been busy handing out money today $140m...

In other news, NAIF have been busy handing out money today $140m to APC for a 'green' Sulphate of Potash project.... Meanwhile E25's application has been submitted & sitting with NAIF for a number of months now, that is probably OK - we are self funded, have pulled ourselves up by the bootstraps to get where we are;

Stage 1 production is literally around the corner, on time and on budget with ridiculous financials - 387% IRR, $583m NPV and only $20.3m capex...

Stage 2 expansion now <12mths away, PFS already done & with a management team that have proven they can get shit done quickly (10mths from PFS to production for stage 1) which will see NPV increase to $1.1bn, all with minimal capex (a further $20m) funded from FCF + tiny debt.

That is a $1bn business, with no dilution to get there, in <12mths, on 132m SOI - all with a tightly held register and T20 holding 56%. Compelling in itself, right.

On top of that throw in a PFS for High Purity Mn expected this year, with a proven track record on getting to delivery FAST, the real value of this company starts to become apparent once this PFS is released. Free cashflow funded + a deal with a battery business + the deep pockets of NAIF = we won't even need to sell the farm to get here and we wont be bullied into a shit deal. We could already be sitting on a multi billion dollar business that is effectively already funded.

Topping up at $2 might seem a bit expensive, but when the market awaken to what potential actually exists in the next 12 months I think we will all be wishing we took on more at whatever price we could get.