Interview with Seamus Cornelius, page-9

I get your frustration but you need to remember a few things:

- we still haven’t completed FEED which means we don’t yet know exactly how much (tonnage and mix of products) we can produce and how much CAPEX we’ll require
- we don’t yet have the mining contractor appointed so I’m guessimg we don’t have firm pricing on the construction component
- we don’t have binding offtakes yet. This is critical as it will determine how much debt we need to take on. We may be able to negotiate offtake finance which may reduce the debt load for us.
- we’re still aiming to list on the LSE. This may be a critical part of the Board’s funding strategy as it will open up the Euro debt markets to us more than if we were based here in Oz.

I’d suggest to square all of these away would take 6mths at least. In fact, it’ll be a real success if they can lock it all down in 6mths as the above points are a complex web of codependencies.

We’re still the most advanced greenfield SOP project globally so an extra few months to get things right won’t hurt the end game.

Think about it this way, you’ll have a little more time to build a later position before things really get moving.