From my understanding all the existing off take agreements are...

From my understanding all the existing off take agreements are FOB so the buyer pays freight.

For other contracts, CIF (cost, insurance and freight) is normally set on a quarterly basis so your assumptions that the business won't be viable is not accurate as costs will be adjusted in line with the updates.

As for stage two, listening to the various interviews with Andrew Sorensen, it sounds like they are taking advantage of all the opportunities to put in place equipment and infrastructure where appropriate so that stage 2 proceeds on or under budget.

For example, the building is complete - where stage two and further stages will be housed. The concrete floor is complete - which would support stage two and further stages. The recent bagging contract signals that it will be in place close to the time stage is to be considered.

All of these expenses have been covered in the stage 1 implementation making stage 2 not only more likely to proceed but can be implemented at a lower cost.

Come mid 2022 it is likely we'll see product coming out of Wikepin. You would expect this to result in a substantially higher share price which will make it worth while to exercise options at 25c . With this money in the bank, stage 2 will be paid for and implementation could be brought forward generating further demand and you'd naturally expect a higher share price as a result.

There's a bigger picture here and looking at only one item at a time will distort your view - and perspective.

That's my 3c worth.