Currently, in my opinion, we cannot compare UCL to AIM or CMR....

Currently, in my opinion, we cannot compare UCL to AIM or CMR.

CMR is a very high CAPEX project. AIM has become unviable due to zinc prices.

We are yet to see phosphate prices crash.

If phosphate is currently only in a speculative bubble, the UCL will be a no goer. We will lose our $.

We know we are taking a risk.

The project economics are extremely attractive, the market cap is tiny (under $10M) and something must come of the zinc (if only an insurance payout).

Borrowing $100M is not that difficult in Arabia, Hong Kong or Singapore or even in the West.

UCL have already attracted interest from the Belgium dredging company.

At current phosphate prices, Sandpiper has HUGE economic returns on tiny CAPEX and plenty of potential financers should have $100M to throw at it (just like the Belgians are throwing their resources at it).