I'm confident we will be testing this year. Whether that means we have the PPSA or not doesn't really worry me. PPSA only kicks in once production starts anyway, so I don't feel the urgency that some do. If a JV requires the PPSA to come on board then so be it, but they will already know the agreed terms under a CA so all that the PPSA changes is the date they officially buy in. The deals are already done IMO.
If the PPSA doesn't come in the near term then we can stand on the PEDPA for the fiscal conditions and raise on market for early production if needed. Keeping our 80% intact and increasing back costs payable to us. Yes it would be at a decent discount, and yes it would mean dirty broker games, but price and value are different things so I'm happy to buy now.
We have ~$10m in the bank so I see no impediment to testing before the wet starts.
IVZ Price at posting:
7.0¢ Sentiment: None Disclosure: Held
