New Investor Thread, page-26

It looks like my text didn't come through with the twitter post which is a bummer.

I meant to add that it appears we're on schedule for commissioning late Q3 or early Q4 2022. Considering markets are generally forward-looking to price-in three quarters ahead, progress on the granulation plant stands to fundamentally support a significant re-rate when the DFS releases.

To add to my thoughts on the green ammonia project, I like the proposed plan because it adds value to the company very efficiently.

By purchasing existing and underutilized hydroelectric power as the feedstock to a vendor-packaged ammonia plant, the project will have relatively low capex, low opex, low technical and low logistical risk from the get go. The intent would be to use the majority of ammonia produced as feedstock to an adjacent NPK fertilizer production plant. The most appealing financial aspect of this is saving the massive cost of buying and importing anhydrous ammonia. Instead shipping and selling the green ammonia produced to another continent (it would make sense to still incorporate this for excess production), the majority would be turned into a higher value product without margins being eroded by shipping and middle men. The decarbonised (and potentially organic) NPK fertilizer produced also aids marketability no matter which way you look at it - it opens more paths for commercial farmers exporting fresh produce, and for selling fertilizer ex-Angola.

While an MoU announcement would only signal the beginning, the Australian market tends to price green ammonia/hydrogen projects astronomically as they are arguably the forerunners to diversify Australia's energy sector away from coal. PRL has a highly priced market cap but it also comes with a massive capex to build the clean energy (solar and wind) infrastructure. If we're able to plug in and pay a small cost to generate green ammonia, it's incredibly advantageous for MNB.