Talk about goalpost moving! Sorry but the term sheet *expires*...

Talk about goalpost moving! Sorry but the term sheet *expires* around this date. They originally told us they were aiming to sign the SHA within 8 weeks of the term sheet being announced in August last year - so by mid October. By their own timeline, they are now three months overdue.

I would take it as an extremely negative signal to see us head towards mid Feb expiry and still not have the material JV agreement done and dusted. The fact they have not even updated the market yet on the 3 month lag is bad enough imo and suggests they cannot get agreement on critical aspects. Their saving grace will be if they can complete the SHA and announce additional material advancements in the JV i.e. how PRL intends to fund its share, the composition of the JV board, critical milestones, and at least some evidence of preliminary discussions around project financing. We can’t keep excusing the tardiness and apologising here for them forever.