Recommendation, page-1394

Lindsay also mentioned in the ADU 2024 video that some of the 10 million USD equity from SWF will go to Soul Rock (local partner with the 15% stake in Cabinda phosphate project) which will result in less dilution to shareholders, and less dilution in the Green Ammonia project.

I had to hunt for where I'd seen the below screenshot summarising 15million working capital (as previously they had mentioned 10million). The hint was there in the May 2024, 121 Mining Presentation.

We have got the 10mill equity from SWF, if we get this 15million from the local bank, they want to allocate fund towards a PFS on Capanda, and some funds towards expanding the phosphate resource (Lindsay mentions further licences applied for in the ADU2024 video).

So close aren't we?

Only thing up in the air is the Offtake Agreement. Lindsay states "on the sale point of view, we're expanding our options there, we have a large, group, who want a lot of product, we have an MOU in place with there that we are in the process of trying convert that into a contract, but we also having some very interesting discussions on a Sales Guarantee for the first year. Once we get past the first year, we're into the opportunity to use the port that's being built in Cabinda and we'll be able to export some of our rock... but if we can get a Sales Guarantee that would be a great outcome for us"

So it sounds like the MOU with Carrinho (Lindsay doesn't even mention their name) is turning into a Sales Guarantee??