Recommendation, page-336

We could get various updates along the way, before the DFS is released. For example, the company has made it clear that NPK is now part of the plan but hasn't offered any details yet on what this might mean for the company's earnings. They have also mentioned the aim to produce zero carbon nitrogen. Further announcements with more details must be ahead. Long lead items have already been ordered so we know the company is not waiting on the DFS for any final investment decision. That decision has already been made because of the very low capex relative to the much higher NPV, together with the strong support from the IFDC, both operationally and financially.
We should get more news on the new blend as well as more data comes out of ongoing field trials. What will the new blend mean for cash costs and earnings upgrades? The MAP input for the blend was 50% of the cash cost when the MAP price was much lower. It might be 75% now. The higher MAP price means higher cash costs but it also means much higher revenues and profits. A lower cost blending input to replace MAP would magnify the leverage to higher MAP prices on higher profits. So much news needs to come out still. So many positives for this company to be elaborated on. Should be a very rewarding year ahead.