Relevant MNB Media Info, page-33

I like Lindsay's last comment regarding catalysts for the company:

"....and we’ve got a few interesting partnerships in the wings on a number of different ways to give strategic depth & scale to those projects."

In context he's talking about the Phosphate Plant & the Green Ammonia project.The comment is plural, so about both projects.

The “....scale to those projects” comment I'd take as meaning going straight to stage 2 on the Cabinda Phosphate project.

Earlier on he talked of producing 360,000t of Ammonium Nitrate AN

Now that is new news, previously in several asx announcements the figure was 255,000t of HDAN

To make AN into HDAN takes about 1.4 to 1.5t of AN, so it’s quite likely there is no change to the scale of the GA project.

He didn’t mention the scale of the Phosphate plant, sometimes it’s the things they don’t say that is important.

As to “strategic depth” - that could mean a number of things, he’d recently talked about investors coming in at an asset level regarding P4 - certainly having some sort of JV with those high profile Chinese investors (the syndicate) would be “strategic depth”

He also mentioned another catalyst being the commencement of construction. He mentioned production next year, but just said shortly for the commencement of construction. Earlier he did say he hoped to shortly start the footings & foundations. Not sure what that is dependant on, could be the remaining finance, the CPs for the $14m loan or even the availability of the contractors.

Also for the last 6 months he's been saying we're 2-3 months behind schedule