A previous non sen ann was pretty clear on the local govs view-...

A previous non sen ann was pretty clear on the local govs view

- uncertain that SHP has the credentials to get this off the ground (no history of such)
- would feel more confident with partnership / JV structure with local presence major

difficulty now is finding a partner that won’t low ball

it’s a gamble but a bloody good one (IMO) that I will take a punt on closer to PFS (next year). Can’t see much movement between now and then. Upside is inflation easing, making the cost side of the ledger more appealing come next year. a PFS right now would not look as good as one next year.