In short (and its all on latest Feb company presentation to ASX)...

In short (and its all on latest Feb company presentation to ASX)

to get to module 1 - they will increase by 4 modules production which should give them around 88 million usd a year they need USD 302 million. Capex.

They have 100 mill senior debt already comitted from AFC bank (and biggest shareholder) -a 6 billion USD bank
they have 100 mill senior debt already committed by Afreximbnk (the trade and African food securtity sub bank of the African Development Bank)- a multi billion institution supported by most African countries with a comabined GDP of muuuch more than australia - they have committed USD 1000 mill.

so they have USD 200 mill commiteed and are in advanced dicussion for the last 102 mill.

our feeling is is they cant get it banks 1 and 2 will probably stump it up - itslike lesss than 1% of their capital .

AFC bank has also spent USD 30 mill buying up a majority shareholding in DNK (at 60 cnts ) and put thir chairman on the bord- so hey are comitted big time. We bliv worst case they will just arrange the financing. Theie top Uni graduates management did 1.5 years due diligence before commng in.

and lastly Eurochemm the multi billion $ russian/swiss commodityand fertizer trader has signed a 10 year offtake agreement already (on a take or pay basis)

Plus the definative FS is done, the engineeriung is all ready - its just about shovel ready.

so despite the grumbling mamngement hve been getting. alot done.

and lastly can you imagine that 10 yers ago when this deal was much much less progressed this share traded up to 6$ pr share!! . Today with everything done and almost ready it was sitting at 30cents when we came in - and is now just 50 cents - its a joke in our view. And also to any potential buyers too we think. Cheap as chips.

this asset turn the whole surrounding region of Africa India middle east and pakistan into a bread basket. they all lack cheap and good fertilizer. And theres the world biggest fertiziler (SOP sulphate of potash) resource sitting at the surface - not 2 miles down as in most cases - just wiating to be dug.

It hasnt been dug as there was. war going on for 25 year before.Almost as soon a it stopped DNK grabbed this asset. They still have it but plenty others want it.

thats why the SP down here is a joke to us.