where to now

I must congratulate FAS management on arranging finance for SHIP and securing an offtake agreement.

But what exactly does it mean?

I am assuming that the offtake agreement did not come with a deposit or cash payment. Furthermore what price has FAS sold the 10M MT for? 10% discount to 58% index + bonus for product being higher than 58%.

Now the funding, only comes in after the 20% has been raised, so therefore without $65M being raised no funding of SHIP would occur.

If FAS can raise $65M, the only asset they could offer an investor may be part of the JV. If we assume that for $65M an investor gets 30% of JV, then FAS would only have 20% left. On a profit margin of $40/MT that is $8/MT. On 20M MT that is $160M or approx. 12 cents per share, before $10m - $15M debt, marketing fees.

On 2M mt per year that is $16M in revenue for FAS and if we assume Profits of 12M by the time salaries and consultants fees are paid, that is $60M - $75M market capitalisation or $0.05 per share.

Time will tell. Looking forward to Annual Report due soon.

Wishing Management all the Best.