Good question and no I don't. Here is why - If in the unlikely...

Good question and no I don't. Here is why - If in the unlikely event there appears one it would be from an emergent market with tenuous promises and restrictive agreement covenants that would effectively trigger a deal block from Hong Kong as it would put their current arrangement at risk. To fund all the steps to get to a DFS or beyond is out of reach of AEV in its current condition with its current officeholders.

The state of Avenira or Minemakers as developing businesses is the same as it was over a decade ago. For Avenira there has been little progression other than a shifting in the tenements profiles and a degradation of the companies credit rating over time.

Today there is a vice grip of a debt arrangement that has the phosphate tenements as security and with no cashflow but the continual asking shareholders for funds is not helping. To add to its financial restrictions the gold tenements in WA yield nothing but cost to retain.

I don't really follow social chit chat channels, I prefer to see the companies actually step up under a compliance framework and set out what they have and what they intend do as they can then be held accountable for that. Right now there is scant from both Avenira and Novaphos.

So, again, no I dont.

The only crumb of hope is a complete Board replacement and then either (a) find a buyer at a price greater than current or to somehow convince the UK PE fund's owners who have got themselves in a bit of a corner at Ammaroo to join up under some clever structure and secure a domestic addressable market before any development begins, or (b) go down a capital super-light path and develop a local market for granulated fertilizer utilising the DSO potential in existence today and generate a cashflow, reduce or remove existing debt (already due inside 6-9 months) and start to build a free cash position.

Is the current Board facing reality? Not at all.

So No I dont and that is why.