Ann: Syrah holds inaugural Board Meeting in Mozambique, page-16

I expect the Asmet Offtake will be announced independently from the DFS. The DFS can be released without it. Obviously, Asmet are being cautious to ensure their testing is not only done internally, but also with some of their potential customers. The more parties involved the more difficult the process and the longer the time required.

SYR have also sent recarb pellets and briquettes to Japan for customer testing. Marubeni is a big user of recarb in their own operations, as I understand.

No doubt, the recent downturn in the steel and iron industry is making some of the parties more cautious with their business decision making. The old adage of "hasten slowly" is often more wise than given credit for by the average punter.

Cheers