Ann: Presentation IMARC conference Nov2016, page-4

Hi Wasa. Here's my 2c worth.

RUM has almost $11m in the bank which values the fertilizer assets at very little. That cash should see out the bankable feasibility and environmental studies. As boxes are ticked projects will be worth more leading to offtake agreements and industry partnerships. That's the financing. They now have the right people in place and the backing of WHSP with 38% so highly likely to deliver IMO. On top of this the Chinese have recently been, and perhaps still are, dumping phosphate on world markets below cost suppressing prices, this can't last forever making RUM well placed for a price rebound.

The the potash and silica are just icing on the cake.