Flanagan, page-5

Agree, all of the above disappointing.

Versus 12 months ago though, we've a mining license, port allocation and a number of offtake agreements. We've also raised a third to a half of the CAPEX to construct the first stage of a mine, while progressing a DFS for a 2nd, equally impressive mine.

For a potential investor, I think it's difficult to argue the investment proposition 12 months ago was more compelling than it is now.

For a potential customer I'd argue that the case for a forward agreement now is far more compelling than it was 12 months ago.