Ann: CEO's AGM Presentation , page-11

nosuprises,

Yes, it's an MOU and a non-binding one at that. Getting an MOU is a standard part of the process, particularly when it relies on NFC being able to source finance for the project.

However, Arccon DOES have a contract from Poseidon for the concentrator plant optimisation study - which subsequently led to an upgrade in the size of the project. Poseidon then placed an engineering contract to update the design of the concentrator plant to the higher throughput. They have stated that upon completion of this contract, a fixed price EPC quote will be provided - circa $60 million.

Sounds fairly solid to me.