well I attended the meeting. the economics of the project...

well I attended the meeting. the economics of the project continue to shine and improve.

Key points for me were:

On page 7 of the presentation, our cash costs are quite conservative. Included is a royalty of 5% which Iain is very confident will be reduced to 3% as Mag negotiated also. The reason being is that ELM are building their own port. The current royalty is 5% of the price of Potash so say 2% * $500 = $10 per tonne saving. So we could be around $114. Allana's figures are, as I've said before, very funny and I'm not the only one who thinks so. Then you have the Legacy project with over $3 billion CAPEX in Canada with the rest of the competitors. We have superior location savings to Brazil.

No other Potash company can deliver Potash to Brazil (the fastest growing Potash user in the world) cheaper than us. They are even exploring in the Amazon now but we will still be cheaper than them.

ELM directors had a meeting about a month ago with the top brass in the ROC government for mining, including the minister for mines. VERY cooperative, they are keen to put the setbacks of Mag Industries behind them and they see ELM's project as a massive asset for the country and will do whatever it takes to fast track it. They said that they will have all the mining permits ready upon release of the BFS. Mining permits can be a source of delay and frustration for many developers. Also, they want full production bought forward by 1 year. very keen. They also see Tchibouti as a hub for a much bigger potash operation for the entire congolese basin in the future which ELM will be able to take advantage of.

Because we have the purest sylvinite on earth (less than 1% insolubles), our tailings will be just brine, NaCl. The government have given ELM support for removing it straight into the ocean.

ELM is looking to do a deal with an infrastructure company that can build the port and the road and then factor the repayments into their OPEX which will reduce CAPEX by ~$200 million. ELM can do this due to their massive profit margins as a result of their very low OPEX.

Also, they are now talking to miners and potential trade partners but will do so in ernest once the PFS is out.

Iain mentioned that there has been no major change to the top shareholders for a long time. The question of who has been selling & shorting the stock was not made public. My concern is that it is very hard for anyone, even the brokers and directors to know what kind of deals could be being done behind those nominee accounts.