Ann: Change in substantial holding, page-41

The Chinese don't like sharing unless they have to. Quite frankly I'd be surprised if they wanted anything but 100% in on this.

Peter would be playing their bids off against the other interested parties.

At this stage of the game the earliest and best outcome is construction funding with an offtake agreement as the cashflow collateral.

That can't happen until the DFS is out and the metrics are all independently validated, so they can't talk Turkey until early next year really.

GPEC has the potential advantage to us of being able to offer a deal in both funding + offtake (the Govt agency I suspect......)

The downside for us will be getting low-balled by a collective GPEC deal if there are no other suitors. Being forced to sell 30-40% of the farm now on a 10yr supply deal for a price that won't make sense in 3-4yrs from now.