Ann: NAIF to Progress Funding Discussions on Sulphur Springs, page-11

They did not specify how much money they are asking for.

There is a big difference between $16M for road works and $160M for the lot.

Also, NAIF is only good for under $100M.

Strategic Assessment Stage would have included:
- requested NAIF investment amount
- proposed high-level term sheet

MD said 'coming months' to investment decision. To me this means at least 3 months or more.

The 'Formal Investment Proposal' would have been typed out by now. They had ample time waiting around last year.

Underwhelming market reaction.