Ann: Quarterly Activities Report Sept 2018, page-2

Here are a few of my key takeaways from this announcement.

"Negotiations with the Central Land Council regarding the Ammaroo Native Title Mining Agreement continued duringthe Quarter. The company is expecting this process to be completed in the near term after a final meeting on-countrywith Native Title Holders in late October 2018."

Late October 2018? You can get much later in October than today. Are they implying the NTA is all over bar the shouting?

"The company is now turning its focus to securing debt financing, further off-take agreements and partnerships tounderpin development of the project."

So the focus is changing. They've had plenty of time for ground work on this front while a lower A$ and higher rock phosphate prices have improved Ammaroo's economics. This was from Monday's annual report.

"The Chairman and the Managing Director havecontinued to discuss the project with a number ofglobal fertiliser companies and potential off-takers,and have a continued line of dialogue with a numberof these companies who are keenly tracking ourprogress. We continue to be encouraged by theinterest shown by a number of parties, a number ofwhich are awaiting the successful conclusion of theapprovals process before more actively engaging."

Now that we have de-risked a bit I would expect a flow of off-take and financing news over the coming weeks.

I'm cautiously optimistic.