At the meeting yesterday, management confirmed they have...

At the meeting yesterday, management confirmed they have sufficient cash to complete the DFS. There was nothing new in the presentation. That is probably why they have not uploaded the presentation to the ASX.

The chair is singularly focused on getting Sulphur Springs developed. I view this as a positive. We need strong leadership to drive this development. A little surprised at how young AJ is. He displayed confidence and enthusiasm. This project will deliver him huge rewards and probably set him up. So I am happy to back the leadership of the chair and the enthusiasm of the CEO plus his strong financial motivation.

During the presentation he referred to the possibility of offtake agreements to help fund the project. Previously, I had not understood the significance. I interpreted this could mean the project will be funded by debt (they said 60%) + equity + upfront payments from offtake agreements. If so, it reduces the dilution from the equity raising.

AJ said they are probably going to increase the design capacity of the plant from 1 (I think million tonnes per annum) to 1.25 because of the significant gross profit of each tonne processed. He quoted the profit figure but I didn't record it. AJ said he would prefer 1.5 but it would involve too much capital too develop.

My conclusion: I remain confident the management will be able to deliver the DFS, obtain the funding and develop the project. If so, there are substantial rewards for those that are patient.