I think a TO is unlikely before we are at full commercial...

I think a TO is unlikely before we are at full commercial production from Stage 1. A potential buyer will probably look for BAT to be successfully commissioned and at full nameplate.


There are some strong fairly strong incentives above for management to get this project into production. Many of the employees have incentive / retention options too.

This table was from the last annual report. We should see the next annual report issued towards the end of April. All of the highlighted ones expire in 22 to 27 months ( or thereabouts ).



Note how many of the options relate to employees too. Some strong incentives there and average exercise price for them is $0.17.