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Not so clear IMO; on one hand, they have to say that things are tight (and mention their options) but on the other, they say that business is booming so WCAp needs are increasing, with Qatar receipt delay making things tighter.

After the recent history, I prefer Mngt being cautious and transaparent than hiding problems under the carpet. Caveat emptor!

On a mkt cap of 1mln, can they raise funds? They did it just over a year ago, so would they wipe the new s/hs out again???

Based on previous "extensions", the RNS can come at any time during the day and/or 1-2 working days after the deadline's end. The only certainty is that an RNS WILL have to be issued about an extension; and this will probably happen first on ASX, either that the Trading Halt will be lifted or extended (deadline 31 May) - Monday morning, latest IMO.

But, hope not dead yet, we still have a few hours today plus tomorrow.

IMO, this extension is related to the fund raising that the Co will need (already flagged "before October") prior to the mine construction start; we'd get another RNS by Monday - whatever happens - either re extension of the Co's own deadline OR the Term Sheet details; so another 48 hours of waiting!

CBert, IMO, this clause is mkt related i.e. the parties want to - prevent and - be covered in case of price swings (either direction) caused by the Term Sheet; for example, say that the terms were made public and the SP jumps 100% - then the offer is not accepted for any reason - SP crashes and the Co is in hot water with the Stock Exchanges' authorities. I don't think it's related to a rival offer firstly because there wouldn't be one in such a short notice and secondly, Summit and KP2 have been in bed together for over 5-6 years now.

CMoney, just to add that ASX wanted terms' disclosure OR suspension, because the Sheet was deemed "Material" i.e. potentially moving the SP substantially.

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Since the ball is in KP's court, obviously they wouldn't need a month to just say "NO, we don't accept"; as they had had 5 months already since the EPC, in close communication with SUMMIT, therefore I'd say that May has been spent on finalising all the offtake contracts, the loan agreements, setting the SPV up (if one'd be created), interconnection with PowerChina for the EPC and the RoC government for their 10% share etc; all these can't be done in a day and I really hope that setting their own deadline (to 30 May) this time means that they will abide by it. IMO

My only surprise is the lack of a leak thus far.

Unless there is a delay beyond this week end (which would have to be RNS'd soon), no leakage is a good omen IMO; it means a) Mgt want the maximum impact from the news' release b) the SP rise will hit in one big jump.

So, our JSE friends have been very quiet today; is it because nothing is ready for release yet, or are all parties keeping things close to their chest until tomorrow? Only 3 days left, GLA!

Plus, in 2018 security of supply was non-existent as a concept, and now we are 6 months from mine construction whereas in 2018 we were 2-3 years away; I think the mkt is just waiting for the last piece of the puzzle to fall into place, to make a proper SP assessment. 10p is my optimistic post-RNS SP, but if we get 25p as per 99's view, then I will enjoy eating my hat :)

99, end of May you mean? JSE halt tmrow 'd be a 100% confirmation that the RNS is due on Tuesday IMO; even if no halt, high volumes there might indicate a leak; both scenarios welcome :))

3 mornings left to the RNS; unless we get a nasty surprise on Tuesday, extending the deadline (1% chance?).

Bid @3.31, already up 7% in the past hour; maybe people positioning for next week?

We are moving, 3.48 paid.

Looks like there is a big BUY order, accumulating loose shares, IMO

FWIW, a dummy 30 min ago was @3.10, same small number of shares now @3.175, whereas a much bigger number goes @3.18

For the record, I am looking at 7-10p upon issue - again, I hope the Mkt proves me wrong :)))

My money is on Tuesday 7AM; with 3 Exchanges to coordinate (one currently halted), having a full 3 days to prepare a simultaneous MATERIAL RNS release (including Monday as a working day in two of these) involving Chinese/ME banks and offtake partners in Chile/Oman, plus the coordinator in the UAE, looks ideal to me; of course, I hope it's released shortly and I am proven wrong :)))

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99, to clarify, the Note talks about a share placing for KP's equity portion (of up to 300 mln), hence the potential dilution; for some reason, it takes the sale of a stake to a "partner" as a given.