Deal Execution DelaysWaiting on prepayment/off-take deals... phase 2 update. Management suggests it's close to signing some of these deals, 40-80kt/yr in size, US$50M per 40kt, a few years in duration. However, these deals have dragged and we need to see execution.
Loan UncertaintyStill awaiting bank guarantee for a US$100M BNDES loan, which is crucial for the next phase of development.
Sales And Pricing ChallengesQ4 adjusted EBITDA missed consensus estimates, primarily due to lower than expected sales prices and production volumes.