Series A investors are underwriting execution risk over twenty-four months: commission a plant, produce to standard, certify to FSSC 22000, and complete repeated export trials. If those four things happen, Series B should be raisable on the terms modelled and the asset’s value is largely proven. If any of them slips, the Series A round is too thin to absorb the delay on the figures presented. Diligence should therefore concentrate, in order, on the hydrogeological report and water use licence, the chief operating officer’s commissioning record, the certification timetable, and the sufficiency of Series A. The export thesis itself is well supported by external evidence and is not the principal risk.