The Phase-1 build spans 36 months from financial close, organised into parallel workstreams with clearly sequenced dependencies. Grain-infrastructure permitting and the first silo cluster are on the critical path; the finance division and digital platform stand up early to support the farmer relationship from the outset; feed mills and the second silo cluster follow once construction capacity and cash flow allow.
11.1 Critical milestones & dependencies
|
Milestone |
Target |
Key dependency |
|
|---|---|---|---|
|
Financial close |
Month 4 |
Equity and senior/DFI commitments in place |
|
|
First silo cluster online (200kt) |
Month 18 |
Site acquisition, EIA permits, EPC delivery |
|
|
Feed mill 1 commissioned |
Month 21 |
Grain intake operational; offtake secured |
|
|
Break-even run-rate |
Month 30 |
Utilisation ramp across storage & finance |
|
|
Phase-2 gate review |
Month 36 |
Covenant compliance & SADC feasibility |
|
|
KEY FINDING — The critical path runs through permitting Environmental authorisation and site acquisition for the first silo cluster gate the entire revenue ramp. Investors should expect these to begin immediately at close and should size the liquidity buffer to absorb a plausible 3–6 month permitting slip without breaching covenants. |
|||