It seems Jefferies feel there is little chance of the project being given planning approval for various reasons.

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Preliminary results for the year ended 31 Mar 2013

Key highlights

· Completion of the Detailed Scoping Study confirming the technical and economic viability of the York Potash Project, followed by completion of the Pre-Feasibility Study that simplified and significantly reduced capital cost of the Project.
· JORC compliant Maiden Inferred Resource announced and subsequently increased to 2.2 billion tonnes of 82.4% Polyhalite within just 5% of the York Potash project area
· Mineral rights secured over 95% of the project area.
· Launch of the onshore mining planning approval process and submission of draft documents for pipeline approval process.
· Achieved offshore mining approval - one of the five key approvals required for the York Potash Project.
· Appointment of Jason Murray as Finance Director and Chief Financial Officer.
· Appointment of Gordon Cowe as Development Director.
· Signing of a marketing agreement with KEYTRADE AG, one of the world's leading fertilizer trading, distribution and marketing companies, to market up to 1.75 million tonnes per annum of polyhalite in key regions of Central and South America (excluding Brazil), South East Asia, as well as specific countries in Europe and Africa.
· Launch of the York Potash Foundation.

Post balance sheet events

· Exploration drilling program completed.
· JORC compliant mineral resource increased to 2.66bn tonnes of 85.7% grade polyhalite within an area representing 7% of the York Potash Project area of interest - the largest and highest grade in the world. Upgrade of 820 million tonnes of polyhalite at an average grade of 87.3% to Indicated Category.
· Crop studies results announced, validating polyhalite as an effective, valuable fertilizer that outperforms traditional potassium chloride ("MOP") in some circumstances.
· Major offtake contract for the sale of 1mtpa of polyhalite for 10 years from 2017 to China based Yunnan TCT Yong-Zhe Company Limited.
· Framework Sales Agreements ("FSA's") with fertilizer distributors and manufacturers for 310,000 tonnes per annum in the UK and Europe, and a further 700,000 tonnes per annum of FSAs and letters of intent in various countries including Mexico, Chile, Ecuador, Thailand and Indonesia.
· Convertible security financing of up to £25 million secured with New York based Institutional Investor.

Financials

The Group's year-end cash and cash equivalents position as at 31 March 2013 was approximately £18 million (2012: £54 million). The Group's loss for the year ended 31 March 2013 was approximately £8.6m (2012: £60.1 million). The current position of the Company has been bolstered by the recent financing announced on 12 August 2013.

Annual Report & Accounts and AGM

The Annual Report & Accounts and Notice of Annual General Meeting ("AGM") will be posted to shareholders at the end of August and a copy will be published on the Company's website www.siriusminerals.com.

The AGM will be held at 11.30am on Tuesday 24 September 2013 at the Royal York Hotel, Station Road, North Yorkshire, York, YO24 1AA and the Notice for the AGM will be found in the Annual Report when published.

Skinny, are you still looking to buy at 9.5p?
Looking more likely that those levels might be reached soon.
TT

I have an alert set - will have a refresher look!

I'll bet there will be a few sparks flying at the AGM in 2 weeks time !

I think that 9p was the price set by the ex broker.

Sirius confirms 750k tonnes new polyhalite sales
StockMarketWire.com
Sirius Minerals confirms further progress in the marketing of polyhalite from its York Potash Project. Sirius has entered into varying types of agreements covering an additional 750,000 tonnes per annum relating to China, Africa and Latin America bringing the total committed tonnes to 2.78 million tonnes per annum.

Might this be a turning point. Price now up 1 point from lows.

I have bought a few - only small and may add if things look up.

Yes, I expect there to be volatility until this AGM on the 24th. Some kind of date for seeking approval for the project would help,

From the lunchtime roundups - Sirius seals key Chinese custom

Another poke in the eye for Integer and AMEC Skinny! Pressure building to push planning permission through.

I finally bought a few yesterday @10.025 - still not convinced, but at this level, I'm reasonably happy to be in.

On edit :- if it goes tits up, I'll blame TT for reminding me about them! :-)

Me too! :oD

Blame TT that is! Have held for a while but halved my holding, which is not substantial anyway, last week.

T he board certainly deserve a lot of criticism over not been in a position to adaquately deal with the criticism put forth by AMEC.

What were they thinking about ??? It should have been obvious to a dolt that this broadside was coming from AMEC and they ought to have been fully prepared for it, which quite obviously they were not !

The buying is certainly picking up at present , so that looks positive

To be fair to the BOD of Sirius, AMEC have given them a lot of flak based on a report which, from what I can see, they did not bother to question themselves. The Integer report appears to be seriously lacking in research and I if were AMEC I would have thrown it straight back and told them to thoroughly check the facts then submit it again!

Skinny, I see that your holding is performing as expected!
And remember it wasn't my fault that you dipped your toe into them. I just asked you a question!!!!!!
Maybe I should dip my own toes in now that they have broken the 10p barrier to buy?

TT :-)

Its still a dubious investment (for now) that seems to be disappearing into the distance.

Presumably the fund raising issue will loom larger as time goes on, so in no rush to buy more, but I'm also quite content to hold what I have.