First Tidal Acquisition Corp T.AAA

RE: RE: potash pro

[Potashpro]

I'll put my thoughts next to each:

What's liked about Allana Potash (re-phrased) -

• Inferred mineral resource 105,200,000 tonnes @ composite grade of 20.8 % KCl - The point is to move to proven and probable reserves.  This infered resource is already baked into the shareprice.  it means nothing until they can move these inferred numbers to proven and probable.  The recent results to date are not supportive of the inferred resource
• Shallow depth (50-100 m) to potash - Based soley on holes done by the previous exploration company, and utilizes data from an area not controlled by Allana (Sainik)
• Solar evaporation and use of geothermal energy possible - Solar may be possble depending on if they've got the right combination of wind and sun.  Sun yes, wind?  Have not seen them develop a pre-feas with supporting data.  Mind you, they have not done this on the geothermal aspect either.  If they wanted geothermal, they would need the government to and/or third party to fund and build.  I don't consider this probable, and without any firm commitments or inclusion into a pre-feas, we are just grasping at straws here.
• 150 km² concession in Ethiopia, covering extensive evaporite basin - A given
• Strategically located, only 100 km to Red Sea - Can't go through Eritrea (see Ethiopia Eritrea relations), so I assume they need to go to Djibouti.  the question of transport to port and terminal in Djibouti for shipping has been bantered about, but not committed to.  At this stage, it appears the model is to prove up the amount of Potash, and worry about extraction, production, and shipping methods later.
• Significant previous exploration (nearly 300 holes in the Danakil Depression) - Yes, but almost all of those holes were drilled elsewhere.  The Allana property had a handfull of holes drilled, but the focus of the exploration model used by the previous explorers were outside of Allana's property.  That's like stating you have a Potash target in Saskatchewan where 2000 holes have been drilled, but in fact, only 10 were ever drilled on your property.  It's so macro, it doesn't matter.
• One of the largest known evaporite basins in the world with known potash mineralization -  So is Saskatchewan.  Pointless.
• Amenable to solution mining and open pit - Another pointless point.  these are the only two options for a target that's not at surface, so why bother mentioning it?
• Potential to become the lowest cost producer in the world - Without a pre-feas and full on feas study, this is pie-in-the-sky.  While it may or may not be true, how can you possibly calculate this without knowing the extent of your resource, the concentrations, extensions, etc...which would allow you to choose a mine location, mining methodology, extraction and processing methods, and power (and other) input costs (keep in mind, there are huge power requirements which has not been addressed), transport to port, storage, and shipping.  Skip, there's just too many holes in the checklist to really support this claim.  The value at this point is their ability to cross these points and others off the list.  That's where the upside lives.  unfortunately, the step back to seismic for a second shot at unlocking the geology is well down the road for most..thus, the orderly unwinding of positions you're seeing since the release of the results.  If you're patient and have ample capital to rotate into other quality plays without the need to reduce your position here, then you stay patient (if you still like the story).  If not, like me, and seemingly others, you unwind your position and put your capital to work somewhere else and keep an eye on things back here.  If I miss a big move, so be it.  If it is what some think it is, there will be plenty of upside left to attack.  If not, I've locked in and contained any downside.

Can you challenge these?

Your comments are appreciated.

TIA

Skipper