Notes

Observed Sep10 08UTC, issuer conference deck datedSep10 but SECindex acceptedSep9 07:13:35 (accession000092805426000087), not newly released today. Slide22 Q2 Montana revenue5.9m; initial12MW generation paused due infrastructure delays; up to50MW/6monthinitialterm/customeroption; Phase2 discussion not extension award. Slide14 89units deployed OR on order vs25active at2025end, not89operating. Slides7-8 H2international>40m vsH1 12.6m, issuerprimarySaudi supplier claim; sales not paidreceipts. Interestedissuer, no independent customer corroboration. Priorcash tableverified20089 not new Q3cash. https://www.sec.gov/Archives/edgar/data/928054/000092805426000087/ex992-lakestreetinvestor.htm

A clarification was made regarding the figure 2150, which has a quantified sale price of 0. This figure is a disclosure-count indicator, not an indication of zero consideration. The actual price or closing proceeds are unknown. The Monitor178 criteria have been accepted, and the full SSL and VLO criteria, numbered 1839, are being used. No new transaction close date is assumed. A new primary source is already being used under an hourly job, numbered 173, with the last update at 06:16:26 on the 21st, and the next update is scheduled for 07:15 before the 08 research period. https://www.sasol.com/media-centre/media-releases/sasol-and-enaex-africa-sign-agreement-sale-sasols-nitrates-business

A news scan found the headline about a sale agreement on September 9. The agreement, observed at 06:19 UTC on September 10, involves the sale of Enaex Africa, which includes primary ammonia conversion plants and feedstock for fertilizers and explosives in Secunda and Sasolburg. Sasol will retain a 23% interest in the joint venture, but the sale is pending regulatory approvals. The page does not mention the price of the sale, the closing date, or the amount of cash receipts. The buyer's claim of increased vertical supply security is a forecast, not a verified increase in capacity. The Natref listing is still set for September 1. A job, numbered 173, was completed at 06:16:26.733 on September 10, with 21 out of 21 tasks finished. The SSL news hash changed from 81cee979207d to 4a31446de9a3, but this did not trigger an automatic entry. https://www.sasol.com/media-centre/media-releases/sasol-and-enaex-africa-sign-agreement-sale-sasols-nitrates-business

query_tradesfundsupply returns2closedonly FRO6/STNG3 bothoperatorliquidation,returns3.80516%/.75226%,100%winsN2,average loss unobserved; arrivalquotes unavailable slippage not estimable, no stop/target exits. Context equity/cash850.99,supplycash278.67,noopen/queuedholdings; cap212.7475,risk8.5099. Candidatecurrentprices allabovewhole-sharecap; fractional overnight stop cannotbeassumed. ModelquarterKelly1.03865 is nonapproved pointestimate; robust allocation0. Noorders. https://runway.adityaperswal.workers.dev

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