I have just read the quarterly report and it makes for dismal reading for shareholders. My inference is that the Kempfield project is either uneconomic or barely so. The giveaway is that they are only looking at treating the oxide/transition material and are apparently trying to construct a plant on a shoestring.
The report itself is effectively several pages of irrelevance, with no mention of project economics. This is also a bad sign in my experience. I am in agreement with other shareholders here on HC that communication by management is appalling.
With the current market cap and this last quarterly I cannot see project finance being available, except at very high cost. This of course could mean extreme dilution for shareholders.
If anyone cares to contact the company I would be interested in the response, if any of course.
ARD Price at posting:
5.4¢ Sentiment: Sell Disclosure: Held
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