Ann: Quarterly Activities Report-ORE.AX, page-34

Interesting Report. Poor Report. Same report than the previuos ones.
In any moment no mention to the subject “quality”. As I was writing here it is prohibited in ORE to talk about the level of quality in the final lithium carbonate production. For that reason they only speak (and report) about volume or tons or usd. It’s prohibited to talk about Battery Grade or Technical Grade among the ORE employees and Managers.
Also, no mention about the new date of the nameplate. In the past that date was changed many times. The last one was November and now it’s 2017 (any month). In my opinion at the end of 2017 could be.
Just read the paragraph in the report related about the issues with the process.
Try to find the differences between these paragraphs in the June report with the same one in the Sept report:
June:
The focus continues to be on improvements in operating practice, plant optimisation and process control. With the operation achieving good performance in the primary circuit, the focus has been the purification circuit. Following various minor modifications, the circuit is now operating with improved control and increased residence times in reactors and good temperature profiles through all parts of the circuit. In addition, changes to carbon dioxide injection points and diffusor design modification have resulted in the elimination of “in process” material and the achievement of more stable operating conditions throughout the circuit.
With these changes made, the circuit has a capacity of approximately 40 tonnes per day of purified product. However, production above this level is currently limited by thickener residence time post the purified product crystallisers. The thickener is the final step in the purification circuit prior to product entering the drying circuit. Throughput will be increased in coming months by adding a cyclone bank to augment the thickener capacity thereby allowing nameplate production rate to be achieved in November, a delay of two months.

September:
The focus continued to be on improvements in operating practice, plant optimisation and process control. With the operation consistently achieving good performance in the primary circuit, the focus has been the purification circuit. Following various minor modifications, the circuit is now operating with improved control, increased residence times in reactors and good temperature profiles through all parts of the circuit. In addition, changes to carbon dioxide injection points and diffusor design modification have resulted in the elimination of “in process” material and the achievement of more stable operating conditions throughout the circuit.
Production in the purification circuit is currently limited due to restricted thickener residence time post the purified product crystallisers. Throughput will be increased in the December quarter by adding a cyclone bank to augment the thickener capacity. The thickener is the final step in the purification circuit prior to product entering the drying circuit.

Have you found a lot of differences? Saying almost the same. Promising almost the same.
Almost a copy and paste.

Other thing: Cauchari. In the previous report it was mention that the drilling would be in the Q3 2016. I posted time ago that due to the new Jujuy Congress law the ORE Cauchari properties were blocked. Here it’s confirmed but saying not the true. The drilling programme was postponed (without saying “postponed”).

Other comment: the figures of Borax are good but again in tons but no mention about revenues. It’s important to know the revenues considering that the borate prices are 15% / 20% less than the last year.
And the costs? No reporting about this.

In general it’s hard in this report to get some idea about the financials. A lot of numbers of tons but nothing about us$ (only some key figures of us$ in the lithium business because they are so favorable).

Last, the comment in the report about the “short sellers”:
The Company undertakes regular beneficial ownership analysis which shows that during the month of September alone the Top 20 shareholders increased their combined holdings by nearly 10 million shares.
But if you go to find out in the ORE web site who are the Top 20 shareholders you will see an old list updated to September 2015 (we are in Sept 2016!!!!!).

Make your own conclusions. But this is a report exactly as I was expecting. Dark. Not clear. Repeating almost the same things than the previous ones.