Ann: Quarterly Activities Report, page-146

I think you’ve summed it up pretty well Tiko. It’s just an ongoing saga with a litany of errors that never get explained. The A40 shenanigans is a perfect example. Some of the more upbeat contributors here have stated that there was nothing in the quarterly that wasn’t already known. I call bullshit.

No one here had discussed any expectation of the following:

* Current sales at spot pricing (~$450 per tonne). Some here were posting expectations of pricing in the high $500’s.

* Increase in production costs to above $400 per tonne, and reduced recovery, despite higher grade ore being accessed.

* USD$37m cash burn in Q4 ($17m unexplained???) The only contributor who suspected that kind of cash burn was colinchi, and we all know that was just ridiculous downramping. Yet here we are, cash balance now USD$143.2m.

* No longer able to fund SDV from the existing balance sheet, despite advising that they would just 2 months ago. The implications of this funding gap are either further delays (while they wait for spod price to recover), debt, CR or most likely a fire sale of a JV stake just to get this thing off the ground.

How anyone thinks SDV stage 2, 3 or JB are feasible within the next 10 years is beyond me. How on earth will any of this be funded without significant debt or dilution? Some here think it will be ok because lithium chemical prices will recover. Maybe it’s worth checking out BMI’s projections for lithium chemical pricing In the medium to long term before misplacing confidence in a strong pricing recovery....

At this point I think I’m just holding out for a TO (which is probably also what our management are doing). This company had huge potential, but that potential has been continually squandered.