Can understand why they haven't included photos or pond updates because no material progress has been made since July 2024.
The real issue is the fiscal management, or total lack thereof. Where is the CFO? It is incredible to see how close to the line they have continued to run the accounts, quarter after quarter. Finishing this current quarter at just $1.39M is a new low, even for them. Without the ATM it appears they would have run out of money on several occasions. In some ways its good they're trying to bring in an external party on the production side because as it stands you'd be hard pressed to trust this team to manage their way through actual ramp-up and operations.
The figures below are rather wild when you step back and look objectively, and realise this has only got them to ~45% project completion. Also note that the project spend amounts are only from Section 2.1d of each 4C, they don't include any outflows from Section 1 (staff costs, admin/corporate, etc).
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