Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-6

Not a lot of enlightenment from this recent quarterly.

I have been looking at the quarterly to ascertain whether a late May start is realistic. In the announcements back on 4th April they listed 6 conditions they needed to meet to ensure a late May "re-start" :

MgO Demo plant Restart
The demo plant is planning to restart in late May for continuous operation subject to a number of conditions::
a) subject to securing labour
b) Restocking reagents
c) Finalising the ash stockpile
d) Reinstating the management team
e) EPA approvals
f) labour rates that LMG is able to negotiate with the unions and contractors

The upate on each of these is:

	Condition	Update
1	subject to securing labour	Nothing
2	Restocking reagents	Nothing
3	Finalising the ash stockpile	Nothing(though maybe can't do until EPA approvals granted)
4	Reinstating the management team	Nothing
5	EPA approvals	In progress" Document submission to the EPA has been completed and the first round of questions answered. Theconversation with the EPA is progressing well and site visits have taken place. LMG does not foreseeany delays in receiving EPA approval to start operations.
6	labour rates that LMG is able to negotiate with the unions and contractors	Nothing

I would have expected for such a critical milestone they would update us on these conditions.
They have less than a month to sort this out. Based on the info provided none of them are resolved - they need to do better.

I like this bit re pursuing DoD grant
as the result of a successful application, LMG has been accepted into the CommonwealthIndustry Growth Program. Under Phase 1 of this program a Commonwealth business advisor shall beappointed to collaborate with LMG. This will pave the way for a Phase 2 application to theCommonwealth for financial grants of up to a maximum of $5M and/or 50% of eligible expenditure.Initial engagement with the business advisor is anticipated during the next quarter.
It's great they have someone in Govt holding their hand through this process - based on past performance they need it. This now has a much better chance of success.

Re the DFAT funding
The Australian Government Department of Foreign Affairs and Trade (DFAT) has awarded LMGProject Development Support (PDS) funding to assist with advisory work in relation to establishing itsStage 3 Project at Samalaju in Sarawak, Malaysia.Still not telling us how much funding was secured - don't know why it's such a secret.

The case against Mincore now has some dates which should be reliable as those dates are dictated by the courts, though I don't expect any resolution on this until 2026 at the earliest unless they settle out of court.

The rest of the quarterly update it is just a rehash of old news released previously.

Based on the info provided, I think the late May start is looking tenuous.