delays confirmed, page-11

Really?

"It is hoped to be able to schedule production over the coming months."

IT IS HOPED! I do not see abundant confidence in this sentence. From the report it appears they are pretty much out of money and until now unable to finance inventory. They continue to brag about the plant being finalized significantly under budget: "The ATC Ferrotungsten Project has been completed for significantly less than the original independently estimated Capital Expenditure
budget of $US16.3 million." But it so, why are they out of money anyway???

"There have been delays to the start of production at ATC, partly
as a consequence of access to satisfactory finance for inventory purchase, which has taken longer than anticipated to negotiate. The Company is in receipt of terms sheets for inventory finance and hopes to conclude negotiations in a timely manner, thereby allowing a start to the production of ferrotungsten metal."

Did you notice, they don't give any estimate AT ALL as to when production is going to start.

So far one must confess the project has been a complete failure. When construction started back in May 2010, it was supposed to be commissioned within 8 months, by the end of 2010. Now we are in month 17, MORE THAN DOUBLE the original time frame, and still counting.

Do a cash raising, sell 20% of the project, DO SOMETHING to get this thing off the ground!