"The Company and its consultants considered that the Scoping Study had been prepared in accordance with the JORC Code 2012 and that the financial analysis and material assumptions underpinning the production forecast, including capital expenditure requirements to bring the project to full production, had been appropriately applied and were reasonable"
This is the company's view of its scoping study results
But it looks like they got reigned in by the regulators as communicating to positively, and thus have to make points clear that investors would understand implicitly in any exploration play, but the regulators are sticklers. Hence, it follows:
" However, at this time, it is unclear whether sufficient funding will be available as and when required by the Project's development timetable. " I mean, hello..., seriously, captain obvious regulators - this is true for all explorers at this stage of the project. Obviously there are no guarantees of funding in the future yet.
So.....
"For this reason, the Company has been advised that it may not have reasonable grounds to the standard required by the Corporations Act 2001 (Cth) (“Corporations Act”) "
That is the issue the regulators have and the reason they are making them release this announcement.
And then makes them state the bleeding obvious: "The Company warns investors against using the forward looking statements"
But the company's true view is: The Company is pleased with the results of the Berenguela Scoping Study and maintains the view that the Berenguela Project presents an attractive investment proposition within the copper and silver markets. The Company believes the Scoping Study provides a strong justification for the Company’s planned investment and work program in the coming months"
And here is the real issue. They feel the regulators have held them back from communicating what they wanted (perhaps fairly, perhaps a bit pedantically)
"The Company continues to work with its consultants and advisors to establish the grounds by which it may be able to communicate forward looking statements. "
Nothing has changed with respect to current or future projects. That's the bottom line.
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