Hi Stevo, if you read carefully and thoroughly BSM announcements (as I do lol), you will notice that they changed their "About" section to reflect the new timeline since the ASX announcement dated 26 march 2018, page 4 :
"ABOUT THE GRAPHMADA LARGE FLAKE GRAPHITE MINE
The Company is aiming to expand production at Graphmada from 6,000 tonnes per annum to 20,000 tonnes per annum by 2020 (Stage 2) and subsequently install an Expandable Graphite Plant (Stage 3) to provide further value to its loyal shareholders."
I didnt want at that time to comment on this change of timeline, but now that they are reflecting it on their presentation and you are bringing the subject up, here is my comment :
IMO they are playing it safe after all the backlash they got from investors due to excessive delays in refurbishment completion (one year delay). better this time around they provide themselves with enough time to deliver on their promises. better to underpromise and over deliver.
BTW the latest anouncements not only changed the timeline of stage2 from "end of 2019" to "by 2020", they also changed the wording of stage2 capacity : they are no longer talking "20.000tpa+" but only "20.000tpa", again IMO they are playing it safe and they want this time round to pull an "underpromise overdeliver" achievement. (I didnt yet changed my mind (or forgot) about the excess capacity of stage1, I still believe they are able to deliver more than 6000tpa with the new refurbished mine) So we may end up with 2 overpromise underdeliver achievements (stage1 in excess of 6000tpa and stage2 in excess of 20.000tpa and end of 2019 - beginning of 2020).
And before you start your ramp, i will put this disclaimer : "these are my personal speculative opinions, everyone please do your own due diligence".
Hope that is satisfactory for you
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