Running discussion on SP, page-19983

Might be time to recap on 17 points i put to AVZ management as overdue to reflect on what is still outstanding as per their CO announcements.

1) 5 MTPA - Due April 2019 - This is overdue as of today
2) Transport Study - Due April 2019 - This is overdue as of today
3) Independent Research Report - Due Nov 2018
4) Patterson's Research Report - Due Mar 2019 - (Not sure there's much incentive given they've offloaded most shares)
5) JORC update - Due April 2019 - This is overdue as of today.
6) Metallurgy - Cores due to arrive in April - This is overdue as of today
7) 10% Project interest increase - How does AVZ plan to pay for this purchase, what incentive would Cominiere SA and Dathomir have in selling 5% if not at a significant premium to current market valuation. This was briefly touched on, but could eventuate as an unexpected piece of news.
8) 5Y tax concession - Due??
9) New Chairman - Mentioned Jul 2018 - Severely overdue - Can you be more specific as to where the discussions are at, or the type of candidates shortlisted, can the date of appointment/s be refined. Can you elaborate on why this has taken close to 12months.
10) Expanded management team mentioned jul 2018 - Is this complete?
11) Australia Roadshow - Just a suggestion
12) Transparency on SPP funding - Were other funding arrangements presented, what were they? Why weren't they entertained? What was/is the strategy on funding moving forward? The last one as you must be aware was a disaster. I think AVZ needs to detail what it's specific strategic plan is. i.e. "Huayou remains our lead candidate to fund capex for plant construction. We are currently in discussion with, (enter countries, or non specific details to the entities still in discussions). Also, can we outline what is preventing investment. Is it price? is it that the investors want the DFS complete, the transport sorted, a chairman or is there just a general lack of interest.
13) Transparency on Huayou relationship - "Talks remain positive" isn't exactly a clarification. What is their current motive? What is their desired position moving forward? Re AVZ - see above
14) Transparency on AG and JNS deliverables - How is their value or success measured. What are their explicit guidelines? i.e. are they responsible for tabling deal, or performing introductions? Additionally do you expect to review their contracts?
15) Transparency on Low-Ball Offers - Have offers, however informal, been offered. By whom, under what circumstances, at what prices. and additionally. Why haven't they been entertained as legitimate. Would be my recommendation that these low ball offers would go a long way to moving the S/P in the right direction. Which in turn allows AVZ to leverage more favourable discussion or funding arrangements.
16) DFS pushed to Dec 2019 - What is the critical path for it's completion. Was it shifted to align with infrastructure upgrades or is it internally constrained?
17) Do the directors intend to buy shares on market at some point in the future. See AJM for example where a director invested $15M in his own coin. Obviously individual circumstances may prevent such an investment, but given the lacklustre share performance and recent performance awarded shares this may be a way re-incentivise outside investment. Another proposal could be to forfeit remuneration or at least a portion of for share allocation.

All in all, a few things checked off but still think the bolded points are the ones that warrant further clarification on strategy.

What i'd like to see in the next 3 months is the following.
-Chairman appointed
-Preliminary met testing results
-Clarifications on current funding and offtake agreement strategy. Not just some fluffy crap that "discussions remain positive". No. just outline exactly what AVZ's strategy is and whom they are targeting and in what time frame they expect this to occur.
-On market purchases - (unlikely but i'd definitely like it to)
-More robust transportation information. Maybe they could elaborate on the assumptions of the current study. and/or if they intend to use alternate routes. Are other roads being developed/upgraded for manano?
-Hydropower - whats the go with AVZ power
-Detailed flight path of DFS. - I dont like a 1Y timeline with no stage-gates available. You won't know it's delayed and by how much until the met's come in and even then.
-Pit dewatering progress

Not wasting my time emailing them -already sent 3 and 2 follow ups with no response. Perhaps someone who has open lines of comms could put it to them.

SF2TH