Going through these reports 3 times I keep seeing this unneeded overfunding for unparticularised items-
"The remaining expenditure [$3.2M Q2] includes support services for works being undertaken at Black Swan, care and maintenance costs at Lake Johnston and Windarra and corporate costs"
Any guesses for what this $3.2M budgeted for Q2 forsupport services at BS will be spent on?
Prior Q budgets were for Q4 DD $4M, SS refurb $2M Q3, in Q1 support C&M was a mere $0.2M pQ!
I noticed this in the Q4 report, its vague and doesnt match with the CR purposes at all.
Also the CR purposes mention drilling at GS ST SS but these are already allocated from existing funds in the Q1 budget of $3.2M (way more than prior Q drill budgets)
So I have to ask again,
why is there a $20M CR for the same stuff already fully funded from existing cash at bank till December & why is there a $3.2M support services budget Q1 for items not mentioned in the CR either?
I note $13.4M to $15.9M for the circuit 1 x 150ktpa mill refurb & $22M for the massive 1.1MTpa circuit 2.
Compare that to MCR needing $100M capex & with NO MILL built or producing at all!
"Oct 2020 — Pre-production capex of $68m, peak funding requirement $97m and LOM capex"
Seems to me there is a large duplication & crossover of unparticularised funding.
It is my opinion based on knowing how Poseidon has worked in stealth secretly for the last 10 years that a large CR of $20M is primarily for the BS mill restart capex of $36M as it cannot be used for drilling to December as this is already fully funded from cash.
POS dont need any CR till December if they stopped drilling & ceased capex on mill restart & didnt need $3.2M of "support services at BS" that was not budgted for before.
You could build 4 DDs for 2km long with that $20M!
And do you really believe they are using it for "support services" & lipstick dressing?
Read between the lines people,
I call this a STEALTH RESTART because when you spend capex on restart but dont call it that then its STEALTH!
Last year I stated on here they would call the restart costs as anything other than restart.
They have been in stealth restart mode at BS for at least 9 months imho.
The tell was hiring the electrical manager full time at BS last year & the full time mine manager in 2019
The lights have been switched on. Soon the open pit pumps and the SS declines.
These figures dont add up.
There is a $15M gap in the figures for use for what exactly?
I have been telling you all, the FID & RESTART are being fastracked.
This is very BULLISH as market isnt aware of this restart capex thats ongoing.
They are on a steamroller to become -
The 2nd Force in Nickel Production
(at HIGH MARGINS LOW CAPEX faster cheaper than ever with NO DEBT & $28M cash at bank)!
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