Ann: Jervois Q4 2023 Activities Report and Investor Call, page-6

Wyloo have just announced that they are putting their nickel ops on C&M in May.

Surely, this spells the death knell for the SMP asset?

I warned Bryce months ago that this would happen - with Indo nickel flooding the market & crushing the price. Once again, he wouldn't listen and tried arguing with me. I was trying to think the other day if Bryce had any peer in terms of his arrogance. The only person I could think of was Jeffrey Skilling of Enron infamy. When asked in an interview whether he was smart, Skilling is reputed to have said "I'm effin smart". Bryce is on a par with Skilling.

The last crushing raise was meant to give them 12 months runway to negotiate solutions (selldowns) of their assets, but we've heard squat. They've already missed their multiple calls (last year's AGM, Crux Investor interview, last quarterly, etc) for deals by the end of 2023.

I guess we'll find out in the imminent quarterly when they provide an "update on business activities".

Really hope to be proven wrong here, but I am now at the point where I see this business close to entering the Valley of Death. 5 months of cash left (according to my cals) before they are in breach of their debt covenant, with equity closed to them & a proven inability to generate free cash flow.

To say they need the USG to save their bacon (and pronto) is an understatement.