Ann: Lance Project Update, page-6

Let’s be honest, it’s not a good little update at all. They told us only a week ago that everything was tracking on time and on budget. The sole purpose of this update was to slip in, in the very last paragraph, a 30% cut in the 2025 production forecast after telling us once again that everything was tracking on time and on budget. Yet bizarrely the timing to self sustaining cashflows remains unchanged despite $20m less revenue next year.

I have my fingers crossed that we get into production soon without major issues and the shares rerate to a more realistic valuation, but boy it’s hard to trust this management team.