I never described it as “terrible”; that’s your interpretation, not my wording. My point was that a single sentence about planning to spend less is essentially meaningless without context or a benchmark. As I mentioned, expenditure is up 25% quarter-on-quarter, despite them supposedly being well into their cost-cutting phase. Without some form of benchmarking, it’s impossible to evaluate what this recent statement actually implies, and the careful use of terms like “has budgeted” and “net expenditure” hints at some creative accounting on the horizon.
If we’re now treating JZ’s comments as gospel though, whatever happened to his earlier stance when asked about the need for a feasibility study?:
“For us, the best feasibility is to build an operation. Anyone can make anything work in a lab. You want to make it work on an industrial scale.”
They spent an inordinant amount of time trying to reinvent the wheel, repeatedly failed, and then quietly reverted to the conventional approach of a feasibility study. And now, we’re supposed to accept their vague forward guidance on spending at face value, even though they’ve struggled to offer consistent or reliable guidance on the basic tenets of their development strategy?
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