Finally Management tried to clarify what happened in Brazil's Itabela Project :
" Following an extensive exploration program in early 2016, drilling was unable to define a resource of sufficient scale to meet the Company’s financial return objectives. Coupled with the moderation in graphite concentrate prices, the Company was not able to negotiate suitable new contractual terms to justify extending the purchase option. The Company withdrew from the project after spending A$1,055,123." (Sayona Financial Report 30 June 2016)
What makes this insulting is that only weeks before, in its 11 May Ann, Sayona boasted about its Itabela Project:
"The program has verified the results of the historical drilling and confirmed the extension of mineralisation to depth beyond the limit of previous drilling."
That contradiction aside, they are simply wrong about the price of graphite concentrate.
Management has wasted valuable cash and our trust...
Finally Management tried to clarify what happened in Brazil's...
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