agm vaporware, page-5

Darryle,

CNQ shipped two containers during the third quarter (19/7 and 14/9). That's why they reported revenues of $432k. Had they shipped just one container, revenues would have been $220k.

In February they said they were producing at 1500MTU/month and in September they reiterated this statement. If this was true, it would take us to 8 months * 1500MTU = 12000MTU = 11 containers since February. In fact, however, they shipped 5 containers only! Accordingly, actual throughput is LOWER THAN HALF of what the company pretends in its presentations!

Should they continue at this rate there'd be just one shipment during the fourth quarter, revenues would drop to $0.2M while expenses would remain the same ($1.2M) leading to a quarterly loss from production (excluding admin costs and other) of 1 million Dollars. Remember, cash at the end of the third quarter was $561000.

And to top it all off Mitsubishi had made an advance payment worth two containers of tungsten concentrate. So they could elect to not pay anything until next year.

To me it looks like this ship was going full steam ahead right into the quay wall.