Here we go again, love your work Lewis.
“Broken away from this sector”?? What does that mean? Lewis says it’s very important. Does anyone know what he means and why its important?
“I probably should of also added because I never considered it extreme cold because unbeknownst to me extreme cold… but you can’t actual work when it’s -20c or less … you can’t handle steel bar….we have lost probably 2 or 3 weeks.”
First what great foresight from the CEO. Only had the project for 10 years and didn’t know that the cold would impact the workings. 2 or 3 weeks behind? The gantt chart was changed between Dec presentation and Feb presentation by 6 months.
Lewis goes on to imply that his mine will work straight out of the gate. “This idea that you can open a mine and it doesn't work pretty much as designed out the gate is insane it has to do that it cant be in 12 months or 18 months, oh you know we’re still looking at this we’re doing that, thats not how this works at all”
Righto lewis. What happened to putting Los Santos back into production in 2023? You just said earlier this presentation that you don’t have time and there is only 1 of you. Seems like it works exactly like that. How did wolfram camp work out for you? Do you remember when you stated Sangdong would be in production in the second half 2020? You just pushed out the plant completion by another 6 more months.
“There’s really only us pretty much left” Did you forget about EQR? Their current production is multiples of your current production.
“We are considered by the market as the last man standing “
Then 1 minute later he goes on about “despite all the abuse and grief we get from our competitors “ Are you the last man standing and there is only Almonty left? If so who are these competitors you speak of?
“We are the only company in tungsten that has direct government involvement” No you're not Lewis. The Tasmanian state government is a shareholder of G6M. EQR has been awarded multiple grants from the government and awarded the Wolfram Camp project from the government. What has Almonty got?? Oh you got a loan that you have had to delay payment on multiple times and I expect will need to again very soon.
“Our mines have always made money” Did Wolfram Camp make you money? Almonty the entity hasn't posted a profit for many years. Where is the money that is made? Debt keeps on climbing, script keeps on climbing, losses keep on occurring. But for Lewis that's no concern, Almonty's mines have always made money.
“We are making decisions for the shareholders me, not for the management” How was the extending of the in the money warrants held by management (Lewis) in the best interest of the shareholders? I guess he forgot about that, to be fair it was 10days ago.
“We’ve only ever worked with EU, US and Japanese customers …… we are not saying that we don’t respect our Vietnamese and Chinese customers” ….????
The following must be music to shareholders ears
“I didn’t want to do the raise but I had to because I had to fix this problem but I don’t want to do any more raises this is it we’re now on the finish line you know I don't have interest in further raises you can hold me to it “
NO MORE FURTHER CAPITAL RAISES FOR ALMONTY. YOU CAN HOLD LEWIS TO IT.
Feb 27th “Sangdong opens shortly in two to three months” and It is going to work straight out of the gate. Good times ahead for AII shareholders.
Not a lot more to say. However it is of note that Lewis skipped over slides 21 and 22 which clearly show the extra costs and delays since the December 2024 presentation. I wouldn’t expect anything less.
GLTA
(20min delay)