Wow!
They still can't get things right.
"During the period, the Company achieved significant milestones in advancing its world-class vanadium and uranium
project in South Korea via its 50% holding in Korea Vanadium Limited."
If you count losing or relinquishing all of one, and the majority of another of their "three key projects" and giving up on their main project, Daejon then yeah I guess they count as achieving "significant milestones".
From page 27:
30 June 2019
During the prior year the JV relinquished:
- Gwesan Group including Gwesan -125, -115, -124, -117, -118, -114, -126, -128 in total 8 tenements;
- Miwon Group includes Miwon -36, -46, -58, -37, -47, -57 in total 6 tenements; and
- Daejeon -27, -47, -57
So in the previous year they relinquished all of Miwon and all but one tenement of Gwesan. So at most that left them in 2019/2020 financial year with two projects, not three as they keep referring to in all their announcements and even in the Annual Report review of operations and in just over a month their Daejon tenements expire leaving them with just the one Gwesan tenement
In terms of their Vanadium Redox Flow Battery, not even the slightest mention of Margaret Lake Diamonds transaction. They mention the funding project with KITEP but they have not announced any results in about 18 months, did they meet their targets by the end of the 2nd year in the program?
"KORID Energy Limited (KORID Energy), which is 50% owned by the Company and DST" but is not listed at Note 7. Investment in Associate, Note 8. Investment in Joint Venture nor at Note 22. Interest in Other Entities. Also, the battery technology on page 22 is listed as having no value!
POW did their trial at Perth based Ozlink Industries but no mention of any follow up on that, also at the Margaret Lake Diamonds agreement signing ceremony in January 2020 the DST Co director thought that Ozlink still has the battery.
I see that Matthew Foy still has completed a Bachelor of Commence, not Commerce.
I love the bit about Covid:
"The Board has implemented a work from home policy and limited travel."
How is that any different than how things were before Covid? None of the board were ever in the "office" when you ring and it's not like they have any executives or employees.
Wow! Only THREE board meetings held in twelve months! I guess the NEDs wouldn't want to meet together, might be hard to socially distance when there is only three directors.
Don't believe me, look at page 21, no employee expense, the only costs documented relating to employees are director fees.
As I anticipated a capital raising is going to be required and page 41 confirms this view:
"management is in the process of evaluating the option to raise capital through either equity or debt."
(20min delay)