Thanks for the detailed reply. I've never invested in a company...

Thanks for the detailed reply.

I've never invested in a company this small before. My second-smallest holding has a $1 billion market cap. And financial analysis isn't my strength, so I try to read and write as much as possible to educate myself about companies I'm interested in.

I read once about small mining companies which aren't at production stage yet (junior explorers, I guess) that their actual product isn't gold, nickel, etc., it's ASX announcements -- generating interest in its operations until there's something tangible to report (mineral production numbers). Somewhat like Delorean's situation now, except without the updates!

We only received an update this year when the cap raise was announced. It was under subscribed, the cut-off date was extended, and I received 2 SMS from DEL, emails from a Delorean employee, and emails from the registry requesting my participation. It surprised me how hard they pushed that to raise as much as possible.

I love what the company is doing. It's fascinating to read about creating energy from waste. And I'm probably completely naive about investing in small market cap companies and expecting BHP-type investor relations. I'm not what you'd call 'a sophisticated investor' when it comes to micro caps. So I'm willing to let a lot of stuff slide and just let the situation play out. For some reason I trust management. They come across as professionals. I like the website and the conference videos.

I'm not angry, annoyed, or even frustrated. More like bemused at the situation and wondering how it will finally get resolved. My holding is really small. It's a company I'd love to buy more shares in and hold for the next decade, enjoying the compounding and growth I suspect DEL has ahead. But I want to be fairly sure it's on the right track before pumping too much money in at this early stage. I bought a very small amount of shares to help me follow the company, with a view to buying a proper amount later, depending on developments. I'm probably impatient about wanting to increase my holding!

I also think we'll get the funding (in some form), and that the share price is likely to rally hard on the news. When it happens we'll all be kicking ourselves for not having loaded up at 11.5¢. At least l will be. I keep thinking I should just buy another small parcel this week!

My comment about the pipeline assumed DEL would be working with a local council, or building on behalf of another company (eg. the Blue Lake Milling SA plant). The pipeline is now $500m. On the DEL website there's an extra 12 projects in yellow colour on the map across Australia. I (perhaps incorrectly) assumed we could lose some of these potential projects to competitors if we are unable to finance them.

Hopefully other holders don't thing I'm trying to be unnecessarily negative. I'm trying to better understand the risk/reward situation. For some reason I took a liking to this company and am trying to educate myself about the industry and the opportunity ahead for DEL and for shareholders. I also agree that it is looking very cheap. The market seems to be presuming none of the projects go ahead.

I remember you saying once that DEL are mostly in the more stable WEM not the NEM so hopefully that insulates us from the crazy pricing and shortages in the eastern states.