Took me a little while to track it down.DEL provided an update...

Took me a little while to track it down.

DEL provided an update on the market on 23 December 2021 - ASX Announcement was titled (DELOREAN CORPORATION’S PROJECTS UPDATE).

On page 3 of the report in relation to VIC 1, DEL commented:

''During Q4 2021 final council approval was granted for this project. Delorean’s Infrastructure Division has since progressed geotechnical and site accommodation upgrade work. Orders for long lead time process equipment have also been placed and steel for the tanks has arrived on site.''

I don't know if I am going crazy or what, but how can a company make a statement on a project in December 2021, and effectively repeat the update in February 2023.Not to mention the reference to geotechnical and site accommodation works.

Can someone explain this to me?

Do we trust that this time is all actually all happening?
If final design for the project is currently being completed - how could tanks have arrived on site (as per Dec 2021 update)?
Don't you need to design the tanks first before you can manufacture/order deliver them?

Financials review - key observations for 1HFY23

1. NTA 5.03c down from 7.93c
2. Engineering division actually managed to scratch out a positive underlying EBTIDA contribution for the half
3. Infra division underlying EBITDA break even effectively
4. The P&L is still so messy with LDs/Write downs and other one-offs.
5. Short term liquidity and balance sheet looks OK (hopefully FID is not far away and we'll recoup the sunk devex on VIC1/SA1)