Ann: December 2023 - Quarterly Activities Report, page-24

Well, he's been pretty much only taking away here, over the last 2 years.

80 cents to 12 cents over the last 2 years, and if there are further delays then the trend is likely to continue, and in another year it will be somewhere between 5 to 8 cents.

They estimate a 2 year build to reach production, but by the time they start there is likely not going to be any need for lithium batteries, but the boron should be ok. This is what the eco-extremists are hoping their legal appeals and subsequent project delaying tactics will achieve.

INR are still hoping to start construction in CY H2-2024, which could mean somebody digging a first hole on-site with a small hand-held shovel on 31st Dec, 2024.

My expectation is that reality will once again come back to hit these guys sometime in 2024, when once again, and true to form, the government bureaucracy kicks in, and when the eco-extremists launch their further legal appeals, and the (very) slow moving court processes once more take an age to come to some sort of conclusion. There will probably be more committees formed, and more reports written on this project this year, than you can shake a leg at.

My current estimate, simply based on past events, is that first production may occur in 2029 or 2030.

It's not worth selling these shares now, just throw them in the bottom draw and forget about it for years to come.

80 cents to 12 cents over the last 2 years is a very telling story-line, and not a pretty one.

Go back and do some research, and look at the historical announcements.
On the 21st of November, 2018 they reported this :

"Annual production for the Rhyolite Ridge Project is planned to be 20,200 tonnes of lithium carbonate and 173,000 tonnes of boric acid. First production of these critical materials is expected in 2021."

They are now estimating first production sometime late in 2026, with full production kicking in sometime in 2027, that is Six (6) Years later than their 2018 estimate and announcement - yep, 6 years.

It's hard to believe that it has come to this, isn't it?

How much faith then, can shareholders be expected to put in, their statement that they "hope (fingers crossed)" construction might start in the second half of 2024. Are the people running this company still dreaming, still off with the fairies, still peddling hopes and dreams to the plebs and the poor? What sort of mental jolt does it take for some company directors to start dealing with objective reality?

"Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning." (Albert Einstein)

Gw