STA (ASX) Ann: First Shipment of Chloride Ilmenite Completed at Coburn

Originally posted by Fredbear2: ↑

To go from an exploration entity to a production entity under the ASX Listing Rules, you need to apply to the ASX for a change in status (no obligation to change status by ASX, so you can have extra time to produce financial results). ASX will typically only permit a change when you can show 4 consecutive quarters of free cash flow generation.

I wouldn't expect these guys to change for a while.

I've tried catching the knife with these guys - tough operating environment (cost and people) but better transparency would be nice. It might be a while before they can regain trust and get a share price turnaround. Transparency and delivering quarter by quarter. I have a buy (long term) but feel this has got further to fall in the short term.

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LG has treated the market, and retail in particular, with misleading hopium in the face of numerous serious issues since the March Qtr. His sales pitch at Noosa (followed up with Shaws little buy report) days before the CR was a canine act, his Diggers Presso was cringeworthy delusional, and the issues plaguing Coburn seemed even a surprise to the covering brokers (who are inside the tent). His 'secret' Fungoni deal with Tanzania to commit US$8.5M to early re-housing and compo months in July, years or maybe ever before it gets underway, I'm not sure was reckless or ignorant deal making... but given the rap sheet of mistakes under his watch since commissioning I suspect the latter.

Yeah, there is lots of things to get fix and get back on track, lot of risk it takes too long, costs too much, and project assumptions were too optimistic... we deal with that and move forward. What really sheets me is hiding behind the excuse "stopping monthly updates on account of STA's new producer status" so those without contacts have to watch the share price for hints how the fix is going, while demonstrably not being at producer status. Not at producer status by ASX definition, but worse, still clearly at commissioning ramp-up stage/risk after a $35M CR and confession things are still only 50% nameplate production and bleeding cash...

They did make a First Chloride Ilmenite Shipment release, which I read as things haven't improved at all and probably went backwards in July-Aug. That's me doing my reverse math engineering to work out what is really going on, not actually a clear update. I confess to writing it up in a post but not sending, sometimes I'm in so much trouble I need to keep my mouth shut for self-preservation. I think it's completely outrageous on one hand admit recovery form such a stuff-up will takes months and months, yet on the other that critical monthly performance metrics the market needs to price in the recovery process will be hidden just for those who have contacts on site and head office. No wonder STA is almost unbid @ 16.5c... who has the confidence to know what the hell you are buying and why people are selling at 16.c

How to kill the share price or allow insiders to get out first aside, is it just me or is the hypocrisy an insult to retail and flipping the bird to continuous disclosure?

GLTAH