This is an awful full year results, If there are no sales between now and end of year I can not see this sticking around much longer unless they start selling off things like % of IM3NY and focus more on AAM and Nachu. 70Mill plus loss.
I do accept that certification was slowed in part because of the IRA causing a rush for many to get certified as stated in the report, makes logical sense.
This quote is the only hint of something positive to come from IM3NY: "Also, in anticipation of certification one customer, Sukh Energy has agreed a delivery schedule which will commence in. the second half of calendar 2023. The sales team has continued to focus on obtaining deposits and locking in initial
delivery dates once other customers have completed their internal testing".
One would think customer DD period for the batteries would be very close to finishing or in some cases done and well they've been told they don't want IM3NY batteries.
This is a positive quote regarding Nachu: "Uranex Tanzania Limited, a wholly owned subsidiary of the Group has progressed a number of infrastructure projects such as ponds and dams within the Special Mining Licence boundary. Also the company’s resettlement program utilising Italframe
Limited, a Tanzanian Registered building contractor overseen by project consultants, Norplan Tanzania Ltd has seen the
completion of the construction of the Eco-village to house the 59 families that were living on the special mining licence area.
It is expected that the relocation of the families will be completed during this financial year, which will ensure there is no
impediment to commencement of mining. To facilitate the commencement of mining on the special mining license financial
advisors HCF were engaged to assist with the funding required to acquire the machinery and fund the infrastructure
necessary to process the natural flake graphite once it is mined. This is ongoing"
Hopefully they can progress Nachu more this year.
I'm trying to be impartial here, not ramping or downramping. Things just really aren't looking good and will continue along this same trajectory unless there is sales coming or some other meaning full announcement brought to the market hence why I got out quite a few months ago. Still watching this space in case of any interesting developments. Honestly not impressed by management and Frank, the only nice thing recent from him was adding more skin in the game from a CR and on the market. All of this is IMO DYOR and once again not ramping or downramping trying to be fair and neutral.
(20min delay)