Karl,
We all know the biggest mistake here was starting construction without a fully funded FID.
Since then there has been ample opportunity for people to exit. Those entering since knew the details if they had done their research.
Lithium is asbestos currently. The dilution has occurred to keep the project going. This is not hard rock. You cant pop a couple of security guards on the mine gate and leave a couple of mechanics to oil and run the conveyors, mills and crusher etc.
The ponds are filling. They need to keep things going. The inventory cant sit there for ever.
When did you enter the register??? The financing issue has been around for ages. Hence the ATM facility.
In regards to working capital, the ATM facility is still available and could be continued if Acuity want to. To date they seem to have been happy with its use. To cancel the 15m shares pre issued for this facility actually requires SH approval to CANCEL. It will be there until a resolution is put to holders to cancel. Cameron Staunton has made a scullion on Li. I like the idea of a winner backing GLN.
I believe Ocean Partners may offer finance, quite possibly for additional Offtake. They are not a small outfit. But not too big to screw us too hard like Glencore.
I am NOT annoyed on the deal. This has likely been in the back ground for some time. Chemphys could have been the equivalent of the AJM secured creditors in a black swan (covid like) event. Good riddance to the Chinese.
As for the reduction in phase 1, this has been the plan since sept last year.
We have been working to Phase 1.1 for a while.
TODAY
SEPTEMBER 2024
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