Ann: Investor Presentation - RIU Explorers Conference, page-3

the actual presentation (which you can find on YouTube) is depressing.

Finally from what I can gather mgmt thought that this whole mining thing was super easy, build a plant, ship it and get the money. They have essentially over promised on the project and their expertise, and delivered a consistent 3.5 years of negative returns to shareholders.

I could not believe in the presentation Alf talks about how he has travelled the world talking to Kaolin buyers... but only now after sinking millions into the project have they discovered the product in-situ doesn't line up with customer demand.