Have to agree with you Pat.A bland report that basically says...

Have to agree with you Pat.
A bland report that basically says nothing other than " we have not achieved the pre conditions for start up" by end of May like we planned. Very ambiguous and loose langauage which tells me the reality is that they have no idea when they are likely to start up. They have to wait for EPA approvals. They don't know when that is happening and that is a prerequisite for the remainder of those items to happen - because "those other items" cost money so they don't want to start them until they have that EPA approval, so they don't burn too much cash. What they should have siad from the outset was that they expect to start in early July to give themselves time, and if they started earlier we could have celebrated a momentus early achieved target date!

Let's read between the lines

1. Provide reporting conditions to the Environmental Protection Authority (EPA)
Waiting on EPA - they submitted their papaerwork too late or were over optimistic on the re-start date. Early July woiuld have been more appropriate.

2. Secure the appropriate operating labour at suitable commercial rates
"LMG is confident of shortly finalising a labour position that will be supported by the unions, supporting contractors and the community to allow us to commence engaging labour". They have not agreed on the labour rates so how are they going to contract/employ staff without knowing what they're being paid?? They were supposed to have sorted the EBA by April according to the earlier quarterlies.

Further; Development of operational processes and procedures is nearing completion, with final reviews being conducted in collaboration with LMG’s safety and management teams. These will underpin the onboarding and training of operations personnel in the lead-up to start-up. So, they have not finalised the operational procedures yet!!. When they eventually hire the people they will need time to train them in these procedures to safely operate the plant! Back in January they siad: Development of operational processes and procedures have commenced and expected to be
completed by early 2025, well we are well past early 2025.

3. Finalise the completion of the ash stockpile.
Can't see how they can finalise the stockpile without EPA approval - but they are implying they have the trucks and loaders ready - I'll give them teh benefit of the doubt.

4. Reinstate the management team and arrange attendance of vendor technical personnel
Note they say "some key members of the site management team now reinstated". Well how many is "some"?? It can be anything from one to all minus one. Do they have enough to oversee operation of the plant?

5. Assess inventory and restock reagents as required.
I guess they don't wnat to hold too much stock because they don't know how long it's all going to sit there before use. An inventory of reagents has been undertaken and there is sufficient inventory to commence operations. Suppliers are ready to supply reagents as needed during commissioning and ramp up. Enough for start up - does that mean couple of days or couple of weeks??


One thing I can say - LMG is one of the most performance consistent companies that I have ever invested in - they have consistently failed to acheive every target date in the last 5 years. You would think by now they would have polished up their judgement but they consistently over-state their achievements and use loose language to hide the uncertainties and failures. If EPA come back with more questions, then it will be even morte delays and cash burn (though I expect LMG will try and hide it for as long as possible).

The market is telling us the next level of support is at 0.8c. I expect we will grind our way down to that level if we are held in an aura of silence.

The big dilemma is, should we see it as an accummulation opportunity?? How much cash are they burning each week until start ??- An update on teh land sale would have been useful.

Hang in there fellow holders. I know it's getting more and more difficult to "Keep the Faith"