As I am an aging person, a mere shadow of my former self, I tend...

As I am an aging person, a mere shadow of my former self, I tend to rely on evidence other than what my frail memory might provide.

Could I suggest that you, ncr, could well benefit from doing the same.

I could correct a few misunderstandings you seem to be promulgating. You could listen to the last annual report if you want evidence for what I might say here (see 2016 Full Year Results - Webcast and Presentation )

1. ORE did claim that equity raising would not be required. This is unchanged. ORE clearly indicated that funds would be a mixture of loans provided by existing lenders (indeed that they are keen to lend) and business cash flow, with the consequence of ORE retaining 100% equity in the expansion.

2. ORE has not claimed to be producing at nameplate. In fact they have explicitly pointed to the installation of the cyclone bank and thickener (currently in progress) to allow them to reach nameplate. ORE have indicated (in the webcast) that the primary circuit is currently capable of 65 tonne/day and the purification circuit 30 tonne/day. The upgrade will bring the output from the purification circuit to 50 tonne/day, thus in excess of nameplate. There appears to be an expectation amongst some on HC that ORE should already be producing "battery grade" at nameplate rate. ORE has not claimed that. We should wait to Jan 17 for that. ORE have claimed to be able to produce in excess of nameplate (ie 65 tonne/day), but left the reader to extrapolate that this excludes production of purified product. Maybe this is where you have become confused.

3. The evidence is that ORE have learnt along the way how to create an efficient production line. They have introduced improvements in Boiler capacity, Centrifuges and polishing filters, Heat exchangers, Acid wash circuit/parallel pipes, Flocculant dosing and settling ponds, Cooling in purification circuit, CO 2 injection points and diffusor design, and lastly now in the Cyclone bank and thickener throughput. They now have a system they can simply replicate with minimal risk.

I share with you a distaste for the rather circuitous path the ORE has taken over a rather long time to get where we will be in Jan 17. And because of this I am somewhat relieved that a decision has been taken to simply replicate the line they have as this almost eliminates manufacturing risk, rather than go for a larger capacity line which may necessitate a new design. The hydroxide plant is wisely considered an extra, located in Japan with zero sovereign risk.