Unfortunately (and I did mention this at inception), the...

Unfortunately (and I did mention this at inception), the shocking deal they did with the US is now biting the company in the backside.
They will simply draw down in parcels, allowing enough of a buffer to dump them all between the current price and THEIR price …. With the latter providing the SP floor, only to be rinsed and repeated.
Nevermind tax loss selling, with almost every single holder fitting that potential category.

If they didn’t spend money as though they were US Congress, we’d be in a much better state of affairs SP wise.

To date, in terms of shareholder value, they have failed miserably.

Their adherence to timelines is revolting. To state in July 2022, that preFID funding would be resolved in 3 months…. And then FID in 6-9 months …. Only to have neither in almost 11 months …. That’s on Phil.

They went on a rampant hiring spree last year, the delays have likely meant a lot of highly paid professionals sitting around and twiddling thumbs …. Again, another failure by Phil. Particularly given the cash burn and subsequent CRs.

I’m still confident that they’ll get a deal done. But this deal will need to be pretty close to the 30% (incl PREFID) and on good terms, with these delays. Or else management reputations will be damaged beyond repair (and rightly so).
Thankfully Barrenjoy are onboard.

I also suspect that if they aren’t receiving the $1M until EOFY, they may need further funds prior to this, based on the recent quarterly.

Management, it’s time to finally add some shareholder value and finalize whatever deal you’re working on.
Then get the BFS released and release and updated timetable.
And FFS, before you release the timetable, actually take the time to sit, think, and put in conservative ETAs.



All IMO etc etc


Cheyne