Ann: Product Qualification Facility Commissioning, page-30

I now suspect the 600tpa German pilot commercial plant was built the same way that Kwinana was - it wasn't.

The announcement below was from Jan 2018. If you read it quickly and it notes a 600tpa commercial plant however on a more careful reading it notes the board approving a pilot plant of unstated size that "will" be expanded to a 600tpa plant.

Whatever Ecograf built in German was either not of scale, was using temporary leased equipment or was put in an extremely odd place in the financial statements. Purchases of property, plant and equipment are almost always recorded as investing cash flows within the cash flow statement. They then are part of Property, plant and equipment assets and a separate note to the accounts breaks these down into different asset types. While Ecograf (Kibaran) noted the completion of the German test plant in the June 2019 AR, the financial statements don't show any corresponding investing capital expenditure payments or fixed assets. This strongly indicates the test work was all opex costs and contracted out (or using leased equipment). Ecograf gained the knowledge about what would work and some processed samples but didn't end up owning a whole pile of processing kit.

I'd therefore be surprised if the pilot plant was taking 6 year old equipment that didn't even make it onto Ecograf's balance sheet to build a genuine pilot plant in Australia.



From the June 2019 financial statements -



From the June 2019 AR: