Yes @RiplukA well written and concise report. Only a few typos...

Yes @Ripluk

A well written and concise report. Only a few typos compared to the past. It's a thorough report with far greater detail and transparancy. There are a few anomalies but nothing that rocks the boat.

A few takeaways that stood out for me.

A great deal of detail in regard to many delays. There have been delays due to, pauses in procurement, logistical and supply chain issues. Would not be surprised if the commissioning of the demonstration plant slips late into the third quarter. One mention of delays points to later in the year as there is no mention of the 2nd or 3rd quarter, only states "this year". I think the detail in delays was for the purpose of setting the scene for a later commissioning.

"As a result of the VE study, the schedule is currently being reviewed, optimised and re-baselined to account for the delays in awarding non-critical path equipment packages but is not expected to impact the target of commissioning the process plant this year, due to the strategy of focusing on awarding long lead critical path items and adjusting the resourcing level."

For some time I have said that my belief was the demonstration plant will be separate to the 10,000tpa + commercial plant. The commercial plant constructed as a separate line rather than expanding the demonstration line. I believe this is confirmed in the following paragraph:

"LMG has announced that upon successful commissioning of the demonstration plant, it plans to commence a project for Stage 2 with a capacity of +10,000tpa of magnesium. The Stage 1 project is not feasible to be expanded into the capacity of the commercial Stage 2 plant due to the very small-scale nature of a demonstration plant."

As @tropic picked up, the news that the demonstration plant loan will be fully paid back and LMG will have no debt for the demonstration plant is fantastic!

"LMG estimates that the rebate for the 30 June 2023 year should be in the order of $19M. This should be sufficient with the 2022 tax rebate to repay most of the project funding so LMG will then own 100% of the demonstration plant unencumbered."

Looking good.