My questions & thoughts to management - Does the DFC legal DD of...

My questions & thoughts to management -

Does the DFC legal DD of requiring more info on chemical plant ownership structure mean they need to see chem plant funded or just an indication from management on who might be offering debt and equity?

What explicitly are the main factors that have caused FID to move from Mid 2022 to mid-late 2023? If costings and engineering were only finalised in December, how would have FID occurred in Sep?

Once the IE's updated report is accepted by lepidico. Approximately how long will it take commercial lenders to conduct due diligence which apparently began during the quarter, (which is confusing as we've apparently been in discussion with lenders and LionsHead for 2 odd years)

At what stage are discussions with tier 1 consumers regarding offtake? The wording "working closely" does not provide an accurate representation of the progression of discussions. The report is able to discuss progress of financing yet does not regarding offtake, even though I'm assuming both are under NDA's. Are offtake discussions at an early stage? Are term sheets being made/exchanged? Is legal due diligence being conducted? The report does not provide guidance of when binding tier 1 offtake is expected to be achieved. If discussions are at a too early stage for guidance, this should also be explained to shareholders.

When the report states that 3rd party mica is being evaluated. Is this purely on an internal level? Or is lepidico actively engaging in discussion with external suppliers?

As FID is being delayed and options nearing expiry, is it reasonable to more closely contemplate a capital preservation strategy to account for delayed FID?  I'd imagine exploration drilling is one of the larger expenses and could be pushed back to post FID


Personally I think the offtake and finance guidance by the company has indicated poor governance and poor market signaling from management. The evidently ambitious targets of the last year have manufactured expectations that by repeatedly being broken have harmed shareholder wealth.

It is eye-opening to think that FID was being targeted for Sep qtr 2022 when control estimates and FEEd hadn't been completed till November and DFC legal DD didn't start till Jan 23.