On a bright note the demo plant seems ready for operation however they have not got their act together for the labour to operate it. Unfortunately, another failed milestone/target date. We shouldn't be surprised.
Demonstration Plant limited operation is anticipated to commence once LMG has completed its refinancing. The aims are to achieve steady state production, obtain essential data for Stage 2 approval, and produce Magnesium Oxide and secondary products in sustainable quantities.
and To support the immediate funding needs for the plant restart, LMG will sell some 4.3 hectares of excess land at its Tramway Road site. Jones Lang La Salle has been appointed to manage the sale, with expressions of interest to be sought in February 2025.
In other words, they couldn't raise the money to operate the demo plant so they have to sell some of the land(4.3 ha) and expecting about $5M from that sale. They will be calling for expressions of interest next month. We don't know when they willhave that money in their account - depends if and when it's sold and the transaction completed. We don't have a new target date to recommission the demo plant.
They paid all of the tax rebate off the loan - I'd say it was a condition for the loan extension.
I'll have a more detailed look later - but it's clear they are short of money and have misjudged the labour market. Well, at least the plant is finished for MgO operation but still means no revenue until it operates while expenses continue.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)