It was disappointing to read now that we have had issues with...

It was disappointing to read now that we have had issues with Tormin and Skaland during the June QTR,

I would have thought that the loss of production due to road upgrades and minor equipment breakdowns (Skaland) and the issues at Tormin with the seawater intake and the breakdown of the crusher for the inland would have warranted an update to shareholders.

Anyway, after reading about the issues in the mines I was surprised our cash reserves had increased and our debts had reduced, this is very positive when you read how much the production was impacted at both mines.

Tormin.

As you can see below, the material processed through the GSP/SCP (second stage processing at Tormin) was around 1/3 of the production rate of June 2022, although the production of ilmenite, Zircon/Rutile concentrates is significantly higher. once these issues are resolved the production of concentrates will be significant once they hit the production rates of ~180k per QTR

I don't think we will have too many complaining if we are producing 30-40k tonnes per QTR of Ilmenite and Garnet Concentrates and 6-9k tonnes of Zircon and Rutile.




Skaland

After seeing SYR's QTR report, I was half expecting Skaland to be placed on C&M due to the decline in the graphite market, Although it appears sales are still strong in Europe and the explanation for the decline in production were the issues with the minor mining equipment break downs and road access to the processing facilities.


I have to say, seeing they have increased the purity of the graphite to 98% is impressive. Skaland is a smaller flake graphite mine, our -200 mesh has typically 80% carbon, and having increased the average to 98% means all of the graphite produced grades have significantly increased in purity, which obtains a higher sale price and will be perfect for our anode developments (less purification required)