Ann: Quarterly Activities Report, page-200

I think the report has good things and bad ones, both sides as expected :

Good :
1.- 50% More SC sold than the previous quarter.
2.- Tantalum Concentrate sales going up.
3.- Next quarter product sales flat.( Similar to AJM).
4.- Substantial improvement in recoveries, bringing the costs below the 400$ when producing at full capacity. The plant seems to be ready to make 100-300$ per ton at rated capacity ( we need the demand).
5.- Stage 2 long lead equipment purchased.


Bad :
. 1.- Soft market conditions.
2.-100 M US$ Debt. due in 2022
3.- 20M AU$ cash burn per quarter, IMO 2-3 quarters left to market conditions improvement prior to CR / refinancing is required.

I think blaming on the CEO is not a rational answer, nor the solution, to the problems we are facing; too many uncontrollable factors ( EV demand, oftakers with new converter plants, RCR in VA
, US vs China trade war... that’s real world, not an excel ).
With SC6 price of 600$, I’m sure every body would be very happy and KB the master of the universe.

SC demand will pick it up, nobody knows when, and we are running out of time, but are ready to take advantage of the opportunity. I think we’ll survive, may be with another CR to pay in full de debt once we see the mine selling SC6 like a crazy( I suffered A40 loss).

Good luck to all investors ! The ones entering and the ones exiting PLS.