Ann: Quarterly Activities Report, page-3

Really interesting reading.

So they have finished the mini PCAM test plant and begun manufacturing PCAM for batteries.
Note that the PCAM plant cost money to complete and man, additionally this will be an ongoing infrastructure and maintenance cost until dismantled.
But there's more, I quote.

(It is worth reiterating that the offtake quantities covered by the agreement with LG
Energy Solution will account for 100% of the projected future production of the Sconi
Project over its first six years and be supplied in the form of a mixed nickel-cobalt
hydroxide precipitate (MHP). The single condition precedent in the Agreement, states
that Australian Mines is to secure financing for construction of the Sconi Project by 30
June 2022 (or such later date as the parties may agree).)

So the money you are spending on PCAM is wasteful having committed 100% to a binding MHP agreement for 6 years, your offtake agreement is worth $0 upfront and pet projects continue in a very costly manner.

Not too much is happening and the cost keep running at full pace, you are responsible in full to secure 100% finance WOW well done.

With regards the demerger of Flemington and Thackaranga, I suppose that is an open acknowledgement that they cannot spend money on them and are throwing in the towel, Who wants a cheap patch of dirt with possibility of nickel or cobalt.
Good luck all.
RED