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4.2¢ magnis energy technologies ltd

Ann: Quarterly Report and Appendix 5B, page-44

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TopSahara

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31/10/23

12:21

Post #: 70638404
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Originally posted by Cosmoterios: ↑

We spent tens of millions building up the plant

We spend tens of millions constructing the batteries, testing it and getting approvals from potential customers and authority.

We supposedly have offtake customers

We got certification for the batteries

We got approvals to export

We supposedly have a workforce of circa 90 in iM3NY. "Over the period iM3NY increased its head count from 57 to ~90 at the end of the accounting period" (per annual report, page 5).

Yet, the plant for the quarter was effectively idle. There was ZERO production cost for the quarter (previous quarter was $5M).

There was over $2M in staff cost - just like the previous quarter.

What the hell happened?

Are we Not supplying batteries to offtake customers now?

Has the multi-million plant been shut down or become idle?

The company need to explain why NO SALES!!!
Why No Production for the quarter?!?

Did we cut the workforce to save costs?

How can the company sustain paying wages to circa 90 staff with ZERO current production and ZERO sales?

There is ONLY $15M left.

How long are we going to last with the huge debt hanging over us?

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Cosmoterios, your post is 101% correct, what I cannot believe the ASX is letting them trade, this mob has been a train wreck for months now.

MNS Price at posting: 5.8¢ Sentiment: Hold Disclosure: Not Held
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Ann: Quarterly Report and Appendix 5B, page-44

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