Ann: Request for Extension of Voluntary Suspension, page-9

They haven't been honest with the market at any stage. Even the most recent announcements are total BS. From the Dec 6 update "the Company believes it may have to change its production ramp-up program of heavy mineral concentrate (HMC), which will as a consequence, defer production of its full suite of final products.". This is nonsense. Its "production ramp-up program of heavy mineral concentrate (HMC)" just means running the WCP which has nothing to do with the MSP at all. They are trying to spin that if they shift their focus to the WCP and then worry about the MSP later once the WCP is up and running that everything will be good , even though WCP throughput has been stuck at 55-60% since Q4 last year and they didn't start transitioning to MSP until Q2/Q3.

Dec 6 announcement:
"The Company may also require additional capital, in the form of debt and/or equity, in order to achieve the required ramp up of HMC production before determining what modifications (if any) may be required to the Mineral Separation Plant (MSP) to produce final products."
July equity raising:
"Offer proceeds will be used to fund ramp-up at Coburn to steady-state production, including the processing of HMC into final saleable products, as well as accelerate various growth opportunities"

It looks like the $20m of "provisional Coburn commissioning and working capital" was just eaten up buying time to sell final products and they haven't actually made any improvements except the $250,000 thing at the WCP.