As I said the biggest issue I have is that I feel like Chris and the board have been completely disingenuous in they way they have communicated with shareholders, especially in relation to this project.
I have no doubt all of the things they have said were true, but my concern is about the truths that were known, but weren't told.
It has always been a $400m EURO project.
We have always understood there would be debt component (80% of which was underwritten by the govenment), and a portion of the project sold to fund the equity part.
How could Chris and the board not know what the expectations were for NMT's financial obligations in order to progress this project?
My speculation (because all we can do is speculate given the "half truths" we have received) is Chris was hoping to sell more of the project in order for NMT to not have to contribute.
The other thing that is infuriating is that this is the third strike in 30 days.
It is beyond disgusting corporate behaviour.
The Timeline of Half Truths and Failure
2nd October - Barrambie off take is CANCELLED
3rd October - Lithium Processing JV is CANCELLED
Now onto Vanadium Recovery
2nd October - everything is progressing fine, credit approval expected within the month
30 October - Vanadium Recovery is CANCELLED because we don't have money
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