NMT neometals ltd

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7.2¢

Ann: Vanadium Recovery Strategy Update, page-34

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ProCapitalism

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30/10/23

15:27

Post #: 70618635
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Originally posted by thecrabpest: ↑

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

Expand

They could have borrowed a little bit more as "working capital" when the lead financiers provided the capital. Construction was due to start ASAP after the financing deal. Hell, if I was a CEO I would beg, borrow & steal money for working capital, if the lead investment banks provided the cash for a VRP.

Telling shareholders they don't have the money to fund a project, all while blowing hundreds of millions of dollars over the last 6 years, just doesn't cut it for me.

NMT Price at posting: 23.5¢ Sentiment: Hold Disclosure: Held
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Ann: Vanadium Recovery Strategy Update, page-34

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