"There's never been any hard date target for the samples..."
That's not correct ura_bull!
The forecast samples delivery is now 6 months overdue.
There have been six extensions to the timetable, with little explanation, although the recent delays are clearly at least in part due to SKI coming on board and probably requiring adjustments in the 'recipe'.
We were initially told, on 28 Jul 2017, that the samples would be delivered in November 2017.
Then in the 27 Sep 2017 Annual Report, it stated delivery by the latter part of 2017.
This was further refined to December 2017 in the 31 Oct London Investor Roadshow presentation.
Then extended to January 2018 in the 13 Nov 2017 AGM Presentation.
Then, in the 31 Jan 2018 Activities Report, it was moved to February 2018.
Then in the 21 Feb 2018 RIU Explorers Presentation it was adjusted to March 2018.
And finally, in the 30 Apr Activities Report, it was extended to ‘in the coming weeks’.''
This pattern of delays – and their cumulative length - is not the end of the world but is a cause of concern as it suggests that the team is not 'in charge' of the process. It needs better explanation.
Here are the full details on the relevant announcements:
28 Jul 2017 Jun Activities Report
Construction of demonstration-size processing plant underway
On schedule to deliver commercial grade cobalt sulphate, nickel sulphate and scandium oxide products to potential off-take customers this November
27 Sep 2017 – Annual Report
In response to strong preliminary interest from prospective customers across Europe, Asia and the Middle East, Australian Mines began construction of a demonstration-size processing plant in May 2017.
The plant is expected to begin producing commercial grade samples of cobalt sulphate, scandium oxide and nickel sulphate in the latter part of 2017. Australian Mines regards production of these samples for assessment by potential customers as significant in expediting future off-take agreements.
31 Oct 2017 – London Investor Roadshow
Construction underway of Demonstration-size processing plant in Perth, Western Australia
Will produce saleable cobalt sulphate, nickel sulphate and scandium oxide samples to progress our negotiations with potential customers
First commercial battery grade products scheduled to be delivered in December 2017
13 Nov 2017 – AGM Presentation
First commercial battery grade products scheduled to be delivered in January 2018
31 Jan 2018 – Dec Activities Report
Delivery of cobalt sulphate, nickel sulphate and scandium oxide samples to potential off-take partners from February 2018
19 Feb 2018 – SKI Announcement
Australian Mines is now working to optimise the Sconi Project’s mining production profile and engineering plans for the processing plant in line with the above offtake volume
21 Feb 2018 – RIU Explorers Coference Presentation
Will produce saleable cobalt sulphate and nickel sulphate for validation by SK Innovation in March 2018 & scandium oxide samples for other interested off-take parties
30 Apr 2018 – Mar Activities Report
The demonstration-size processing plant in Perth, Western Australia commenced operation in March 2018, and the Company is on-track to finalise the delivery of 160 kilograms of battery grade nickel sulphate and 20 kilograms of high- specification cobalt sulphate samples to SK Innovation in the coming weeks
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(20min delay)