A very good rational post NFF and I'll endeavor to try and give...

A very good rational post NFF and I'll endeavor to try and give some thoughts on them however in hindsight we would all have done things differently.

1: The last time we were at 30c was around Sept 22, we were under a different management ( also a board member), prices were still firm and we were still building the plant. Basically a different world and a long way from considering a review, construction was on schedual and within budget. The review was related a continuing collapse in prices combined with the ramp up costing more and taking a longer, a perfect storm.

2: Its always better if you can raise from a higher price but when your raising money from larger players, they call the shots.
There is always gossip and speculation around CR's but when you need cash , especially large amounts in a tough market, it comes from BEOT not from traders on HC.

3: There is a lot of speculation around PLL and I take it with a large grain of salt, they have their shareholders to keep happy but as it stands both partners need NAL to survive and prosper. SYA are operator and both parties appear to be working well together as they need to. The pump and dump at the time of PLL selling out of SYA was hardly unusual , PLL needed the money and wanted the best price possible so their brokers would be tasked with that job, it often happens leading up to CR's as well.

4: very much a matter of opinion but a couple of things happened after JB took over as interim CEO, the concentrate price continued to collapse leading to a review on whether we continued on or went into C&M, so its hardly unexpected that the companies survival may have taken priority.

Who knows what difference a new CEO will make but we will find out, in the meantime the CEO we do have is going about doing what really matters and that is, along with Sylvain, reducing production costs and proceeding with whatever talks may be going on in the background. It's what CEO's do and the committee assigned to finding a new Chairman and CEO will be proceeding...a change in CEO does not guarantee anything in the short term as one can see with CXO and cant in the lon term either, if you cant sell above the cost of production on anything other than temporary basis your toast.

As for JB being reactive not proactive, the past year required both IMO, reactive in raising cash and proactive with the review, this is not about MOBLAN or Refineries at NAL its about survival at the moment IMO.

Cheers Whisky