disagree, they dont explain why the financing was held up or at what stage of the financing they are in, it's just 'progressing' and 'expected' soon. you can also check that the stage 1.5 expansion itself is behind schedule from prior announcements only 1 year earlier in the Dec 2022 qtrly:
Ardmore Stage 1.5 Project The scope of the “Stage 1.5 Project” is the upgrade of the existing plant and associated non-processing infrastructure to produce 625,000 tonnes of beneficiated high-grade concentrate per annum. Project team recruitment, procurement and execution schedules have been developed for a Stage 1.5 and are being progressively implemented. During the quarter, detailed engineering design was substantially completed on updates to hydrology models, tails storage facilities, product screening, flotation and drying systems. Work on optimising the Ardmore to Townsville logistical leg in conjunction with the existing logistics provider, Aurizon, is ongoing in order to ensure sufficient material transport capability exists as Ardmore progressively ramps up. Implementation of the Stage 1.5 Project is expected to be complete by March 2024.
well i reckon the cfo is really buggering it up then isnt he? i wouldn't care if they spend money to cover gaps in expertise like i mentioned in my previous post. i'm more pissed off it's not done by now. a consultant also does way more than tell you the basics of financing, they put together IMs and use their network of contacts to get a deal done. ardmore can barely service the existing export finance facility, so of course a lender is going to look at how much more cash/revenue 1.5 is going to add to the project economics and lend based on that. otherwise they have no ability to borrow anything. how far did you make it in your finance career?
CXM Price at posting:
6.9¢ Sentiment: Hold Disclosure: Held
