Hi Kel, I'll try and not be too long winded. In the last CR we...

Hi Kel, I'll try and not be too long winded. In the last CR we had earmarked $1.4million for due diligence cost relating to achieving finance from a willing investor.
This money was not raised and so therefore due diligence is no longer taking place, as far as I can gather from previous announcements anyway. If you can show otherwise I would be interested if you could point me in the right direction

LPD say they generally have a lot of interest in the mine and P1 plant, really that can be anything from cursory to avid, who knows, that scenario has been thrown at us for years, nevertheless, shareholders should hold some confidence an answer to the finance problem will be forthcoming.

I just see that we have had previous potential lenders do due diligence to some level and obviously have now walked away.The DFC has still to complete due diligence so we can receive mine finance. They say we need to find a P1 investor that is not a foreign entity of concern before they continue due diligence. That door is shut until we find a strategic partner that is not a foreign entity of concern, so that leaves out the Chinese.

LPD say they want money to complete the concentrator and or flotation tanks , so they can sell concentrate to Chinese converters, who by the way are foreign entities of concern. So personally I can't see the DFC lending money for us to sell to the Chinese if they won't lend us money for mine development if we found a Chinese investor for P1

This has been mentioned many times before, If we can't get a binding offtake for Caesium and Rubidium, and it appears we can't because this endeavour
has been pushed into the backdrawer by LPD. Then how can we expect a strategic investor to enter into agreement for finance, The price we receive for the byproducts particularly the Caesium and Rubidum make or break the project

Where we really are is. (1) no due diligence is being done because we don't have the money to pay for it
(2) we have no binding contracts for important byproducts
(3) our cash on hand is now probably less that what it was prior to last CR
(4) Another CR to raise finance in current circumstances would be be a costly event and therefore not successful
(5) We have no way to cash flow, the concentrate on hand is too low grade
(6) We will need finance from a different source than DFC because Chinese are the only converters that can use our mica and they are a foreign entity of concern

I appreciate your thoughts but reality will prevail, and I will be the first to accept criticism if I have got it wrong . I am not particularly blaming anyone for the situation. However now that we have sunk to a $17mill company I think some of the remuneration, salary etc.is not justifiable until the situation can honestly be show to be advancing and not a beat up of words that are on rotation in announcements