Charles’ biggest problem is that he’s a finance guy, not a mining guy. He’s ploughed on naively thinking he was sitting on the best RE deposit in the world, when in reality the NdPr grade of Yangi is very poor. Add in the cost blowouts (with surely more to come?), dropping of the MREC plant to make concentrate only and it seems doubtful this will find funding anytime soon.
Meawhile, they’re half pregnant with an excessive management structure and a 300 room camp that needs maintaining for no immediate use and so will continue to burn cash at a faster rate than most RE wannabes. Sooner or later, when come back for yet another cap raise to keep the lights on, the market will say “enough is enough”.
HAS Price at posting:
31.5¢ Sentiment: Sell Disclosure: Not Held
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