Brett, "I just want to ask why you think there will be a raising...

Brett,
"I just want to ask why you think there will be a raising when we all would have thought the loan is there to
get us past the point where we would have to?"

I explained this in another post, where there are different aspects. The ore-sorter had already been procurrred when the loan was first applied for. As it (the new one) is in addition to what was needed, there is extra cost straight away. Then there are all the wages being paid, in a time period well in excess of when we were meant to be getting income, so more money needed for this. Then there are all the unknown contingencies that must be allowed for.

When you look at the big picture, you see the first part of the processing plant, the crushing curcuit not completed without problems, therefore costly (wages at least) delays while repaired (even successful legal action will leave the company short of the full cost, it always does), the next bit ore-sorter, all wrong and being replaced with bigger more expensive unit/s.

That's just the first 2 bits of the processing plant, there are plenty of other bits to go and none of them have been operating, so the odds of them all working without problems I'd say extremely slim. The AllJig, it's the biggest in the world, so no-one has ever run one like it, so plenty could go wrong with bits added/changed etc. All of which would cost time even if covered by the manufacturer, so wages of other personnel need to be kept on being paid.

Thee whole point Brett is that there is a big complicated line of machinery, and the first 2 bits have had problems straight away, so there arelikely to be many other unknown problems before the wholelot runs seemlessly, those problems will cost time and money.

"I think the couple of delays with the crushing circuit put us 6 months behind from the march sales."

I think you will find those problems were known about when WM told us DSO sales by Feb/March, they just were not announced to share holders. It appears that the ore-sorter coming from Germany is needed for the NCu DSO sales as well, to get the 90%+ grade. From what SB has stated, this would also have been known last year.

"Rushing time frames to suit traders or some shareholders cannot happen."

There is nothing about rushing timetables, it is all about accurate reporting. When asked about how long before DSO sales, management should just give an honest accurate timeframe, 3 weeks, 3 months, 3years, doesn't matter, as experts I expect management to know the answers to these questions, and answer accurately.

I cannot fathom how an expert in the field can give an answer to a fairly simple question, that is out by multiples of the time frame given. Plus no reasons why the time frame was so wrong, especially as the problems were known at the time.

If the company can get it's act together and give some details on costs and time frames, and make them actually happen, then I probably will buy back in. But they need to earn the trust of share holders first as far as I'm concerned. It might be at a higher price, that doesn't matter, as long as I can see accurate timetables being met. it will probably take a while though from my perspective.