Hi
@Tterb. What changed my mind? My impatience. I'm mostly disappointed around the timeline. Not hitting deadlines when promised, things being pushed back etc. This has led to the DFS being released during a pandemic, and then the icing on the cake was raising funds during a pandemic, when the SP was at its lowest in years. Also, the last 2 CR have coincided with a rise in the SP which has subsequently killed momentum.
I was at JW's presentation in Melbourne in May in 2019 when he said the words "Shareholder Value". Where is the Shareholder value? Those that have made a return on this are the traders, pip flippers, and holders that sold out.
Look, Im just still pissed off. Mostly around the delays in the mineral resource estimate, leading to delay in the DFS, leading to a CR during a pandemic when they had previously said they were funded until end of year. Sure, COVID is a black-swan event, but lets stop making excuses. The company has a history of pushing things back.
Im also pissed about Gulf Fluor. We were sold an MOU with Gulf Fluor this time last year. We were told of their Sulphuric Acid capacity, we were told they could help us make contacts for our by products. Then all of a sudden, we are told they don't have the capacity, and we are building our own Sulphuric Acid plant. It demonstrates that an MoU is essentially meaningless. If an MOU is meaningless, what of an LOI? Now, by building our own Sulphuric Acid plant, sure, if might give us more control over supply and at a lower cost, but we now have to build concentrator + chemical plant + sulphuric acid plant. There is a lot going on right there.
Look, I still see positives;
- production of high grade Lithium Carbonate/Hydroxide, Amorphous Silica (as cement additive), Potassium Sulphate (fertilizer) and Rubidium Sulphate, Caesium Formate., Gypsum Residue They have well and truly done an amazing job with this side of the business.
- When you take the volume of product(s) produced, We get 54,573tpa of products (excluding the gypsum), for 60,000tpa of input concentrate. Admittedly some of this weight comes from the Sulphate (Sulphuric Acid). It works out to be around 65-70% of the lepidolite concentrate which is amazing
(20min delay)