i totally agree with you that there has probably has been no...

i totally agree with you that there has probably has been no work so no money. I never said that lynas should have given them money. I said that the PDF is a requirement of the March 2023 License renewal. That if the original document expected USD 34M of work to be done in 2021 and 2022 This means that the schedule is slipping better. Similar things are Happening with KA: C&L .Lynas is severely underspending its CAP EX estimates. Now if you want to say this is great money management then you can. 20 years of project management has taught me when spending is under budget something is wrong. With AUD 700M cash on hand they do not need t defer expenses. For both KAL C&L and PDF over half the time has elapsed. Both of these may shut down The Lamp. You think its not a problem than that is OK with me. i think it is and will warn people to watch these items carefully. I am still buying but I know what I am watching.
No big spending Q1 with no good explanation from AL and I will be out. it is the lack of info that bothers me. She has been asked multiple times in Q3 and Q4 CC why under spending She says is this not great management with nothing about how they lowered spending.

One observation about AL she did a Great job of rescuing Lynas she penny pinched every penny to prevent BK. She restored morale and employee confidence. She is a super star in these areas. She did an unbelievable job of doing NEXT in on time and under budget. That project was about 40 M over one year. She is now running multiple simultaneous 5 year projects with a combined budget of AUD 500M. Trying to run lots of them with existing Engineering personnel. avoiding expensive out side help. If she pulls it off then she is amazing. If not what does it mean for Lynas. Here is one of Many BIOS on the net for AL. Tell me why I should not be cautions.
Amanda M. Lacaze - Biography (marketscreener.com)
Amanda Lacaze, Lynas Rare Earths Ltd: Profile and Biography - Bloomberg Markets

i may prove to be all washed up. I am getting old. but many years of project management projects that are not spending what they were given are in trouble. I will continue to use that till I am given some reasonable explanation. I have talked to many underspending mangers and they all try to say is this not good but their projects fail. I hope for all SH including myself that I am wrong.