Yep... wiped it from my memory for peace of mind, triggered again this morning. 23 Nov update didn't tell us anything different from the Sep Qtrly, except things were improving and they need more money to get production up...
Above Qtrly had Nov production at 11,500t HMC pro-rata given first 22 days produced 8,423t, but today we're told Nov only produced 10,500t. So the last days averaged 250t per day, verses >700t/day... this is the problem. Every time they have a good few days, they proclaim production is on the up but it never lasts.
In the 2.5 months of Dec Qtr they have only produced and sold 12,000t HMC that wasn;t already stockpiled end of September. 12000t HMC in 2.5 months of Dec Qtr vs a mine plan of over 50,000tf HMC (final products have tonnes of trash removed that sits in HMC) is <25% nameplate... we only know that today because equipment ran for two days in a row without breaking down or water mounding issues.., how cringeworthy to update shareholders because you ran the plant two days in a row without downtimeWhat is the quality, have they actually improved the quality, or what discount will they have to accept given they are searching for buyers?
July they were getting paid $1166/t from an earlier offtake deal, zircon price has come down, quality issues, in a buyers market... 12,000t in Dec maybe worth $12M if you are lucky. They are cooking ~$35M a Qtr cash out, looking for more funds to build new tailings dams etc while going backwards $20M per Qtr and can't run more than a few days in a row without downtime
"Annualised corporate cost reductions to date of ~$4m"... that sends the right message to creditors but is a drop in the ocean, that's rearranging the deck chairs... actual numbers today show they are so fked and nobody is tipping in the required CR equity creditors are wanting to delay repayments. 6 months on from the terrible June Qtr confession, give us $35M because we have problems fixed or soon to be... but production is getting worse not better. When STA never comes back on the boards, remember that today's update rang the bell...
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