I guess it is a case of interpretation. Perhaps I interpreted the announcements differently to you. Not saying I'm correct, but I 'heard' it differently. Recalling from the top of my head - Mid Feb announcement of PO with expectation that deliveries would commence same month. Did not get a sense that they would 'complete' in that month - just 'commence'. Indeed, got the clear sense that production and delivery would be in 4 lots and that NSL was still some time away from 24 x 7 ability, so it would take some time for this initial order.
Then we got the announcement of slowed production due to a slurry pump issue. Then got the announcement that pump fixed and back to operating normally but still on a single shift a day basis and on track to ramp to 24 x 7 by end April. Also found out that BMM would be inspecting the first load. No indication given if this was to be for every load. No reason to believe that it would be. Also found out that NSL was pusuing other sales opportunities both home and abroad and had shipped samples accordingly.
Did not get a sense that we would get an update about the BMM inspection unless it was amiss. Did not have an expectation that we would get updates on each 1kt load being dispatched or on payment getting received. I do have an expectation (given our nascent state) that we would be updated when the complete BMM order was fullfilled; when further PO's received (until they become predictable for the share market); and when we achieved 24 x 7 production capability.
Perhaps my expectations are wrong and I should be either nervous or sceptical. Hmmm. Not just yet, for me. All IMO.
NSL Price at posting:
3.1¢ Sentiment: Buy Disclosure: Held
