Tradezy – technically, yes, I’ve ‘sold out’ as in sold all my...

Tradezy – technically, yes, I’ve ‘sold out’ as in sold all my shares. But ‘sold out’ can, in some contexts, imply loss of faith or belief in the thing one has sold out of - I have certainly not lost faith in ECT long-term. I sold the majority of my ESI at 2.5c when the stock was obviously heading south, then some at 1.6c when the company released its 19 Feb update and the remainder at 1.4c when the company released its 14 March update. There were no losses incurred in that sell off as my long-term average was well below 1.4c.

It is patently clear to me from those updates that what ECT is attempting to achieve in India will take more time than IMO the company is indicating.

In the 19 Feb update, the company talked about delivering the TEF study 'within the next six months'. In the 14 March update, the company talks about the ‘probability’ of the ‘binding contracts for construction’ milestone being met ‘within the next 12 months’ allowing time, it seems, for the exercise of the option presumably once the contracts for construction are signed. Those contracts are contingent on a successful TEF study outcome. The language is, for whatever reason, by implication, very 'bearish' imo – ‘The TEF is about lifting the level of detail around Matmor to arrive at an appropriate view of the commercial potential, underpin the capital and operational estimates and meet the assessment criteria of our partners.’ That study, according to the company, will involve ‘testing a broad range of hypotheses,’ various 'modelling, calculations, refinements, analyses' etc etc at ‘pilot scale' - 'The aim is to support appropriate estimation through to commercial scale which will subsequently be the subject of pilot scale testing of a broad range of hypotheses.'

So, given the pace of things in India generally, and the possible other post TEF study hurdles such as, for example, possible local and federal regulations (whatever they may be) pertaining to the actual construction process, I would say 12 months is a conservative timeframe for an integrated Matmor- Coldry pilot plant to get underway.

So I’m not expecting any significant as in material news to emerge within the next six to 12 months. And even if it does, the stock would have to gap up to 3c for me to start kicking myself. It won't be the first or last time I've made a bad call - hence my sentiment.

Cheers.