There is no doubt they will announce when LHe is being produced.....they may be a little gun shy and ensure that it is stable production before announcing, but it I am sure an announcement will be shortly forthcoming.
I totally agree with the sentiment that Phase 1 has taken far too long, however I don't agree with the call to change Management. I believe both Stef and Nick have done a magnificent job pivoting and finding solutions for the challenges they have encountered. They received approvals that the OEM were capable of producing a small scale LNG/Helium facility from OPIC/DFC and based on that they appointed them. They navigated Covid with the logistical issues that ensued and eventually had a small scale plant built.
Unfortunately most issues since then have fallen with the OEM and a targeted attack from Activist Investment Manager - Albie CILLIERS and his associates.
It would appear Stef with blind optimism sold a very good story in relation to production and what should have occurred, unfortunately as Cliff CAIN of rare gas consultancy Edelgas has expressed "helium production is hard”, and there is enough anecdotal evidence to suggest it is extremely difficult. (Amur, BLM, Texas, geo-political events etc.). So whilst none of us are happy with it, perhaps it is something with hindsight we can now accept.
What is often forgotten by most of us with the frustrations in the delay in Phase 1 is that there has been a shyte lot of work put in for Phase 2 by management;
- Appointment of Saipem (FEED), EPCM Holdings (pipeline) and Sproule (resource interpretation).
- Employment/training of qualified employees (engineers etc)
- Appointment of Worleys to oversight project management of Phase 2.
- DFC funding
- SBSA Bank funding
- SBSA bridging loan to keep company solvent.
- Sale of 5.5% of Tetra 4 (the CEF deal obviously fell through and if Stef had not been able to negotiate this then the company certainly would have been in trouble as the plant was not producing and able to meet its debts). Option of another 4.5% to be sold.
- Multiple sales agreements for both LNG and Helium.
- Nasdaq listing.
With a bit of luck, news will come very soon, the share price will rise, Nasdaq listing will occur at a good price and and things will already be in place for the company to move on to Phase 2 and we will all be rich.
(20min delay)