LDR seems to have been overly hyped by some people.
LDR is merely located near LRV’s ground and company spent nearly $2 million on a project in the most anti-mining region in Australia, issuing shares equivalent to almost 20% of the company’s total stock, with no resources, no drilling, and just a few rock chip samples. Caution is definitely warranted.
Tasmania has some of the strictest mining regulations in Australia, particularly for antimony exploration, which will undoubtedly make progress challenging. The worthless Tasmanian antimony project has issued shares equivalent to ~20% of the company’s total shares. It’s not even a brownfield project but a greenfield project located in the most anti-mining state in Australia!
The management’s cash burn rate is extremely high. In the last quarter, despite minimal exploration activities, the company spent nearly A$1m.
This is a pilot plant only, not intended for commercial production. Its very small capacity is suitable only for testing purposes, which is why the daily throughput is not specified; they explicitly describe it as ‘pilot scale.’ Additionally, it lacks a flotation circuit necessary for ore separation.
This setup is utterly inadequate, it’s merely a small grinder and crusher without flotation or gravity circuits, rendering it incapable of ore separation. Similar equipment with greater capacity is available on Alibaba for approximately $10,000, LOL.
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