The financier hasn’t released the loan hence the capital raise...

The financier hasn’t released the loan
hence the capital raise the fourth in six months
this demonstrates no plan and disorganisation
the directors are on massive bonuses and options so
need to be seen in support
they didn’t put in that much compared to the bonuses

with out detail on the take or pay its no risk to a trader if they don’t supply
nothing to take nothing to pay
if the TAP were binding and strong then they would have obtained finance on a lot more attractive terms
9.5 % LOM royalty 10 million options isn’t a good deal

as for having instoes investing
1/3 lost money last year
1/3 treaded water and the last third failed to beat the ASX 300 so do you want to follow them ?

the project has some positives
grade is reasonable ( even though the same people said grade doesn’t matter when they had low grade at LWs)

location isn’t as good as others but can be dealt with
infrastructure at Wiluna is non existent

the Capex and opex numbers supplied are plucked from the air and Taylor’d to look better then the competitors

the time line is impossible to achieve IMO

the work has not been done to produce a reliable reserve
this is a general mistake made by juniors rushing to production

the demonstration pond has not had enough time to demonstrate anything and now it is a commercial pond

otherwise the project could be ok
just needs enviromental aproval and another $15000000