updated PFS, page-4

We could really do for an updated timeline on all the current issues.

The latest whirlwind of events seems to have flattened things somewhat and reduced confidence.

The old timeline offered by PM1 was:


This is getting old now.

For instance:
1. Has the ore arrived for the Pilot Test Run?
2. When will the PTR be completed and samples ready for off-take partners?
3. When will the PFS with added HPA be available?
4. Has the DFS been delayed, thus delaying a possible final investment decision?

I wasn't concerned much last year when John Downie made the comment that he was not in a rush to find off-take partner/s. But given the market reaction of late, I am concerned. The share price must reach certain levels, JD suggests a MC of around $100m needs to be reached to proceed. That would mean a SP of $0.17. Currently that seems to be a monumental ask, given the recent selling and now total lack of interest in the stock.

Comments were made that market action two years ago was different to today's market behaviour. Yet in Sept 2019 (5 months ago) A4N's MC went up $33m on pilot test results. In Feb this year A4n's MC went up a further $54m on news of an off-take deal for a By-product, NOT Primary product.

I would suggest PM1 can not afford to 'not be in a rush' ... we need share price advancement and soon if the project is keep up with construction start Q3 2020 ending Q2 2021 ... can anyone else see issues here?

We have supposedly 5 months to complete/satisfy the following:
1. Pilot Test Run
2. All Environmental and Permitting
3. Off take partnering
4. DFS
5. Final Invest Decision
6. Secure funding

Time for an update from the company I think ... yes?