VITAL METALS LIMITED (ASX:VML) - VML General Comments - Chat, 72970886, page-8342 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by norton79: ↑

Interested in people’s thoughts on the amount of disclosure from the current management team of VML since Lionhead has been at the helm. I understand there are serious questions to be asked on Geoff Atkins, who seemingly left a stink bomb, but the actions taken and the limited level of disclosure since LH bought in raise more questions in my opinion. If you know the answers, by all means enlighten me.

Q2 2022 - VML have $5168k in the bank, commissioning at Saskatoon has commenced. Targeting delivery of product to REEtec in October. DMS commissioning has commenced, over the coming months will commission calcination, leaching and purification & precipitation. DMS recoveries similar to lab tests. Outstanding results, great level of confidence. Cash flow on investing for the quarter amounts to $3305k.

Q3 2022 - VML have $33331k in the bank after raising $41000k after fees. Funds to finish construction & commissioning & enter operational phase. LH appointment members to the board. Geoff Atkins departs under a cloud of secrecy. Commissioning at Saskatoon continues. Product delivery to REEtec on track for Q4 2022. Completion of plant now expected Q2 2023. Cash flow on investing for the quarter amounts to $10646k. Admin costs increase to $624k from $408k the previous quarter.

Why was GA sent packing?

Did GA sign a NDA?

Why the sudden increase in investment?

Why the 50% increase in admin?

Q4 2022 - VML have $29973k in the bank. Project costs have increased by $40 million to now $60 million. Leaching, purification and precipitation circuits have been deferred, delaying $17.4 million investment. Construction to continue on calcine circuit which is expected to be completed in Q3 2023. Cash flow on investing for the quarter amounts to $10520k.

Why have the costs blown out by 200%?

How did they come up with $17.4 million for the Leaching, purification and precipitation circuits when they were supposed to be ready for commissioning “in the coming months”?

Why continue with the calcine circuit when the market for an intermediate product was not certain?

Why have we invested $14.4 million dollars on plant and equipment in the past 6 months when the project was supposed to be in the construction & commissioning phase?

Q1 2023 - VML have $18851k in the bank. A further $7.2 mil spent on plant & equipment. Pause all construction activities to preserve cash. Sufficiently funded to advance Tardiff $18.9 mil. Admin costs increase to $1217k from $679k the previous quarter.

Why are we still spending money on a useless plant which will sell for pennies on the dollar in less than 12 months?

What the heck is going on with the admin fees?

Q2 2023 - VML have $3282k in the bank. A further $10.2 mil spent on plant & equipment. Finalise works on Saskatoon plant, send the poor sods home. Strategic review of Saskatoon largely completed. This will all be over soon, the damage is done. Admin costs increase to $1439k.

Why have VML run through $30 million plus since Q3 2022 after they sacked GA when clearly something was amiss?

Why spend $17.4 mil on plant & equipment in 1H 2023 alone, only to immediately go into a trading halt for 3 months and then declare bankruptcy?

Why not fully disclose what was technically wrong with the plant that meant that costs had blown out 200%?

How the heck are admin costs still going up? This business is going under!

Expand

All very valid points.
The managements interest seemed to oppose shareholder holders interests.

But I guess it’s ok for management to just say we’re this is in the best interest of the shareholders but we don't know really who’s interest they(LH) are really working for.

Trojan Horse

I would have rather the plant fail than deal with this probably be in the same position but I’d be on the ride I bought into.

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Last updated 15.25pm 15/05/2024 ?

All very valid points.The managements interest seemed to oppose...

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All very valid points.The managements interest seemed to oppose...

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