What is LCK' value?, page-90

Nav, thank you for you comforting words. I hear what you are saying, it is perfectly logical, but I have reservations about the SP in the short term. It was a whopping increase in SP, and holders with large investments would have seen a huge increase in their capital.

The ann. report was a little lacklustre, and I don't think it will excite the market. However, It does show good steady progress, the highlight being the timing of the BFS.

They have done an excellent job on the BFS, shaving 45 days off one end and three months off the other. It will give them more time to promote the company to investors. I am a bit disappointed in the timing for the completion of Stage1, which I believe is firmly on the critical path. It is, however, scheduled to be completed well before the FID.

IMO, no significant funding will occur before the FID. And that includes any funding from future off-takes. Any monies coming in for the project from financial institutions and large share placements will be voted for the project, not for LCK's general use.

Because of this, LCK operations might have to rely on general CRs right through to urea production and sales, but at the very least until early December 2022. One imminent, and several to follow, including Trance 3 early next year if the SP is high enough and the Investor agrees to early release of funds.

To recap on LCK's current finances as I see it All based on information to hand.

"On 2 August 2021, the Company issued a formal Notice to Proceed to Daelim under its Engineering, Procurement, Construction and Commissioning Contract. Under the terms of the Contract, subsequent to the issue of this Notice, the Company is liable to pay Daelim USD 8,779,500 by 30 September 2021 " (but this payment did not occur, and could have slipped by 45 days into the December Quarter). Only $5,072,000 was spent in September quarter.

1 By now, LCK has paid Daelim USD 8,779,500 (approx. AUD 11,975,527).
2 To that, add another say $6.00 million for generators, pipes pumps and the like.
3 Other outgoings for December Quarter, say $5.00 million, same as Q3.

As at 31September: Cash in bank - $17.71 million.

Estimated expenditure for December Quarter is approx. $23.00 million (1 + 2 + 3 above)

So there is, conservatively, $23.00 million. (shortfall of approx. $5.00 million)

We are half way through the quarter, therefore, based on these figures, one could reasonably expect an injection of funds already arranged for utilisation in the near future.

"As at the date of this notice of meeting, no director is aware of any proposal to acquire or to increase the extent of a substantial interest in the Company", therefore, most probably it will be the Second Tranche. It has to be taken up by early January.

IMO, very soon there will be a CR, share dilution and price movement. Nav, thanks again for you thoughts, but at the moment, because of my perceived financing issues (definitely not technical), I will sit. I am suffering badly with "analysis paralysis". J L.