Ann: Company & Phase 3 Expansion Update & App 3Z, page-15

These clowns can't even write/check the details of the announcement. Unless its correct that
"Long lead items ordered from China with fabrication underway – first items due to arrive on site Q4 2019"
I  was starting to think that maybe these idiots would get back on track, but when you realise that they're so dumb that
1)  don't check  announcement details
OR
2) the items don't actually arrive on site Q4 2019

The cost blowout was always going to happen, so its no wonder that First Samuel has spat the dummy. They are in so deep that the mud is now over their heads. It was either stump up the money or go broke.

The statement "improvements will see a significant improvement in designed availability, plant throughput and finished product grades and yields."  Just another announcement thats  a load of waffle.
1)  What will be the plant throughput be ie tonnes/hr or tonnes/day
2) what will be the finished products grades and yield be. 56% 58% 60% ?????

If IOR has spent money for the plant design and capital review, then surely that information should be announced. Not just more BS.

The Financing, what an absolute disaster
" End of term payment amount (at any stage up to 3 years): face value + interest accrued + A$1m payment"

Either IOR will have to repay the amount of $6 million + $2 million ( compound 10% interest) +$1 million = $9 million in 3 years time, basically impossible
OR  shares in IOR possibly 120 million shares ( pre consolidated 1.8 billion)
So IOR is basically selling half the company for an extra $6 million loan.
Good luck boys , you'll need it.