Ann: Company & Phase 3 Expansion Update & App 3Z, page-28

Lets just look on the bright side for a moment.

They should be able to get their phase 3 up and running now without coming back for any more cash, given this new facility. They have done it before with the pilot plant, so confidence in delivering a working plant should be high.

If in 9-12 months they can be producing and selling their 400K tonnes at $25-30 dollars margin, that is >10 million in profit. At a 20 mill market cap now, this seems cheap to me.

Cederic is gone. I'm sure he has done a lot of positive things for the company, but certainly not for the share price.

The sentiment on this stock has reached extremes of negativity - so a bit of positive price appreciation could see a quick re-rate in my view. I think we have now seen the lows in this stock. I am a holder so do your own research.