hi Boris, it means they haven't done the testing they wrote...

hi Boris, it means they haven't done the testing they wrote about in the last financials ie 100t of ore for the pilot test work. Although they have the site earmarked. My interpretation on that is the "decrease the level of operations". which I believe has occurred as there are no 3B available. see appedix 5B in may 14.

Madhukar said they were in constant contact with their lawyers, nothing was said about financials, IMO it seems difficult to comprehend how accuracy, completeness and punctuality are a constant problem with paperwork for this company, I am not aware of fines being applied by the asx for non compliance, but it not an inspiring look.

Terry answered the phone so they are all still there working away.

My personal opinion is despite the dilution through the 3Bs (someone may post the numbers) we now have 2,000,000,000 shares.
The falling iron ore price all the gloom and doom, the favourable terms they must give to get finance I believe we will get over a line, im not sure where that line will be drawn.

To me they have a lot of boxes ticked, they appear to have an irrevocable purchase order for ore, train set ordered, we keep hearing port is not an issue, they are very close to the main train line, native titles sorted and Im sure more can be added to this.

Keep in mind they fiasco with the "approved finance" last year Kevin decided to walk away from the deal, citing it was not in the best interest of the shareholders. It was there for him but he claimed the deal was not enough for us.

I am cautious and have topped up at these levels and I in no way advise anyone to do the same.