capital raising, page-23

I always do MOR whereas others appear to just rehash management's glowing plans and presentations.

The company stated "the campaign based reporting is no longer considered relevant as in practice the project now operates to match steady arrivals of feedstock". Consequently, idle periods between individual production campaigns should be short and almost irrelevant with regard to judging production rates.

The 3rd campaign that took place from Nov 2013 to Jan 2014 (3 months, give or take a few days) delivered 331t FeW. Calendar first quarter 2014 production was 243t. Calendar second quarter 2014 production was 254t. This is what is being described as "ramping up" production here. In my book, however, the word "stagnation" would much more accurately describe the picture that is being painted by the numbers.

The company maintains CY 2014 production will be 1500t. Should they manage to meet this goal I would be the first to congratulate them. However, after the first half of the year we sit at roughly 500t. Meeting the annual goal would require the company to instantly double a production rate that was persistent for half a year. The question must be asked: How reasonable is this?