Following up on last quarter's argument... Production during Q1...

Following up on last quarter's argument... Production during Q1 - Q3 was 243t + 254t + 274t = 771t of ferrotungsten. This equals 51,4% of planned output for 2014 leaving 729t to be produced during Q4, almost the amount of FeW that was produced during the first three quarters combined. The data clearly did prove my scepticism right. The company will almost certainly fall short of its production target by a considerable margin.

Payments received of 5,019 and costs of production of 5,939 clearly demonstrate my assessment the operation was not profitable hit the nail on the head. Adjusting for what is being called "ramp up"... sales of 274t FeW would have resulted in revenues of 5.4M, not taking into account the recent price decline, still 0.5M short of costs of production.

All in all the company was $2.4M cash flow negative and cash in hand of 0.4M indicates the next capital raising is just around the corner IMO. Those who were jumping at my throat when I told it like it is, were wrong. Thank you very much.