I will (gasp) defend management a little bit and say that they have come a long way in achieving milestones diligently after deciding to pursue the graphite discovery.
They also had the understanding that the V2O5 project was not going to be economical under solo V2O5 conditions. They had to pursue the graphite first; which will eventually make the V2O5 resource economical (infrastructure and so on in place for graphite). In My Opinion, they purposely kept quiet about it and were lucky as all get out to have made the huge graphite discovery. But the fact is, now they have two huge and valuable resources, and they will be able to make extraction of both economical once the graphite operation is up and running.
My beef all along has been the piss poor marketing, poor management of market perception, and all of the subsequent dilutive financing on horrendous terms. This, In My Opinion, is why we seem to be having difficulty closing this (last) private placement...my assumption, anyway. Our share structure should have looked SO much better, and I have to believe that potential financiers have finally had enough.
Unfortunately, I think that being so close to the finish line, it's likely more of a mistake not to throw the rest of the cash into it. They've already gone this far...if they don't go with the current deal, they risk losing everything they've put in to date.
Maybe they don't think the 40 cents target price (based on an agreement) is worth the risk...again...due to managements significant errors noted above (which as you know, I and others were after them about for years). A better share structure would have us at a much higher target.
I still think the project is worth over US$1. The 40 cents target is based on a true agreement. As equipment arrives on site, the company share price should continue to rise.
