Thank you Hetfield for #93693 and DM for #93731.
Here is my take on what is happening with our company:
1) Today's news release is excellent news. I believe this is just the beginning of a stream of NR's over the next 2 to 3 months and beyond (e.g. Final results from Demo Plant, viability of REE production, who knows - off-takes - as many companies are anxious for security of supply, NEW FS, EXIM outcome, etc.). My take is that once the FS is completed, it will take the EXIM 3-4 months for approval and not 6-9 months as they have already done the preliminary DD and anything from here on is positive and a "no brainer", with quick approval).
2) I know that the NR's are not coming out frequently enough nor to it finality as we would like. I submit that we are underestimating the processes and logistics involved.
I totally agree with the management's strategy of working hard in getting it right the first time before starting the various stages of the construction. Some parts will be obvious and some not so. As already seen in the last 2 NR's with >92% REE extraction and now additional purity of the NB and Ti, opening potentially new markets which will be more profitable, we are making good progress.
3) From the pictures and the videos of the Demo plant one can see that the process (which by the way is new - not done before - and patented) is very complex and may have 10's of stages, maybe even 100 stages. Now think about trying to optimize the processes end to end - I would assume that each of these stages would have to be tweaked to get the best results and also may have customized equipment and that all must take time - we underestimate this and are impatient. Some may argue that we can do this later after we have funding and have started development. This would present 2 problems in my view: 1) the costs would not be accurate nor would the equipment required and remember some of it has long lead time and so can't change on a dime and 2) If we were to stray too far from the process and equipment presented in 2022 FS we may have to resubmit some parts or more of the process to get various permits validated.
4) When the process is finalized in the next few weeks, with confirmation of the production of REE's (we seem to be getting indications of the same) the company will embark on finalizing the CapEx and OpEx (which we are told may move in the right direction for our project) and could very much improve the bottom line. This will then trigger the 45-day FS submission.
5) As for the SPAC outcome, I am as disappointed as management and everyone here as well. Even though I had expected a better cash input as did everyone else as I believe our project is far superior to other SPAC projects with much less risk and realistic valuation, I think the defining factor was the banking issue that the economy was facing right at the time of the redemption. My take is that the institutions like every other big companies were "scared" of where it was going and how far it would spread, and so preserving cash was of the highest priority and no one would get fired at the institutions for preserving cash in uncertain times, plus they had the back up of warrants to take advantage of the upside.
6) And I have seen this company go through many phases - both up and down - in my last 14 years invested with this company since it was called Butler Resources. However, it has constantly been making progress and management has been able to find funds to keep it going when many, many others have not gone anywhere of disappeared.
I will update the Milestone List tomorrow with the closing SP. All IMHO - MS008.
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