Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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You're putting words in my mouth, I never said I was the greatest anything, I don't see why you need to go ad hominem when I'm just pointing out the facts. The simple reality is, it doesn't really matter who is the source of the delay, the point is simply that there is another delay with AYM's main project, and the timeframes AYM have set out towards delivering a plan to move it forwards. I agree completely that QME are very likely a big factor in the time its taken, and given AYM are not paying them in cash for their work as a customer, its difficult to speed things up. But that was always a possible consequence of the arrangements made. The "risk" for QME is just the time (and time is money, but we aren't talking about that much here) sunk into running the different models.
The risk for AYM though, is another 18 months have gone by and there's nothing to show for it yet - i.e. everything is taking too long. Another 18 months of not creating shareholder value, by not moving the project forwards. The problem is the attitude now has become another year or two won't hurt, seeing as we've been looking at this project for 20 years already! And that is going to be hugely offputting for any potential investors who want to see a project led by a management team who have a strategy and a timeline and want to execute on it. Thats the real crux of the matter.
I love the fact that you believe you are the world’s greatest mining analyst and font of all knowledge when the delay isn’t coming from Aym but QME who said themselves that they had nearly completed the work for AYM and it’s QME who are the ones taking on the risk so draw your own conclusions!!
"You are aware there has been a pandemic..QME’s and AYM could not visit Parys or have face to face meeting her for months and months"
I don't understand why shareholders would want to make up excuses like this for the chronic underperformance here.
Firstly, it was already over 8 months late (over double the initial timeframe) at the point the lockdown in the UK began. The Study was originally scheduled to be completed in June 2019.
And secondly, if you understood what the "optimisation study" actually is, you would realise it's a desktop exercise in optimising 3D block models, cost inputs, mining schedules and so on - basically all done on computer software. There's nothing to see on site, all the workings are deep underwater. The resource data is in a computer block model, not on Parys Mountain written into the stone in ancient scriptures. The only things to see on site are the shaft & headgear, which personally I dont see as particularly relevant, but even if they somehow were, once you've seen it and taken some photos & measurements, thats the site work covered basically. We're told they visited site early on in the process.
Finally, the rest of the world has been getting by with reduced "face-to-face" meetings. There is something called videoconferencing, amongst other options. Hundreds of scoping, optimisation and feasibility studies have been released on mining projects throughout the world, including in countries with Covid, in the past few months. Check out www.juniorminingnetwork.com for some newsflow (mainly TSX and gold/silver) - there are studies coming in every day. There seem to be some delays in physical things like processing drill assay results through laboratories, but actually there should be more time available for computer based modelling work, with some people working from home, like what we are waiting on here.
So.... draw your own conclusions... but this company has an unfortunate history of underdelivering on (fairly unambitious) targets - and I'd suggest this could just be a continuation of that, rather than a consequence of the pandemic.
You are aware there has been a pandemic..QME’s and AYM could not visit Parys or have face to face meeting her for months and months
Shouldn't the Annual Report be out today? Its always been the end of July in previous years. They will have to update on their progress in that surely.
End of November 2018 was when the QME agreement was signed, and the optimisation study was going to be completed for June 2019. Its August 2020 tomorrow. Running over a year late now, they've had over 20 months to run some scenarios with different cut-off grades basically. A couple of people could have easily done this job in 3 months on this full time.
Now been over two months since we heard from QME and still nothing from AYM.