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Interesting, I didn't realise this company was IAfina , producing iAdine and iAdine products ?
Very infamative. "Welcome to Aklahama"
Here's a new investor video for Iofina:
hTTps://youtu.be/el-n_znShiE
Pleased to share an interview on 5 minute pitch tv where our CEO, Tom Becker outlines the latest updates in Iofina's business, highlighting the global demand for iodine.
https://www.fmp-tv.co.uk/2022/11/24/iofina-world-leading-iodine-production/
This remains my cheapest share ! It will stay cheap I suspect whilst we have baller as chairman. He has done nothing positive in the last 8 years except add cost to a boardroom which he dominates , appoint the hapless crystal capital who have also done nothing, borrow 1m dollars. Surely time for change ?
Iofina plc, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, is pleased to announce that it has now executed all agreements with a new brine supply partner to construct its latest IOsorb(R) iodine plant, IO#9, in Western Oklahoma.
This region of Western Oklahoma is an area of significant oil and gas development with a consequent growing brine supply. The Board believes that the site provides an excellent location for Iofina's newest plant, which will employ IOsorb(R) technology to isolate iodine from the iodine-rich brine stream which is co-produced during our partner's oil and gas production. Iofina anticipates expanding iodine production in this region to create a new core area for the Company and is actively developing plans for a second plant in this area.
To minimise supply chain impacts and expedite IO#9's construction, the Company pre-ordered major items and secured contractors in advance. The Company will also relocate the equipment from IO#5 as part of its building plans. The Company remains mindful of the impact of supply chain issues, but currently anticipates a construction time of six months, after which Iofina will be operating six iodine production plants in Oklahoma. Once in operation, IO#9 will immediately contribute to cash flow. Full payback of its costs expected in less than two years with production of crystalline iodine targeted between 100 to 150 metric tonnes ("MT") per annum. Additionally, as previously announced in July this year, Iofina obtained a term loan from its banking partner to support this project.
In the third quarter of this year ("Q3"), at the Company's five IOsorb(R) production facilities in Oklahoma, Iofina Resources produced 143.0 MT of crystalline iodine. This production is in line with the Company's expectations and Iofina is on track to produce 255-275 MT of crystalline iodine in the second half of this year.
Commenting, President and CEO Dr. Tom Becker, stated: "We are delighted to have agreed on the terms to construct our newest iodine plant, IO#9, in Western Oklahoma, enabling us to move forward with our next growth phase. With our current IOsorb(R) facilities operating at expected rates, the addition of IO#9 will deliver a major step change in our overall iodine production.
"IO#9's construction will be underway shortly, whilst the relocating of the decommissioned IO#5 plant will help to both accelerate the project and keep costs down. The current timeline will see IO#9 online in approximately six months. We look forward to updating the market on the progress of construction in due course."
Brief update, but very positive outcome for the quarter, with Iodine production of 143MT vs 103.8MT in Q1, a material increase of +38%
Maybe a lot later than expected, but IO#9 has finally been confirmed and it looks like IO#10 might not be too far away.
https://www.investegate.co.uk/iofina-plc--iof-/rns/finalised-terms-for-io9---q3-production-update/202210280700054131E/
"Iofina anticipates expanding iodine production in this region to create a new core area for the Company and is actively developing plans for a second plant in this area."
Easily worth 30p+ in the short-term IMO and more like 40p+ when IO#10 gets confirmed.
Please.
If no progress on io9 - io10
Tell us what plan B is. Please.
Q3 update 2022 is late coming compared to previous years which i can only assume is because they want to include news on I09 (if possible).
Maybe Friday.
12 months since things where said to be progressing on I09 plant construction.
Getting silly now.
A guess might be the speculative buying before the interims and subsequent selling after the interims didn't deliver could be leverage trades which had to settle by the end of September have returned for the Q3 update due possibly next week.
The last information on IO9 was very precise on timings. Usually a plant takes 6 months to build, previously we're told that should be shortened due to pre ordering long lead time items and the reusing IO5 parts. Dates don't match up at the moment, as IO9 commission is 9 months away.
Come on then, explain this one after all the negative comments
Sadly have to agree Eccles. I really like the presentations Tom gives, he is enthusiastic and always upbeat. The BoD take risks, and most don't pay off. Maybe he's getting more wary of making any changes? It's outrageous we sit at 23p when iodine is $70 a kg. Or perhaps that is only for small volumes? If you had told me 5 years ago that when Iodine hit $70 we'd be producing less and less each year I would or have believed you. Holding, but it's reduced in the last 2 months. To be honest it seems I shouldn't have reduced. We'll see.
IO9 has been expected to be "operational in 6 months" for ages. How long can contract negotiations take? Nice to see the rise today though, and I'd like to believe you, and management. Seems a share for those with close company contacts who can get some inside information. Or for those who have time to pray a lot.
Creating a fuss about IO9 thats now projected to be a year late during a time of high Iodine price. An alternative to holding back sales to increase inventories as apposed to increasing production is one thing, but not taking advantage off a predictable price and demand increase is lamentable.
IO9 Delays have cost in turn over terms is between $6,000,000 to $9,000,000. This isn't prudent business. The BOD show incompetence in delivery on a regular basis.
Chill it has less to do with traders leaving and more to do with inept management letting down shareholders on a regular basis!
Not sure what all the fuss is about to be honest. They have decided to hold back selling inventory as they thought by delaying the sales they could get a higher price which they now have..better than just holding extra cash on the balance sheet.. They have an extra $2.1m of inventory which being at cost will have a very healthy profit margin on it when realised.
Anyway finncap increased price target by 10% on the back of the numbers and the fact that IO#9 is expected to be operational in 6 months and 10#10 in their words “hot on its heals”.
Looks like a lot of the traders from the Midas tip exited yesterday which is probably a good thing.
Reckon it could keep falling until one of the big shareholders steps in and mops up. How far they let it fall is anyone's guess. Holding and waiting seems the only option, but its certainly depressing. I guess this share has held up well compared to others recently and this could just be a correction.
Agreed, about inability to deliver #IO9. But does the company even need IO9, when it produces so little and yet cannot sell its production?
"With low production levels, inventories rose by a lot: Inventories increased $2.1M"
How is this possible? What is IOF not telling shareholders? something is not right.
I have zero trust in the CEO after all this obfuscation.
I wouldn't call it appalling, but must say I was expecting slightly better. The most upsetting item was the fact that IO9 is still in "final contract negotiations". That is ridiculous IMO.
CEO says "The Group has delivered a strong first half performance, particularly when compared to the exceptional H1 2021 period, which was heavily weighted to the sale of the excess raw iodine inventory that built up during Covid. With iodine prices increasing by 40% during the period, the Group has achieved higher profitability, which has also been supplemented by improved cost controls."
Looking at the accounts, it is is easy to see this statement bears no relationship with reality. He cannot deliver #IO9.
Worse than that, with low production levels, inventories rose by a lot:
"Inventories (increase)/decrease (2,103)"
How is this possible?
I sold recently and missed this rise, just couldn't risk further IO9 delays. To be honest I am expecting them, but GLA.
The company not delivering and just being fortunate in a high price environment is not an investment case for me. Quite disappointed with the lack of news here.
The above date is per the latest news release. No doubt the directors are desperate to have a positive outcome to their IO9/10 contract negotiations by this date to add to what I am certain will be excellent results. However, I think it is unacceptable to publish results on the last possible day allowed under the rules to do so. I blame the the near 72 year geriatric finance director who works from the UK when the rest of the staff work in the US for the interminable delays on the new contracts. He is clearly now very slow and scared of his own shadow and should be replaced asap. Surely Sneller with his £8m investment in the company will use his influence and voting power to see through the necessary change to give the company the dynamism it needs to capitalise on the extremely beneficial trading environment it is now in.