Prem15 May 2026 09:27
Cold commissioning proves the plant has been built correctly.
Hot commissioning proves it can actually process ore.
It’s the first time the plant runs “for real”, and it’s the gateway to optimisation and, eventually, commercial production.
But let’s be clear: hot commissioning is not going to deliver commercial production by the end of Q2.
We weren’t told when hot commissioning will begin, so any talk of “important 15‑day windows” is nothing more than guesswork from the usual puppets.
Hot commissioning is a major milestone and a successful outcome will be welcomed — but, as I said earlier, even an excellent hot‑run result does not pay the bills. Zulu will still need shareholder support throughout the summer and into early autumn.
Yes, we all want Hill to cross the line into commercial production, but it’s vital people understand this: we will not see meaningful revenue for some months. That’s simply how commissioning, shipping, processing and settlement cycles work.
And it would help if a few posters actually read the Canmax agreement. Sales are split into two distinct streams, and the hydroxide account — by design — only settles quarterly. That alone pushes cash flow further out.
Only when production and revenue converge will the glass ceiling finally break.
It’s a difficult period, no question. One blessing is that the placing rate is rising, and I expect that trend to continue. But let’s not kid ourselves — we still need more money before Zulu becomes self‑funding.
Progress is real, the direction is right, but the journey isn’t finished yet.
Acker
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