Member Info for jt2017

Hi Surfit,

What is the $1.5M / Month cash being spent on?

Do you think the burn will continue at that rate, as cash is depleted?

thanks.

At least the ESIA is complete and submitted. Wondering if the ESIA approval, is holding other things up?

Long lead items on order, but radio silence on partnering.

Still moving in the right direction, but the slow progress was predictable, though disappointing.

The ESIA is needed before finance can be signed off. Not sure if it's holding up the partnering process though.

Apparently, it's very close to completion (is that between shortly and imminent?).

If no announcements are forthcoming in the next few weeks, then we may get more information with the release of the final results (this month?).

It looks like progress is being made, but not as fast as we hoped. It was noticeable during the last webcast that JMW sidestepped the question on the timing of future announcements, so it might drag on for a few more months.

What have we learnt? From the March webcast, we were “working with Soc Gen”; “in active discussions with potential partners” and a “gas announcement due in the near term”. Eight weeks later that near term announcement was made; Soc gen now “advanced in pulling together the debt consortium”; “partnering process in negotiations for” (Does that mean we have chosen a partner to negotiate with?) and looking to minimize dilution in the shares.

So progress being made, but it is painfully slow. The market does not like uncertainty, but that’s where we are and the price will drift accordingly till announcements are made which push it in one direction or the other. I cling to the fact that no real negative news has been announced so far. Hopefully we will know more by the end of the month.