As a shareholder of any publicly traded company, it is very frustrating trying to read between lines of fact or fiction as there are so many grey areas to wade through when laying hard earned investment dollars on the table.
On May 14, 2018 it was reported:
Milestones: Near term, indicative project development milestones include: | | • | Project Definition and Initiation of Nitrogen Feasibility Study | | Second Half 2018 |
| | • | Project site identification and due diligence | | Second Half 2018 |
| | • | Completion of Independent Market Analysis | | Second Half 2018 |
| | • | Initiation of Environmental Baseline Studies: | | Second Half 2018 |
| | • | Completion of Nitrogen Feasibility Study: | | First Half 2019 |
| | • | Completion of EIA Technical Report / EIA Terms of Reference | | First Half 2019 |
| | • | Submission of EIA Application: | | First Half 2019 |
A more detailed project development schedule and budget will be created as part of the Nitrogen Feasibility Study. All initial development activities for the first phase of investigation of this opportunity will be funded from working capital. Additional details on the Proteos Nitrogen Project will be released as the project develops. As late as Mar. 19, 2021 it is being reported —
The Proteos Nitrogen Project is an advanced stage development project consisting of a proposed small-scale nitrogen fertilizer plant. It would be really great if shareholders were brought up to speed on exactly where the project sits in terms of near term 2018 milestones completed, as it does not appear to be in an advanced stage when comparing completed milestones laid out to shareholders more than 3 years ago when considering approx $11 million less in the treasury today factoring in the Rights Offering proceeds.
Sworn court documents by those directly involved appear to suggest the Proteos Nitrogen Project is not in an advanced stage at all, as there were still disagreements on something as simple as a site selection, prior to the abrupt management changes in 2019. There has not been a FS completed and I don’t believe an EIA application has been submitted,
So how is it possible $11 million dollars evaporated in 3 years when both the Wynyard and Proteos projects dont appear much further along than they were on May 14, 2018?