Nine days before the end of Q1-24, they announced an Ilmenite sales guidance between 8,500T - 10,500T while hiding the fact they could only sell 500T in Jan, and 13T in Feb & March “due to operational and administrative delays”. (It sounded like a pretty lame excuse!)
Largo management is known for misleading the public with their usual “over promising and under delivering”. Why should the stakeholders (shareholders, investors, analysts, market) take what they say/promise at face value? Earning back the public trust is very hard.
Q4-23 Ilmenite production = 8,670T (814T in Oct, 2,546T in Nov and 5,610T in Dec)
Q1-24 Ilmenite production = 9,563T (apparently the Dec ramp-up production level of 5,610T could not be maintained in Q1-24)
Total production of Q4-23 plus Q1-24 = 18,233T (according to management unless Q1-24 production is inclusive of 8,670T of Q1-23)
Total Ilmenite sales reported to-date = 513T
Production ready to be sold in Q2-24 = 17,720 + Q2-24 production or 18,000T - 21,000T as per guidance = ~37,000T
How many of those 37,000T will be sold in Q2-24? Can they sell around 20,000T to be within the average of Q1&Q2-24 range? Or just the usual “overpromise and underdeliver”?
DYODD