RE:Response from SCY Cheers Northmark!
This sticks: "not able to raise external independent financing on reasonable terms"
You have to wonder about competence issues here.
This direction had to be approved by the board...
The most recent MD&A (March 14th 2022):
Our plan of operation for 2022 is to progress development of our CMR Project with our partner to the point where we can make joint decisions to build a production facility, and to pursue relevant sales agreements related to that contemplated production facility.
Development programs began in late 2021,and HPA has become the primary metal focus...
Funding requirements were minimal:
The LOI defines a detailed US$2.7 million spend program which includes bench test work, pilot plant testing, and feasibility study design work. The program is anticipated to require 15 months to complete. With program completion, the partners intend to take an investment decision on construction and operation of a plant facility to recover critical metals from mine solutions.
In addition, the current pivot to the mine is interesting given the timing stipulated in the MD&A.
With successful completion of the Phoenix CMR development program, and a mutual decision between NGM and SCY to build a critical metals recovery project at Phoenix Mine, the Company intends to commence construction of production facilities and make product available for sale in early 2024.
Now instead of raising an initial US$2.7M, SCY.TO is now looking for USD $90M for Nyngan?
In recent years, the bar set by SCY.TO had been relatively very low. All the sudden, its very high! :)