Argex Titanium Inc. ARGEF

RE:RE:New MD&A released - Sedar

[Astrosmith]

Yes, there is not a whole lot of new information, but good to see their financials on time and that they are operating as a relaible corporate entity. 

I believe morphology was noted late last year as being in the right size range, but each initial end user will have to confirm that for themselves. The previous RGX was able to create three sizing/quality categories, so it is reasonable to think that we will be able to address market needs. So in short, we still are awating a formal morphology database/index, but the sizing range that can be produced was acknowledged to be appropriate for commercial end users. 
SNC Lavalin and WSP are the ones working for us to certify the materials database (third-party certification is likely a financing requirement). I think we will need their confirmation  and subsequently from commercial users before we pay for the full FEED package. 
This is good they are taking the time to perfect their commerical samples, we need to knock their socks off with the first samples we provide. 

I think we should expect a new PP to be issued in Q2. Expect the price to be significantly higher that 0.054. Hopefully north of 0.075. Until we get a full financing package (Q3) we are spending ~$1mm per quarter so we will need at least an additional ~$0.5mm to get us comfortably through August, plus $1mm to front end the FEED package. We will probably see a PP of at least $2mm in the next month or two. This aligns with managements previous notes about expanding the last PP up to $4mm (2mm more than we actually raised - so we can get that last $2mm for a better deal/less dilution,  but my bet is that it will still be required). 

Management is still pushing hard and good progress is being made, and we appear to be investing in the right places with costs under control. Unfortunately it appear they didn;t find $190mm under a mattress during Q1 ;) Everything else seems to be as expected.