RE:RE:RE:RE:Insider ownershipSilverado, 17Digger@
For a long time, your criticism has mainly been directed at delays in the project run with regard to the commissioning of the refinery and the quality of the work carried out by the management.
Yes, there were delays, for example due to the change in capacity from 12tpd to 55tpd, due to the receipt of outstanding official permits, etc. Retrospectively, however, one must also acknowledge that the management has by and large kept its promises so far. As I said, by and large. If you read the Management's Discussion as of September 2022, the management rates the fulfillment of the previously set goals at around 85%. That's not bad, and it's also the basis for attributing options, warrants as part of their compensation. Of course 100% would be better, but what is perfect in the sense of 100% in life?
It seems that the date of commissioning the refinery is close. Some capital may still be needed, but that probably won't be done through the equity market anymore. ELBM will also need working capital loans, because they also have to finance the purchase of the raw material cobalt. But all of this is part of the nature of the business and is within the realms of possibility.
I would like to add a posting from another forum on the subject of "delays, promises, etc.". I think that sums it up very well...
Canada Nickel Company Inc V.CNC
https://stockhouse.com/companies/bullboard?symbol=v.cnc&postid=35203454
From CEO
@DJS IMO, this is the critical statement from today's NR: "This delay has no impact on the overall timeline to production as the Company continues to target receipt of permits by mid-2025 with construction to follow."...
I'm a retired senior executive from a large energy company. Over the years, I was part of several teams that brought multi-billion dollar projects from desktops to boardrooms to ribbon-cutting ceremonies.
I can't count the number of times we paused / backtracked / recalculated / reworked / etc. in order to fix a problem or to incorporate an opportunity that had materialized along the way. In deciding whether or not to do so, the first question was always whether it would become the critical path item on, or otherwise negatively impact the timing of, our GANTT chart.
If no, then it was a no-brainer to fix/pursue it, and that appears to be exactly what CNC is saying is the case here. No offense, but those who are upset by and/or selling this "delay" news obviously don't understand major project dynamics.