Is Largo in a coma?
1 Signing LCE contracts: We will hear nothing about any new potential contract until the hot commissioning of LCE’s first sale of which the “final provisional” acceptance is scheduled, as announced in the Q1-23 Earnings CC, for Q3-23. (“Final provisional” acceptance? How about “final final” acceptance?). Will LCE’s first sale be installed successfully? Will LCE's first VRFB work properly? Who knows.
2 JV formation with Ansaldo: The extension of the MOU has expired on March 31 2023. Total radio silence on any further extension. Imo, this project is dead.
3 Commissioning of Ilmenite plant: Fingers crossed for an NR in the July-Aug time frame. As per Capital 10X:
“Management has said previously they will be releasing revenue and profitability guidance related to the Ilmenite plant soon after commissioning is complete, and production commences”
4 Improved Vanadium production: For any good or bad news on V production / sales, we will have to wait until the Q2-23 operational report sometime in the third week of July-23.