Sales of Ilmenite in Q1-24 = 513T
About 5 weeks ago (on March 22) in the Q4-23 Results Conference Call Vollant said “ “We completed our first 500 tonnes ilmenite sale in January”. So in Feb, March and April, Largo could only sell another 13T? And on March 22 they didn’t know that?
On the same date they still issued a Q1-24 sales guidance 8,500T - 10,500T, acting as if everything was normal in Feb & March. Why the need to mislead the public?
Now they claimed that Ilmenite sales were below Q1 2024 guidance due to operational and administrative delays? They didn’t know that on March 22? What does “sales were below guidance due to operational and administrative delays” mean? An incompetent sales team?
The ramp up production of ilmenite was 814 tonnes in October, 2,546 tonnes in November and 5,610 tonnes in December-23, for a total of 8,670T. Out of those low quality Ilmenite the first sale of 500T was recorded in Jan 2024. According to Vollant we produced low quality ilmenite during the ramp up.
Let’s assume very generously that the selling price low quality ilmenite = US$250 / T
Q1-24 Ilmenite Revenue = $250 x 513 = US$128,250. What a joke!
WTF!
DYODD