The June Quarterly Report has many qualifications such as;-
“funds raised fell short of the total capital required to conduct the planned work, the Board of the Company is currently assessing the options for raising further capital to complete the planned work”
“reducing the risks ....... a more thorough analysis”
“outcome of the maturation work is unknown and may result in an insufficient increase in PIOP Ore Reserves to justify further development”
“the requirement for further equity capital will be significant”, and
“will likely result in a significant dilution for current shareholders who either don’t or are unable to contribute further equity capital”.
Compare that down beat report to the BBI Project Video https://youtu.be/UA0G_3PQwjk which has the following up beat statements such as;-
developing a new and independent gateway to iron ore RICH province,
unlocking stranded assets,
lucrative provence,
reviving BB Port - deep sea – does not require dredging,
premier export facility,
well serviced with road and power infrastructure,
naval architects are designing transhipment solutions,
only port in Australia that can handle China-max vessels (Very Large Ore Carriers -360m long – 400,000 DWT)
large and efficient stockyard,
etc., etc.
As PS said " Remember, they told us 1.5c was a good offer. Then 2.5c. Now TIO is happy to invest @5.5c after a discount on the moving average SP of around 30%. Surely TIO would not invest 5.5c a share now to get the same or less back later.”
If you have any doubts about the inherent value of FMS, just rerun that BBI Project Video
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