It is Good news. Just too bad Market and people do not understand the process.
Look what the company said on May 15:
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"Mechanical construction completed to target first lithium production in June 2023.
- With all key systems for the production of first lithium completed, the commissioning team commenced production testing of the purification, carbonation and SX systems.
- Additional purification processing equipment necessary to achieve battery-quality lithium carbonate is expected to be completed in H2 2023, following the start of pre-commercial production.
- Ramp up to 40,000 tonnes per annum (“tpa”) of battery-quality lithium carbonate is targeted to be complete in Q1 2024.
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As of March 31, 2023, $834 million of the $979 million total expected capex has been spent (on a 100% basis).
- As of March 31, 2023, the Company expects its remaining funding requirement to be less than $50 million for capital costs, value added taxes and working capital to reach positive cash flow.
- Development planning for Stage 2 expansion of at least 20,000 tpa of lithium carbonate continues to progress to align with completion of Stage 1."
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- So as you can see everything is on schedule. Market will realize this latter.