"The proceedings focus on certain announcements by the Company to the ASX between 19 February 2018 and 27 June 2018 with respect to the Sconi Project and the Term Sheet for an Offtake Agreement entered into between the Company and SK Innovation Co Ltd (SKI) on 9 February 2018 (Term Sheet), and related statements by the Managing Director.

ASIC alleges that the Company contravened its continuous disclosure obligations under section 674(2) of the Corporations Act by failing to inform the market of material information concerning: the value and funding of the Sconi Project and the Offtake Agreement, being the Buyer’s Discount available in some circumstances to SKI (referred to in the announcement to ASX dated 6 March 2018); SKI’s commitment or obligations with respect to funding of the Sconi Project, and the value of the Offtake Agreement (from a statement contained in an Investor Presentation lodged on 21 February 2018 and retracted by Australian Mines on 28 February 2018 after having gone into a trading halt on 22 February 2018).

ASIC also alleges that the Managing Director breached his duty of care and diligence in s180(1) of the Corporations Act in connection with the making of the representations with respect to the Sconi Project and the Offtake Agreement."

Breach is related to 2018. New MD in place today, shares dropped by 17%. Is this a time to buy?

“The results highlight a real potential game changing technology in the form of DES, for the recovery of critical metals such as nickel and cobalt from low grade lateritic ores. While further test work is required, we anticipate the DES leaching process can be further improved upon to increase process efficiency and reduce cost for the recovery of these critical metals.” 

Phase 1 successful for DES leaching technology - lower capital expenditure, scalable, biodegradable, lower CO2 emissions, high recovery rates of Nickel, Cobalt, Scandium.

They have a 100% offtake agreement with LG for one of their projects (Sconi Project Nickel-Cobalt-Scandium) for 6yrs with option to extend. Aim to be up and running before July 2024.

Recently received a $409k govt R&D tax offset.

Consolidation of 10:1 - is not a reduction in capital but rather to make the share price more attractive to institutional investors.

Weird. Does this mean they got the wrong advice when they issued the shares in the first place? Or they seriously thought they would be a REALLY HOT STOCK when listed?

How can they be that far off?