1. Vast scaling, engineering and cost risks to the HPA plant that were never given the benefit of a feasibility study.

2. The sale of 43% of stock at $2.15 and subsequent departure of Joel Fournier, the C.T.O. Why would someone who put in so much work into the R&D of supposed "game changing" technology walk away before ultimate success? It makes no sense.

3. Nothing but delays in the SGA BFS. It's always some new spin on how they "think" the economics can get better. E.G> energy assumptions.

4. Rusal M.O.U. which was supposed to become firm last summer. 6 months ago. Now there is nothing but crickets coming from Russia. 

5. Nalco M.O.U. again nothing but crickets for the "game changing" red mud remediation.

6. Recent desperate grab for cash by way of a Debenture Issue. Why pay 8% per annum interest on credits that will eventually become cash unless YOU KNOW that you will need the cash beforehand. That reads-through as delays and hic-ups for the HPA plant.

I'm sure I've missed a bunch too, but that's enough to keep most skilled investors 100 mile-pole away from this thing.