I was a lurker in the courtroom today and can share a few highlights that stood out for me personally.
I agree that Bennett's cross-examination of Donohue seemed to have no clear direction and can only presume that he will tie it all together in his closing statement tomorrow.
Part of Bennett's questioning turned on when Donohue/KDR became aware of the lithium potential at Mt Holland. There was a suggestion that Donohue was tipped off by a sub-holder named "Tritton" that the lithium sector was "red hot" (Simon Tritton, associated with Wilsons).
Donohue said he became aware of pegmatite at Mt Holland on his very first visit there because there were core samples labelled "pegmatite" on display in the site office. He seemed pleased to see those display samples pictured in a KDR announcement which Bennett tendered (probably the annc of April 13 2016, see below).
Apparently there was a meeting between Donohue and Treacy at a cafe in Perth before Easter (Thursday before Good Friday) that led to a draft HOA being emailed by Treacy, which I believe was sent on
April 4 2016, which stands out as the key date heard by me at this trial.
On KDR's side, Donaldson's closing statement stressed that lack of discussion between KDR and MZN around the complexities around dual production by two parties of gold and "pegmatite materials" (i.e. tin, tantalum, tourmalline as well as spodumene) made the idea that an agreement could have been reached in a short time period was absurd.
During the wrap up for the day I think it was the judge that raised the topic of ASX continuous disclosure requirements that would have required KDR to inform the market if there was an agreement with MZN. I believe this point may be revisited tomorrow.
I have attached some extracts from the KDR ASX announcement of
April 13 2016 which says that strong interest from (un-named) parties in lithium and tantalum rights at Mt Holland had prompted KDR to start a review of the lithium potential at Mt Holland.
I think this announcement is highly significant because it came just 1 week after the the contentious April 4 date mentioned above when the draft HOA from MZN was meant to be under review at KDR. As a bonus, I believe it also shows those pegmatite display samples mentioned by Donohue.
Not sure if I'll make it tomorrow, but it was very interesting to see this playing out in court. Justice Martin is excellent.
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