Ann: Strategic Investor, Equity Placement & JV Partner for Caula, page-51

It seriously amazes me how a fantastic scoping study like the one released resulted in an SP slide !!

I believe this was the catalyst that forced our MD to sell 40% of the project for $3.5M. I mean, if market cap is 

so low, how can you possibly ask for more? Running out of money and Arena doing what they did, your hand is forced.

The market simply didn't respond.If it had responded, i think they would have opted for a CR at much higher prices. I believe they didnt expect this to happen and then Arena, opportunistically, come up with that demand.

I have a feeling Arena were trying to " pinch" the project for peanuts.

Nonetheless, the project is still alive with an NPV of around 450M instead of 900M, still ok in my opinion and room for us to get something in return.

If Bernard manages to bring phase 1 into production, we are safe. 

Question is, will he remain?

Out of everyone, he has the least responsibility for where we are. He delivered a brilliant scoping study and keeping the ship afloat.

He now needs to deliver an offtake partner that will also contribute towards the plant.

MC does not show the value here. Just hoping that it doesnt fall apart.

As it stands, i will be extremely happy if i get a return on my investment at around 30c, happy to wait. No point in selling now.

All in my opinion.