Ann: ZNC Quarterly Activity & Cashflow Statement -Dec 2018, page-2

That has got to be one of the longest quarterly reports released in 2019!
Although of course, it has some definite disappointments.
Split rocks was a real hopeful for Lithium, but to date, it has not been a success. 
It would seem they still have some targets but for now I am going to focus less on it now.
Luckily, their portfolio is so substantial that they can easily pivot where needed.

Obviously B.H is the real key for a re-rate. Plus of course, they are clearly waiting to lock up some more land in the U.S, before listing (hopefully this will happen soon). As that US $5m free carry needs to start getting used!
Also, they have been sitting on the resource estimation for ages, which of course is being held for the listing in the U.K.
Anyway, it would seem ZNC J/V partners are going to be carrying out more drilling than the company itself, which is fine of course.

Happy to hold, although share price catalysts are harder to pinpoint, except for when they lock in the Lithium ground in the North American. Then finally things will really move.

Cash spend still very good. Another year before they need to tap the market. Share price is disappointing, but then its being sold down on very low volume. Just a few impatient holders.