Hang on there ladies and gents, just reading the latest quarterly again, and the last annual report.
And it looks like the old LRS story is going to continue for a while yet.
Total loan amount available $6m, used amount to date $2.85m (as long as Lind is happy to keep giving LRS money and keep taking shares).
Estimated cash outflows for next quarter $350,000.
General meeting to validate share consolidation on Sept 2.
Five new tenements acquired in Brazil, and owned 1005 directly by subsidiary Mineracao Ferro Nordeste Ltda.
Tenements 830578-82/2019 Salinas MG.
Chris Gale holds over 55 million shares in LRS.
I'd like to know who is holding via the JP Morgan Nominees account, because it's over 456 million shares (13% of the company).
Ryan Gale - Shape Wealth Pty Ltd (of Melbourne) owns over 110m options (13%).
Note: Ryan Gale may be related to Chris Gale, but I haven't confirmed this yet.
https://twitter.com/shapewealthhttps://www.facebook.com/Shape-Wealth-Pty-Ltd-454181444611384LRS holds the following number of concessions/options, at the indicated percentage ownership as stated.
Peru - 22 concessions - 100% ownership of each (we assume these are exploration concessions, but it just says concessions).
Peru - 48 concessions as an "INDIRECT interest" via a 41.02% shareholding in Westminster Resources.
Note: Chris Gale is also a director of Westminster Resources.
Argentina - 30 Exploration concessions - 100% ownership, granted.
Argentina - 1 Mining concession - 100% acquisition is pursuant to an option agreement (but it's not stated who with).
San Luis - 21 exploration concessions - 100% ownership, granted.
San Luis - 2 mining concessions - 100% acquisition is pursuant to an option agreement (but it's not stated who with).
Brazil - 5 exploration concessions - 100% ownership through subsidiary Mineracao Ferro Nordeste Ltda.
My latest correspondence with the company has confirmed that they are not interested in gold in South America, but are going to stick with Lithium exploration. I am a fan of gold, hence my enquiry.
It's been a long, long, long .......... wait, without end it would seem.
We can only hope, and while we patiently wait and ponder, pour ourselves a beer and wine.
We can save the champagne for Lithium boom Mark II.
The MD's of Mali Lithium and Pilbara Minerals and other companies are convinced this will happen.
So the champagne for LRS can flow when there is the granting of the San Luis and Brazilian drilling rights and mining rights, and the buy-in by a very well capitalized JV partner.
Yes, I know by that stage it's likely the 21st century may be coming to a close, but we must somehow maintain our sense of humour if we are to survive, even in the face of continuing LRS torture.
Cheers,
Gw
