Even though it was a straight forward affair, it was still great to be at the AGM. This time TG articulated a lot of thanks to his fellow LTR directors and the very capable and hard working staff members of a relatively small team. Everyone was mentioned and TG also incorporated a big thank you to the loyal shareholders and even the HC community got a favorable mention. ... and then that was it the AGM all done and dusted in record time!
However in reality the conversations that took place before and after the AGM is what most of you guys are really after, aren't you?
Well from what the farmers up at Moora a saying, LTR should be able to get access from the week after next and so that is when drilling the first drill rig starts. As per DR, one only for starters and it will start where they can get access. "So let's hope it will be in an area where the first directors hole should be." I've got an exited smile out DR of that suggestion. Then we were talking about the difference between Airborne EM and ground based EM, which followed the AEM. The ground based EM is much more precise and is goving a lot more accurate information once you know where to start using it. So in that regard the AEM was somewhat important, but was certainly not be all and end all.
AGM start ... to finish. Closing comment shareholders are more than welcome to ask any questions while we having a coffee.
Here is what came out of that. The small drill program at KV is already finished and was more to deepen the understanding of the resource rather than to increase the resource. (shock)
However the holes were placed in order to convert lower levels the resource certainty (indicated etc) into measured, which has a similar effect, but we shouldn't expect to add another 20 million tones or so to the resource (somewhat disappointing).
I would say in line with what one should expect from a company director, there was a TG comment: "We are going to mine this thing!" We are going to get the experts on board as we need them and then we go for it!
Well, most of you will know that I was and still am for selling KV as an asset, so not that it would be a bad thing to do, however here was a big shock to me, as it would be a much longer road to travel.
Here come the probing questions, what about finance and off-take agreements, which would be required to get finance? Why did we keep KV uncommitted and unencumbered for all this time, because an off-take agreement or two would have easily doubled the current SP and we could have raised capital at a much more elevated SP level? Short answer: all that comes later! IMCO all that simply is the company line I should have expected! However after some more questions and the suggestion of that some one might be interested in buying the project at the right price, I got a, "Well that keeps the options open, doesn't it?" I say, TGFT!
It seems during the recent CR we did get (some) interested institutions and or super fund(s) on board. It also seems that the latest CR was oversubscribed and a scale back did take place (info from a participant in the CR). Good to know, but they always have the option to by more on market, which may explain the rising interest in the stock and with that the SP move of late (22 to the high of 28c). So will we see some substantial shareholder notices soon or will there be a change in the top 20 or 50?
Looks like while the work on advancing the DFS is going on the next thing everyone is focused on is Moora and one could certainly feel the electricity in the room. I certainly, in line with promising first readings, am looking forward to hopefully some outstanding early results to set LTR on the way to follow CHN.
Finally I'd like to thank all the WA based SH for attending the meeting after the meeting where quite a lot of the information was discussed and corroborated so that it all made sense and cleared the probabilities for the way forward. A special that's to the two ladies organising the meeting after the meeting!
PS: I did ask where the box with LTR caps was located and got a "Good idea, but I didn't even think of that!"
Catch you next time!
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