Yeah so Lithium Australia effectively retain 44% of each of the three projects (they hold 30% of each of the projects and they hold 20% of the CHR shares). Also the Lithium Australia MD is a director of Charger. So, good chance of lots of backseat driving imo.
Here is a presentation by the Charger MD, David Crook, from October (hat tip to hippo). The Charger segment starts at about 37 minutes.
Just a few of the notes I took:
- DC pointed out that since listing in July to October the number of shareholders had grown from about 400 to about 1400 but the top 50 still had strong control, holding about 66% of the shares. DC may be MD but it doesn't look like he has been given free range.
- Even with only about 50m shares issued, which is relatively few, about 2.5 million of them are locked up until July 22 and another 13m remain locked up until July 2023. So the tradeable shares at the moment is only about 34.5 million.
- Just one slip I thought DC made in the presentation: he said that it was not possible for Charger to get any drill rigs onto Bynoe (which is the block surrounded by Core up near Darwin) until after the wet season. But later on he mentioned that on the day he was speaking he knew Core had drill rigs onsite and drilling. Charger should have been busting a gut to get on with Bynoe so how come they didn't also have rigs working onsite?
I think there needs to be a real sense of urgency from Charger, particularly regarding Bynoe. To me, that is the money ball, it is literally in the middle of an active mining project. I noted the comment from another poster suggesting that getting permits to kick rocks at Lake Johnston may not be straight forward, and DC referring to lithium deposits 70 clicks away is stretching the nearology pitch imo. And it seems that tenements close to Challice are about as common as bricks from the Berlin Wall.
With a market cap of $42m I don't think Charger is as sure a thing as Essential Metals was at $42m. Given how the lithium tide has been rising all boats will benefit I suppose.
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