Backing up Pottermore's post from us being there in person, it was both of us who asked most of the questions so you can all thanks us later.
I put it to Iain that in hindsight would have they done things differently regarding the license issue and answer was an enfactic yes. Basically PCL thought the licence would not be an issue and therefore did not think to disclose it in the initial announcement. Turns out as we now know this was a mistake. Bit more detail to it but it is what is it is now.
Backing up Pottermore's comments about cash on hand and Ernie said they have not plans for capital raise before the 1st drill. but Iain said if the first drill goes well then to raise funds for further drill then to raise say $20M (their 20% share) will not likely be an issue due to the increase in market cap at that stage. Obviously they also have other options to reduce % as well.
Iain was pushed on timing of when 3D assessment would be complete and would not commit to a date as he has been burnt previously. But did say they are nearing the end and now getting down the the really small anonomololies and doing further work on those. WDS and PCL do chat on the regular about the data but say that WDS play a straight bat.
The way I see it is PCL have already been talking to other majors about the lease as there is no restriction on PCL doing so. This is their plan B and if WDS don't farmin within 90 days these talks will increase and the data room door will be open for all and sundry. This was very clear by Iain and Ernie as they have several scenarios to consider should WDS walk away.
Obviously there is no reason that WDS won't sell down their 56% within before 18 May 2025 and let one of the other big boys take on more of the risk. This is a good possibility IMHO.
Finally we asked if they were excited and the response was a distinctive YES.
My view from the AGM is we have some very large traps waiting for the drill and there will be some very happy and wealthy people to come out of it. Let's hope we enjoy the ride and sell at the right time.
P.S. Don't expect any data announcements as doubt they will disclose these unless WDS decide not to farmin. Sounds like there is an agreement regarding no disclosure to the market until WDS say so.
Cheers
Rooey
PCL Price at posting:
1.9¢ Sentiment: Hold Disclosure: Held
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