The LMS MD Matt Pustahya, negotiated a very shrewd deal for all the shareholders when the opportunity arose, Comet accepted and the rest is history. It was all done in record time without hiccups. Comet are not "spewin" otherwise there would not have been a deal done.
Unfortunately, for comet 2021 onwards was a very difficult time for them, Covid fallout in the NT resources scene, the commensurate Market downturn in NT exploration until pickup in 2023, then the rush NT land grab rush really began.
Unfortunately many Junior exploration companies in the NT in particular were severely impacted by 2 years of no access to EL's during the Covid inspired government restrictions. In Queensland, the mines department waived annual fees for 2 years and waived exploration activity financial outlays commitments to reset to Zero $$'s expenditure commitments during the Covid period, without penalties. The only proviso was that you had to maintain the Annual EA fee, circa $700 per annum.
The NT mines department at the time decided you still had to pay the full annual EL tenement fees, but you could apply to receive a friendly 12 month payment plan.
However that ~ 2 year period of covid inspired, banned, NT exploration activities , , really killed off many genuine junior explorers trying to do the right thing by their shareholders.
Fast forward to Late 2024, Matt's non stop pursuit to acquire quality assets for Litchfield Minerals for a mutually beneficial deal, paid off demonstrated within the last 3 months of intensive groundwork done by Matt and Russ on site to get to where we are today with the Oonagalabi news flow over the last 2 weeks.
A huge amount of new and novel geophysics were done, not by you or I, as well as a mammoth rock and soil sampling campaign early to mid December 2024 in 40 + degree heat over 2 weeks.
Do not forget that LMS only floated in March 2024, and was the float of the at that time and oversubscribed.
The board is a tier 1 board.
Good to see you held some shares back after your free carry sell off.
Cheers,
HR
DYOR and all above comments are strictly my views, I do not offer any advice to anyone, other than Caveat Emptor, It's your money, not mine, do your own fact checks. Invest how you want, nothing to do with me.
Apologies for any Grandma or Speling Miss steaks !
LMS Price at posting:
14.5¢ Sentiment: None Disclosure: Held
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