Sept 30th EGM Day Thread, page-237

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Tony Tanner

307 Posts.

08/11/15

10:46

Post #: 16347635
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Originally posted by Timmyk ↑

Here is a summary of the EGM:
Firstly, all resolutions passed, so that's out of the way.
Myles said that he had been told off by the ASX, but next week will be a better week.
He couldn't have looked any happier and said we are in for a very exciting time.
During resolution 4, it was asked why these options only went till 2016, when the others expire in 2017. Myles explained they had already had 2 years of life and it was his regret that they couldn't start mining BLK8 earlier as he feels they all would have been exercised if that was the case.
For those waiting for their new lomos, it will take some time as a prospectus will need to be issued etc.
It then handed over to SW. He said
They won't give results of putting and sampling until these have been signed off.
He feels this is better than Letseng.
He reiterated that that it is the size of diamonds that they are chasing, not a high ctphm. To this end, they didn't give this figure.
There is 827cts in the vault ready for sale in October. No further clarification as to early, middle or late was given.
They are learning daily where they should be targeting the Kimberlite due to the volume they are able to put through.
They will prepare BLK8 for wet season mining with sumps etc.
They have commenced building stock piles for wet season.
The screening they are purchasing for wet season should be delivered in December. This will reduce by 30% what needs to be carted to the DMS.
As to the revenue, this is the good bit and finally been clarified. Any revenue that exceeds usage, we will get 50% of and then 20% of the other 50% until the $37m spent has been repaid. So essentially we get 70% of revenue above usage until we have been paid back, at which time it will revert to the 40% which is our ownership of Lulo.
SW was asked about Myles comments at the RRS about us rising tenfold. Rather than shy away from it, he referenced other successful mines around the world and then said "10 times is not the top end"
I came out of the meeting pretty bullish

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Hi Timmy,

Hope it's ok to repost your EGM summary to help with my response to Insider.

TT

LOM Price at posting: 32.0¢ Sentiment: Hold Disclosure: Held
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0 Great analysis

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Sept 30th EGM Day Thread, page-237

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Sept 30th EGM Day Thread, page-237

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