Chart Chat, page-252

I didn't want to have to write this now, but I will.

I don't see any coverage of the company's equity structure post the recent CR on this forum. Perhaps it's a psychological blind spot when compared to the nearology to Vale's tenaments.

IMO the prioritisation of the new Ni/Co target is either an amazing coup or an act of desperation for a company running out of cash and options (not the financial instrument, it has plenty of those).

I can't work out which of the above.


For such a small company they have a huge BoD, and what are they doing presenting in Cape Town when they should be all hands on deck in Brasil. Another CR perhaps, or looking for a partner, I don't suppose it's a jolly as they're running out of water down there. Yes they have loads of tenaments but they haven't got the money to drill them all and they haven't had success at finding anything economic for years. Why, I ask, should this time be any different?

Here are the stats from that presso:

Shares on Issue (post raise) 2,072.3m
Listed Options (EP $0.01, Exp 30/4/18) 226.2m
Listed Options (EP $0.01, Exp 31/8/19) 624.0m
Unlisted Options (EP $0.008 to $0.015) 246.0m
Directors and Management Holding ~121.0m (6%)
Market Capitalisation (post raise) A$31m at 1.5c Cash (post raise) ~A$3.15m*

The fully diluted capital is just shy of 3.2B shares. When looking at any upside targets, this is the number that must be used.  That is why I am interested in exactly what they think they have at this near term target, because if it's a duster then they may have problems because they have signalled to the market that this is their best shot.

So that's my ***. Feel free to knock it down, I won't mind. If you want to make it personal then that's fair enough as well but I'm good at calling people names too.