Value Post Domain Deal, page-159

Mate Im not sure the source of your optimism but the company has been very selective in presenting bad news to the mum and pop holders

For example, cokal couldn't deliver the remainder 5000t to the customer of the first spot sale due to low river levels and the customer called it off. Even claiming force majeure didn't work. The simple fact I get out of this is unless the road to purnama is built cokal cannot guarantee supply.mm

Management needs to spell out exactly how much of this proposed funding would be used in mine development and how much in road and infrastructure. They have shown to underestimate the Capex required, underestimate the time required to build it and overestimate their own capabilities imho. You should ask this question because i have and the answer is not which fills you up with confidence...

I would actually be much happier if they had not mentioned tbar development at all and said we will concentrate on bbm only. To me this hints that tbar will either be JV or farmed out and thereby again at significant dilution to the current holders.

In 5-10 yes time all ducks lining cokal might be $100 mil company but sp won't be 30c... More likely 10c due to over and over dilution which company has already flagged.

Domain and the 40% holders have zero interest in building cokal shareholders valuation and when you are the junior partner in a project you get third grade treatment... It is not entirely clear too if the 40% holders and Domain are close to each other...

If you are hanging on for takeover which would benefit cokal shareholders... Good luck with that.

Domain can pull this offer and cokal literally has got no where to go. This is my opinion only but it is based on multiple discussions with management and holders should know that multiple parties were seeked for offtake, pre financing etc etc and obviouslyo NONE wanted a piece of cokal as evident by this deal - giving up half their asset which they developed.

Good luck.. Proceed with caution