Ann: OZ Minerals to acquire Cassini Resources, page-17

Arsenic - Reply plus
Agree with mixed feelings.
Market conditions determine value to a large extent along with the relative strength of negotiators.

To your points I would add the query of what the working capital of Caspin would be. There is a figure of $0.5M which wouldn't last long if that is all = list and do a CR - almost an IPO.

I had been thinking of posting on another CZI thread over the weekend. This announcement, in hindsight, possibly puts a few personal observations into some context.

At last year's AGM I noted the mood as : I have seldom heard a more upbeat mood at a meeting. (two more follow up posts in the same thread )

There were some undercurrents at the meeting I couldn't make much sense of then and even now may be reading too much into.

The full PFS results were not available then but IMO there was little doubt they wouldn't be reasonably positive.- It was

I was a little surprised that the directors said they would exercise their "options" - they did for $800+K.

I was not too surprised when Greg Miles left the board to become COO. There was something in the air at the meeting (too subtle to be definitive and as above too easy to overthink, and post at the time - still may not be appropriate).

Together these combined with statements that CZI would be open to deals "at the right price" suggest to me that the process was at least beginning for today's Ann.

Mt Squires - I said positive but the impression I got was more than that. Seemed a bit excessive for an exploration play that is at a relatively early stage but if this scheme goes through and SH's hold Caspin I hope it is correct. The Ni/Cu potential of Mt Squires IMO may not be far behind Yarrawindah but will probably be more expensive to explore.

Yarrawindah - IMO tough target(s) with great rewards if they come up with economic high grade sulphides rich in PGEs. Work is quite well advanced with some drill targets nearly ready

These two projects each require 1000s of meters of staged drilling which need to be funded.

OZL in JVs with many juniors has IMO priced this deal adequately for the market conditions. Of course more is always wanted but for CZI to fund their portion of the WMP would require many things to line up. Post Covid first wave would probably not be great timing.

The webinair later today should clarify some issues.