Ann: Quarterly Activities and Cash Flow Report - 31 December 2021, page-3

g’day all.

why would they need to do a CR?
they own 43% of LEL now worth $34m, which coincidentally is around their total market cap!
so selling a few LEL seems the easier and smarter way to provide any needed cash.

management have dragged the chain for a long time. Saying a review of the forward expectations for IO price is the key for the investment decision is ridiculous in the extreme. How can anyone know what will happen in the future. Basing investment decision on that is madness. Or maybe it’s to give them the out they may want, not to proceed.

very curious way to run a business.

obviously undervalued with the value of LEL, so everything else is valued at $0. Market doesn’t think much of them and I must reluctantly agree.

hopefully they’ll get a decent offer for the sth American project. I don’t see they have the ability to drive such a major project themselves.

a disappointing investment.

cheers,

ned.