Farooq, Ho and Johnson Remuneration, page-9

I do actually have a few ETFs. They are going well. I will take your feedback on board and learn a bit more about spec microcaps.

In the meantime...

Since 1 July 2019, SRK has raised ~$11m (after issue costs) and sold 50,000 tonnes for about $9m (i could be out here but i havnt had a chance to confirm the actual number).



Farooq, Johnson and Ho did not directly, or indirectly purchase any shares over the same period. In fact, their holdings havnt changed since 2015...other than Johnson who purchased 100,000 shares sometime in May 2019 for about $5,500 bucks. Here they are asking shareholders for money yet unwilling to put in any of their own money that they have made through millions they have taken in remuneration.



According to the 31 December 2021 quarterly, there is now only $2.5m sitting in the bank. Paulsons is late and is now being scaled back and who knows when the next shipment will be made out of Peru. If i try and dissect the numbers for the 50,000 tonnes they have sold out of Peru, it actually looks like the transaction was at a loss (however i would need to look into it a bit further).

We know for a fact they will be raising more money given that at the AGM held on the 25th of November there was a resolution passed for listing rule 7.1a (this seeks shareholder approval to raise an additional 10% over and above the limit of 15%). We could see them issue a further 27m - 54m shares at a price ~0.12c. This would see them raise between $3m -$7m depending on the SP leading up to the announcement (or they could go for the max 25%). History tells me the directors wont be participating or looking at buying any on market shares ahead of the listing. Although, you just never know (hint hint). The downside is there is unlikely to be a retail share offer therefore unless your a sophisticated shareholder every other pleb just gets further diluted! Since 2019 we have gone from 145m shares to 270m shares and almost burnt through the entire lot with only a few spot cargoes to show for it.

My thoughts are the share raise still isnt enough. I think the peru operations are under water. 50 trucks would not be cheap. Either that or Paulsons is costing a lot more than expected.

We have seen the biggest iron ore bull market in history and its disappointing to see SRK squander the opportunity.

Ps, yes yes LEL this and that. Perhaps, but until they have actually drilled, its all lithium hype.

Pss interesting to see the QUE jobkeeper announcement. Looks like 4 people took a total of $111,600 during FY20 and FY21.