Make Buru Great Again: Summary of AGM reveal
All in all, good update - orderly transition to investable company
Four (maybe five) active farmout process: is deal heavy with timelines
Suspect look back in 1 year with this as turning point - usual story – a sell at .10, can’t get enough at $1.00
Ungani: good deal for early CF
exclusive discussions with target 2Q24
goal is to change operating model, restart production, more wells to backfill
Rafael Shallow: funded soon but need to be realistic
Deal by July 2Q24
Success case to help fund Rafael appraisal and possibly contribute to development
Development is Ungani facility clone, truck to Broome / Derby
Rafael: responsible Phase 1 then go big
Extra work/incremental due diligence needed to support “the level of investment required …for a larger scale development”
revised resource delayed now 3Q 24
farmout process reengage later in year 4Q24
Feels like focus Phase 1 (to be on line late 2027) for early development /cash flow and to develop social license, followed or side by side with larger phase 2
2H: funding only, no gift IPO
On the ground 3Q for WA and less specific H2 for SA
In discussion on commercial constructs to make 2H self funding
Sounds like cash injection – not clear if cash for BRU, or for 2H or maybe both
Read is only maybe IPO – like 50/50 (is best way to get value recognition)
But unlikely to get shares dividend out (Would make sense though as would provide liquidity and very positive SH story to attract investors)
Yilgarn craton is helium exploration until laws allow H2
Adelaide Super basin is both and storage as well
Exploration: need regional resource and 5th Farm out process
Focus on Rafael lookalikes
Working to Mature P&L inventory ahead of farmout reengagement (++ exploration wells?)
Going to get RAF 2C what about regional WTF
Should have regional 2C and 5th farm out process
Corporate: growth potential
Expand organic “agencies “ and inorganic – vague
Could mean m&a or asset buys to expand footprint / diversify strategy???
need to get SP up for that to work lol
need better IR / do CMD
Corporate: new chair
need new chair / board refresh that can….
Connect with capital markets
Stare down the rabid greenies/ hystericals
Deal with larger industry players
Biggest legacy change would be end of capital raise into every rally which kills the stock and keeps serious punters away
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- Ann: 2024 AGM Chair Address and CEO Presentation & Address
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