I am not worried about the past. I have only been invested for about a year. Nor am I a disciple of the company. I do see a profit in my investment and that is my only concern. Because I see a profit, I am positive and remain positive and a shareholder.
I admit that I was smitten with the possible $1B MC with the Nasdaq listing. I still see the value today as a 2 digit multiple. Hence I brought B options and will convert as well as ask for shortfall options. I asked at the AGM and was told that the B options would be converted as the A options had set the precedent. I reported this here after the AGM. I believed that would be the case going forwarded and acted accordingly. Some on this forum did not believe so and made their point public. Said something along the lines that unless it was in a company announcement it cannot be believed.
I see that Wolfsberg has been sold to CRML. For $750M (US I believe, I am not going to check). Thus Wolfsberg is CRML's concern. EUR's issue is actually getting the funds in hand, as the sale details were very complex. At this point I see one or more of 4 scenarios.
(1) EUR sells down their stake in CRML and retain a majority of CRML. This gives EUR a large cash holding, from which a dividend will be paid. This is backed by Tony's pride in delivering a dividend if and when he can.
(2) EUR sells completely out of CRML. Which again gives a big cash holding and a big dividend will be paid.
(3) CRML absorbs EUR in a T/O which can only be done via stock. This could be feasible due to Tanbreez. EUR's pedigree is to get a project, dress it up and sell it to a mine developer. EUR is not a miner and never will be. CRML may intend to be a miner but they are nowhere near to being a miner. A prefect storm is happening regarding rare earths and Tanbreez can be fast tracked to mining. But only by an experience mine developer. This would require a mine developer buying Tanbreez from CRML and the 7.5% that EUR owns, Or taking control of CRML, which would require buying out EUR, gaining the 7.5% of Tanbreez as well as the Austrian assets, the Ireland assets and the Ukraine assets. This latter scenario would be the best win, win, win situation for all. It would also be the cheapest for the mine developer.
Or (4) the whole thing collapses. I very much doubt this. And then is it CRML that collapses or EUR? CRML is not priced into the EUR MC.
Your comments concern the use of NIMBY. I do see the root cause in Wolfsberg and understand the process. I did start using the term NIMBY because that is the case. The mine is fully permitted as stated. The other permissions required still have to be addressed and solved. Those issues are what power is required and how to get it to the mine. And then what happens to the product when it reaches the surface. How is the product to be treated. Will it return to the EU. What are the transport routes? All of these issues were foreseen as solvable. And promoted on that basis.
However, reality is different. The approvals process clearly states that if the area for surface works was less than 10Ha, the mining could proceed. Doubt was raised whether a full scale EIA would be required. This doubt was raised by those opposing the mine. This doubt had to be addressed by the courts. The process was purposely delayed until legislation was brought in that sped the approvals process in the event that a full EIA was required.
The original condition of not requiring a EIA was upheld. Yet those opposing the mine have chosen to appeal the courts decision. And here we are. The best description of those opposing the mine is NIMBY. CRML can only proceed as the process allows it to proceed and it continues dutifully, to get full permissions. This delay is very much to the chagrin of some of the forum members. Personally, I do not see Wolfsberg mining in the short term or the mid term. There are too many avenues for permitting processes to be delayed.
In the interim as a progressive company, CRML has found another project, Tanbreez, to focus its energy, finance and resources on. Which is good, but has detractors who reckon that we should focus Wolfsberg because that was where all the hopes and dreams laid.
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