Apologies for the late summary here. I didn't take any notes or ask any questions at the AGM, so the following brief summary is from what I recall. I walked away feeling quite confident. Sure, the share price has been absolutely decimated, but we are making steady progress. This project is world class and IMO I still think will make us all a lot of money in the long run (from the current share price).
- Company's goal is to reach a market cap of $300-$400m once they reach production - Grade of 4.8% K compared to Great Salt Lake of 6.2% K - expected to increase from 4.8% to 6.5% (LD grade is fine) -$150m capital cost still being thrown around for 200ktpa - not much incremental cost to get that to 400kpta - $85m for the plant and infrastructure, $65m for the ponds - Opex estimated at $150 + freight of $60-$65 to Port Headland (gave examples of current freight in that area, previous figure of $100 for freight was very conservative) - strong relationship with the Martu with several Martu working out on site - drilling to be completed before capital raising - MR may lend the company more money if required. This loan is likely to be converted into shares if there is a rights issue - potential investors want to know the recoverable resource of potash before committing funds. For example, they want to know if there is at least 10m tonnes of recoverable potash (before taking into account recharge of the lake) to support a 25yr operation at 400ktpa. - all environmental approvals expectedto be received within 12 months - MR wished to thank the two departing directors for their time at the company and stated something along the lines of 'they've agreed to step down' and quickly back-tracked on those words. IMO it seemed to be that these two guys were probably told they are no longer required. Expecting a snr Martu rep to join the Reward board at some point. - Several favourable comparisons were made to the Great Salt Lake (Compass Minerals) and also EPM Mining Ventures (another SOP explorer with a brine lake in the US) and it's clear MR has good knowledge on Reward's peers - A number of parties are interested and some offers in regards to funding/off-takes have been presented (my understanding by the Chinese) but I am unsure the details of these offers. Ideally the company would want a pre-payment.
That's about all I can recall. Obviously an updated timeline was included in the AGM summary presentation.
One final highlight was also Rod Della Vedova's tie. It featured the periodic table of elements
Cheers
RWD Price at posting:
24.6¢ Sentiment: LT Buy Disclosure: Held
