Hi all,
Just thought id share some of the info from the notes i scrawled during yesterdays meeting. All points seem to have been very well described by gotta, so some of this will duplicate his prior info. Well done gotta for your info.
Meeting was a ripper.
Chaired by Peter Bowler.
Straight shooter. I liked him a lot. Clearly, not a spiv from the Terrace.
He emphasised over and over the low soi.
He said there would have been hundreds of juniors within a couple of kms of our West Perth location, that had over a billion soi. He said they had targeted the company that they backdoor listed into - i think he said “birkett res” as they ticked all the boxes to get the deal done, but the most appealing part was that at the time, they had 70 mill soi. So by the time they rolled into that company and got the deal wrapped up, there were still only 100 mill soi. He couldnt have been more effusive, about this factor being a massive plus for cnb at present. He gave credit to Paul Payne for getting that deal put together.
So once the deal was put together and cnb was formed, they had tick hill, and they had identified early that the tailings represented basically, immediate cash. He may as well have said, that was a huge free kick. He seemed very happy with that result. Obviously, the deal was soon done with BIM , to monetise the tailings.
Then, onto Strelley. He gave credit to Rob and Paul for work done to acquire Strelley. He also made the point that they had worked on that acquisition for 5 months, before the deal was sealed, and it was a job well done to keep it under wraps for that period, all whilst, DEG, was going ballistic down the road.
He then handed over to Rob, who mostly, spoke about Strelley.
Well,
Firstly, im not a geo, and dont know anything about what he was speaking about. Declared.
However, he was clearly, very very pleased with the ground, and was extremely excited about what might lay ahead. He did make the point, that there is no guarantees , and that is a point i share, and understand. ( Peter actually commented that 12 years ago, DEGdrilled within 500 mts of Hemi, got nothing, and moved on. 12 years later, they went back, and obviously hit the jackpot ) . Since then he said, they have had to dilute their register to the tune of 800 mill shares, in order to keep funding the business.
Back to Rob. He went through the slides, and spoke extensively about the geological structures, the lack of prior drilling, the AM surveying data, and the tabba tabba and berghaus corridors / shears. He also commented that the ground is perfect to drill, with the country being basically spinifex and sand , with a very co operative station owner, and being only 5 kms from the highway. For a bloke who has some runs on the board, and has clearly been doing this a long time, he was visibly excited, about the ground we have and getting the drilling going. I think his comment was, we are going to “pin the ears back on this and drill the bejesus out of it” .
Some mention was made that they currently have $8.9 m at bank, and will have about $10 m by the time the final payment from BIM is made.
Peter and Rob said that they could drill for 12 months at Strelley and at TH, and they wouldnt even come close to spending that $10 m. So they are very comfortable with our cash position.
Regarding the TH open pit, sale of, or decision to self mine,,,, it seems that is very much now not an immediate priority. A deal will get done, when it gets done, and they seemed very very happy with that situation. It seemed that BIM , the group that took the tailings, might be the first in line to pick up the open pit. They are in no rush for that money and the open pit isnt going anywhere.
Also, Rob was very very keen to start looking for the mysterious TH offset, and gave some reasoning about where he thought it might be, and why it hadnt been found previously. Obviously, if they hit it, and with the previous grades pulled out of that area, it will add big value to our Co.
One of the reasons i like to go to as many agms as i can, is to get a look at the people, who are controlling my money.
My take away from these people, Peter, Rob, Paul and Greg, is that my money on the cnb table, is in very very good hands. I like these people alot. Straight, capable, switched on, but mostly, interested in shareholder value.
For me, i think it is now a drilling punt. Like hundreds of other juniors. I dont subscribe to, “this IS going to be the next deg, or we are are guaranteed to find the next hemi”. Geology and drilling seems an inexact science, so i understand that risk. But half the battle when playing this game of risk, for me, is backing good people, and i couldnt have left that meeting more vindicated, or comfortable, with the people using my money to go exploring.
I was wrapped to hear Peter say that in the spp, they had applications for over a million dollars of shares at 30c, from holders who had less than a thousand shares. They all got zero. He said - “ we cant dilute our register like that, that is just taking the piss.”
Alot of boards, would just take the money.
Not ours.
So, really really, happy with everything i saw and heard.
1912, nice to have met you. Im up for that coffee anythime.
gotta, i think we shared the lift down at the end of it all. Hope you enjoyed your run.
Cheers everyone.
Now,,,, we wait. !
Good luck all.
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