Xerx ... great meeting you .. our converse prior to meeting was...

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tedhunter

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19/11/19

20:35

Post #: 41516785
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Originally posted by Xerx ↑

Ted
Good catching up with you and good to see that many shareholders were constructive in their criticism and thoughts. I feel for those that have incurred huge losses (as I have) but feel that the AGM would be far more constructive if discussions were civil.

I have not read through the numerous threads on HC but here is my high level take away, in no particular order (as I headed out to golf straight from the AGM) Excuse me if I have repeated some points

- Discussions with SKI are still ongoing but they no longer have exclusivity.
- AUZ decided not to extend the LFA as SKI did not come up with funding levels that met AUZs acceptance
- Discussions ongoing directly with Vehicle manufacturers and financiers including NAIF, QLD Government and Export Credit Agencies
- EV roll out slower than expected that has put battery industry on backfoot in the short term and subsequent Cobalt pricing
- All banks, financial institutions and NAIF are still in the game
- Discussions with previously identified potential off take partners is being pursued. (AUZ naturally cannot state that they were talking to other parties whilst SKI agreement was in place)
- Prescribed Project Status very helpful in expediting process
- Termination of SKI LFA does not have any long term impact on NAIF, but an Offtake agreement is a pre-requirement for any release of funds
- SKI is running behind on its projects and was using The AUZ deal to promote supply agreements
- Flemington drill results due early 2020. Selling down such assets could become part of funding option
- Next Off Take agreement will definitely include a prepayment clause.
Hopeful to make an announcement within next six months and before the next CR is required
- Consolidation is not favoured by BB but would likely be required by financiers
- Cobalt suppliers are fast disappearing as funds have been diverted after price drop from $90K to $30K/ton. Less options for battery manufacturers even SKI
- Battery materials alone for VW will require 5 mines like Sconi. Serious imbalance in demand and supply
- QLD govt is assisting with financing discussions
- BB remained a bit evasive when asked about Matt Canavan recent public comments on Sconi. Good sign if we read between the lines
- Chair gave a high level comment on Marcus Hughes’ departure
- Shareholders were extremely vocal about being mislead and losses they were suffering and hopefully the message sunk in with the board

GLTAH

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Xerx ... great meeting you .. our converse prior to meeting was a good footing of issues ... SERIOUS CONGRATULATIONS on your Report Info .... very precise ... well done ... in agreement with SH's concern's and the fact that BoD did take heed to concerns ... everything still in place ... except SKI Exclusivity ... ( still wouldn't touch them ) .... product still there .. 4 years to delivery ... 2 to 3 was in my head ... but hey .... extra 1 to 2 years and product demand increase can only mean Value Increase ... Fundamentals are still there and still strong .... happy days coming ... ( long term ) ...

AUZ Price at posting: 1.6¢ Sentiment: Buy Disclosure: Held
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Xerx ... great meeting you .. our converse prior to meeting was...

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