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29/07/21

12:06

Post #: 54866963
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Originally posted by Deme: ↑

AGM Notes.

All resolutions passed.

Bryce’s address.

Bond done.
Call from the Brazilians & excited by what they are seeing at the SMP.
Freeport Cobalt - introduces an operating asset. Linkages with the business.
Background behind Freeport Cobalt.
Largest, lowest cost facility outside of China. There are no peers.
Tried to sell in 2019. Couldn’t sell all due to anti-trust.
40% refining capacity to perpetuity - without capital cost exposure. ’Synthetic’ cobalt stream.
Trading book to U.S., Japan, etc.
Bought at the end of the cycle.
Another 20m in earnings this year.
Upside to cobalt price exposure.
Balance, certainty, creating cash flow 12-18 months before ICO comes online.
Rights issue to consider existing SHs, also need to bring more instos on to the register.
Crack management team. Expertise unparalleled in other organisations.
Relationship with Mercuria is exciting.

Q&A

Trading halt for US will come off soon.

When will future earnings forecasts come through?
Future earnings guidance - CFO to focus on that and announce.

Discussions with USG? Detailed negotiations with all three departments are ongoing. Look forward to those continuing. Our work resonates with USG. Finland news received positively.

Other metals beyond cobalt?
Nickel refinery (SMP) - need to fill that.
Ni and Co main focus. Will continue to review.

Split - non-compete comes off in 3 years. Revenue split? Can’t comment beyond material publicly released.

Nico-Young - needs a partner. Discussions continuing with Japanese and South Koreans. Will see the light of day - but LT play.

Bond - 12.5% high? Only time we will issue a high interest bond - guarantee that. James comment - important feature is flexibility. 2 components. Commercial flexibility - no external offtakes locked in. 2nd - repayable in one lump in 5 years from now. Had long discussions with bankers. One had to go first. Bond before equity. Equity needed the bond first. Investing into a fully funded story.

Further acquisitions? Building an op biz. Most likely yes within 5 years, but mainly focussing on ICO and SMP at this stage. Non-organic growth will form part of future trajectory.

Liquidity now (before was terrible). Brings a different investor into the business.

Does FC have revenue today?
Yes, it does. Look at the materials available released to the market this week.

BHP doing deals with Tesla. JRV doing the same? There will be commercial arrangements, but do not want to commit future product to a single customer given the thematic.

Will Melbourne remain as corp HQ?
We’ll see.

Peter’s comment.

Have raised significant capital.
Pouring concrete at the ICO.
All long items ordered.
In production in July 2022.
Advancing SMP.
Bond and equity raises - transformative. Put in an op biz with sustained cash flow.
Massive 12 months.
Strategic vision - thanks to Bryce.
Building a world-class battery metals company.
Very focussed on SH return.

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Deme you have done it again.
Thanks for sharing your balanced analysis/knowledge

JRV Price at posting: 50.0¢ Sentiment: Hold Disclosure: Held
6 Upvote

1 Great analysis

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Last 1.5¢		Change 0.001(3.57%)		Mkt cap ! $39.19M

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Deme you have done it again.Thanks for sharing your balanced...

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