My notes from agm yesterday ( Wednesday )
In no specific order…..
Peter Bowler made some informal remarks after voting formalities concluded :
He thought the MRE was very very good, stressing it was an “interim” mre
Included very good grade , particularly at Mt Hope around 1.7%,
Mentioned the Glencore situation / closure, but thought it presented more of a positive for cnb than a negative, regarding possible toll treatment option , and that the qld govt was looking at incentivising other parties witha $30 mill carrot
He thought cnb had outstanding success thus far, with a very small team. Noting they had raised money when they DIDNT need to, and as such, have a good cash position, and are currently earning sufficient interest on cash reserves to meet corporate overheads.
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Rob then went through the agm presentation
Some take aways from what he said during and after……
Was very happy with MRE, but stressed at length, it was an interim position as so many of the resource sections remain open. He went through the geology of these open sections in detail noting MtHope central and LF , will get bigger, and that MtHope would be the backbone of a mine plan / resource model and that Mt Hope had considerable potential for more lodes
He’s very happy with the geological structure of the resource, and felt we would achieve exceptional recovery through all the resource. Good grade / high recovery, no deleterious problems in the geology.
He summised that at 315,000 tonnes of cu, it had a current in ground val of approx $4bn , even with copper being on the nose at present.
Hoping for scoping study in q1 24, to consider toll treat v stand alone operation
He also spoke about the glencore closure and he was clearly optimistic that this could benefit cnb. As charl noted , he addressed the fact that the glencore operation could run on one of its 4 modules, and he seemed very very happy about this. My own feeling was he was choosing to remain discreet about what he may know already or what he may think , regarding the glencore closure as an opportunity for cnb.
- Also very happy with Rio jv Devencourt. Thinks that it represents good commercial value to take the bet and explained why he thought it had tier one potential if they can strike something on the drill bit. Hes quite excited by that project
As charl said, he mentioned WA projects alone would have a market cap of $30 to $40 m and work would be done on those when opportunity allowed including at Malmac for cu and Li.
Post presentation, I asked Rob -
Q : when he puts his head on the pillow at night, did he think our resource would be mined
A : absolutely
Then i asked him whose name would be on the sign on the front gate. He said something to the effect of …. Whoever represents the best outcome for shareholders.
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So, i left our agm , safe in the knowledge, we have excellent management, working very hard, doing exceptional work, with a small team and treating our funds with great prudence.
Weve got a strong initial mre in our pocket, with more to be added and other irons kicking around the fire for when we get the chance to explore them.
Good luck everybody
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(20min delay)