Hi LT, sorry I couldn't stick around after the AGM but had a...

Hi LT, sorry I couldn't stick around after the AGM but had a commitment.
I liked your question about the difference between: agonisingly close, exceptionally close, etc.... and now, very close.

TC gave his usual polished performance, but then again he's had plenty of practice with that presentation.
Nothing new mentioned, pretty sure the TZMI presentation was identical.
Sunday he flies back to Madagascar for the 5th time (this year?).

Yes he said something along the lines of "RE will turn the project on its head". To me that's a negative phrase, but he definitely he meant it positively.
We already know that Toliara is huge, unfortunately, making it even better makes no difference while agreements remain unsigned.

TC says Rio Tinto and Ambyt.....(?) projects have performed poorly from a Madagascar perspective and therefore Toliara negotiations is copping the blowback.
Fiscal terms (royalty %) negotiations started unreasonably high (~20%) versus 2% typical for Madagascar and ~1% for Ambyt...., but is looking more realistic now (with input of international intermediaries).

I asked why analytical results are being done in-house, but will only be announced in March, and he said so they can give a thorough picture of the deposit. When I said releasing them sooner would help to keep people honest, he took offence.

Regarding why Regal is selling down, he said he has no idea.
(In his presentation he said the same thing as to why the sp is steadily declining, "in-spite of the stable share register".)
Regal doesn't look stable to some of us.

Base has done a fantastic job with Kwale performance and dividend policy.
Although, in the event they have been making a tactical error at Toliara, then they have probably done the same in Kenya, hence the slow project approvals in both countries.

Because of the poor sp behaviour I have recently sold half my holding at 26c average and will hold the rest for now.
~10c is my effective cost price (after subtracting dividends from my buy price).
IMHO there are better risk/reward ratios in some of my other stocks, hence the above profit taking.
When/if Toliara is approved then the skies the limit.