Hi Cheap Price, I went to the AGM the other week . . . I was the...

Hi Cheap Price,

I went to the AGM the other week . . . I was the only one (apart from a few ring ins).
After it I spoke with Marco and in a nutshell this is what he said.

They are closer than they have ever been to finalising the Satimola deal and hoped to agree to terms in the next couple of months - I read this as before the end of the year.

The person who had been posting on this site about the dealings has been removed from the negotiations.

Chelkar - drilling has been completed and results are to be analysed to produce the JORC for that deposit - 6 months (ish).

Zhilly - Just continuing along.

I asked about listing on the HK exchange and he was of the opinion that this woudl be logical given the amount of the company that was owned by overseas investors but didn't say that this would definitely happen.

Also asked why they keep issuing shares at such a rate . . . . a necessary evil in order to keep things moving, they have been trying to raise money at the best price they can.

He spoke about the need to better market the potential of the company with road shows etc, mentioned Highfield and that their market cap is $450m compared to KPC's $50 (now lower) and that once the Satimola deal had been completed they would be the 3rd biggest producer in the world with off take agreements already in place with Chinese government.

I was pretty shocked that I was basically the only person there and it was a bit like where do you start in terms of what has happened.

The issue is now that there is no use to sell, in the next 12 months if they can move Zhilly forward and lock in finance for the project, JORC for Chelkar and actually take ownership of Satimola, all with agreements in place for the produce . . .you would have to be looking at a company worth more than what it is now.

The problem is that with the amount of shares being issued now . . . . will this handicap that potential.
It is also perpetuating the idea that the company is a bit of a joke and its structure is murky . . .

Almost worth throwing $500 at and seeing what happens over the next 12 to 18 months????