I thought it was a good update, though the only news we hadn’t heard before was they’ve completed the environmental baseline studies and doing a tender review into the engineering. The remainder was information we’d already received, though they did spruik up the partner interest (which has been mentioned before). They mentioned the PFS but didn’t actually say they’d commenced it.
Although a good announcement, I don’t think this is what Lindsay “looked stoked” about after a meeting. IMO those meetings while at Indaba were probably to do with the SA offtake and/or the IDC loan. That is Lindsay’s main priority atm.
They could have released this announcement any time of their choosing, not a lot of market sensitive info there, which is why I think it was a bit of an appetiser for the main event which is the Offtake (imagine a 200kt offtake ontop of Carrinho) and the finance. We’ve also got the P4 study, that is clearly market sensitive, yet our major shareholder I presume is still evaluating it. They’ve had it for quite some time now, the study is only done to +/- 50% accuracy. IMO Minbos will release it whwn it suits them, maybe as another appetiser? It’s not like there is only 1 copy.
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