CYM cyprium metals limited

Ann: Chairman's Address - FY24 Annual General Meeting, page-2

  1. 640 Posts.
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    OK. So, I was not at the AGM but did get a pretty good secondhand account of this report and how it was presented.
    Matt did a pretty good job with this report and apparently his presentation of it was well done. There is some good authenticity and it of comfort to know that a buffoon is not in charge anymore.

    I'll elaborate a bit more on the points as I have absorbed them. Matt describes 5 priorities and a mostly completed set of actions against these. There is clear demonstration that quality careful work has been put into each by the team.

    1. MRE, SS, SS-Update, PFS = well done. I have not had a chance to go too much into the PFS and I do have some questions on it but will deal with this on the relevant thread. At first glance, the Cu price seems to have climbed, there is an awful amount of stripping in early years, somehow the oxides cannot be treated as waste. Any DFS would need to include improvements and optimisations here. IMO, this is not doable without realising something from the oxides. More later and elsewhere once I get a chance to read it.

    2. Extend financial maturities. It seems MLX had no damn choice but to extend the convertible notes. To me this is equivalent to a pretty serious investment relative to market cap. Also, getting the loan facility from Glencore is a very serious 'investment' relative to the market cap. These 2 players are throwing some pretty big dollars at a micro-cap. So, why the heck can no new institution or even retail investor take a nibble? What have these 2 seen that we have not? Do they not share any of the same concerns that the rest of the world seems to have? Nobody new is buying. Volume was up a while ago but only thanks to Flat-footed.

    3. Strengthen team and Glencore partnership. Great. I'd like to know how many soldiers they have strategising and crunching numbers in their offices.

    4. Restart cathode plant. Well, this obviously has not been restarted. This is included in the PFS and requires ~40m to execute. Returns are good but these need to fund the sulphide concentrator. It sounds that even 40m is going to be hard to come up with mainly due to our shitty MC in a tough environment. Any partner knows that it's not as easy as recouping the 40m as soon as its available from the beautiful projected EBITDA as all free cash gets sunk into prestripping so the small upfront capital is still exposed to the risk of the full project. Matt talks about cathode in CY2025 but is dependent on funding. Did not sound convincing and positive. I am not concerned with his tone as we all know where Barry's happy tones got us.

    5. Commit to regular and frank communication with shareholders. There has certainly been an improvement from the million-dollar man that is Clive. Matt did mention 'head down' doing the work, not going to conferences etc. While I do think that conferences and panels etc. are a waste of time, the company has to get some exposure.

    While many good things got done this shortened financial year.....NOTHING has materialised for shareholders. There really needs to be a third column on each of Matt's priorities and actions and that is "achieved in increasing valuation". This must be part of a goal as goals need to be qualitatively and quantitatively measured (scorecards contain numbers so maybe put the release date share price in a column. For me, they are all failures when the company valuation has gone nowhere when you've worked your butt off to get it somewhere. He does acknowledge this but damn, the realisation that you've made no improvement is sobering.
 
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