Let's critique the first 6 months under Dr Chen's leadership by reviewing the commitments in the 17 March shareholders letter:
Native Agreement with the Kakarra group - not acheived
De-risking regulatory approvals - no progress
Optimising the mine plan, floatation process and lithium recovery - no updates
Initiating discussions with potential offtake/development partners - all that has been achieved is to vary the expiry terms of the existing Canmax agreement
What has been achieved:
Drilling of EIS funded gold opportunity at Marble Bar
Amended their remuneration by issuing new performance rights
Reviewed the FIRB submission by previous Board
Min Res and Gangfeng has recently tipped in over $300m to keep Mt Marion going - at a loss.
I suspect that with spodumene prices remaining at ~US$600 per tonne it is going to take a lot longer to for Manna to be viable to develop.
GL1 Price at posting:
17.0¢ Sentiment: None Disclosure: Held
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