AML (ASX) Ann: Export Acid Sales MOU with Mitsubishi

Originally posted by speccy ↑

Prawnman, respectfully, you need to do proper research rather than just react 'off the cuff' (as you have done a few times now).

If you look at our posts you will see that the majority are in fact very supportive of the AML resource and of EV opportunities in Cobalt and copper in particular.

Perhaps you'd be interested to know that we've also written to:

a) the Tesla Board about securing responsibly sourced cobalt (from AML of course).

b) Matt Boulsen (many times); and were successful in getting him to include AML in his worldwide monthly cobalt newsletter. We also asked him to change some of the outdated and wrong info about AML which he said he can only do if the company requests it (which unfortunately, we haven't been successful in persuading AML mgmt to do over the past year now (eg Matt publishes a table of the top 20 Australian cobalt resources which AML isn't even included in!).

c) The Cobalt Institute in London about a potentially big idea to differentiate the superior cobalt batteries from those that don't use cobalt.

etc. etc. i.e. we've been doing whatever we can to help.

Is this down ramping as you insinuate?

SH should and definitely have the right to question mgmt. Good mgmt recognise that SH are part owners of the company and are happy to engage with SHs for the common good.

However, unfortunately, that is not the case here imo (or as one of our group says - 'they run the company as a private club for the directors and their close associates only')?

We are of the firm view that in order to realise the magnificent potential that is Walford Creek, mgmt need to step up to the plate.

Past performance has simply not been good enough imo as the weight of documented evidence proves to objective observers.

Re - the comments about NCZ; doing the necessary research tells us that NCZ has been consistently valued at over $1 since Sept 2017, which is shortly after the market found out about the amazing suite of assets and money that MMG gave to complete the deal.

Maybe, as Bob has pointed out, there will be problems down the track - who knows but, as we all know, the market is the only judge that matters and the market has valued NCZ at over $1 now for 12 months.

Thanks for your suggestions about switching to NCZ, prawnman, but (unlike you) we've been in AML too long to bail now.

Salpetie, your knowledge is appreciated but perhaps you too need to do more research before commenting. eg wrt the PEA; have a look at the actual cost breakdown like $7.62/ton for site administration i.e. for a scoop and truck open pit operation????? and perhaps you'll re-assess your view?

Similarly, Bob clearly you have significant mining knowledge and your comments are welcome (although we do have geos in our group).

Re the assay times; we were at 12 weeks for results then we were told that the cores would be cut on site to speed this up (after the ASX were involved). Then we recently found out that the cores were still being transported 100's of kms to Mt Isa to be cut before then being shipped to the lab.

When we queried this we were told that the cores now couldn't be cut on site because the company bought a core cutter and on site generator with different power phase requirements!

So now were at about 8 weeks again (eg hole 304) which is too slow imo and stalls momentum giving the Regals of this world the opportunity to play games with the SP.

The issue with cobalt recovery is mainly about roasting which mgmt refused to consider for a few years. Hopefully things are back on track although those studies should have been well and truly finished by now as were told the cores were shipped out 8 months ago.

Similarly, with the environmental work, the quarterly dated March 31, 2015 reported that APM were on-site and had commenced the necessary work. The most recent quarterly, now 3 and a 1/4 years later reports that this work still hasn't been finished?

Our group certainly welcomes both comments and criticism from anyone who has preferably done some research (and even better from those with geo/mining knowledge) as this is when HC works best (in our opinion).

We're huge fans of the resource and are hoping that commonsense will prevail wrt mgmt issues and SHs working together for the common good?

Expand

Speccy, after your encouragement I re-read the most recent quarterly report by AML. I must be stupid because to me, the results are good and management's plan is coherent and straighforward. I confess that I do not know anything about the lifestyle of the BOD at AML, and it could be that they are living the life of Riley. (But what's new about that?) As for the lack of geologists, etc , I have copied a quote from the quarterly which may help you (see below). Also, in the quarterly it reports on progress with environmental studies and leach testwork. I know I'm just a mug punter, but it looks like they are working towards knocking over all obstacles to getting a mining licence. But hell, as you say, I know nothing. Good luck amegos.

"Corporate
On 12 June, the Company announced the appointment of Mr Tim Benfield as General Manager, Walford
Creek Project. Tim has over 25 years’ experience as a mining engineer in the mining industry and has held
senior positions in both international and domestic resource companies. Tim’s key role will be to co-ordinate all Walford Creek Feasibility items including amongst others; mining, metallurgy, environmental, infrastructure and logistics, as well as manage the permitting, construction and operation of the Walford Creek Project."

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