Hello everyone.
@rama77 asked me directly to comment. Frankly, I'm quite busy at the moment so I'll post in bullet points:
- SZZL's rubber stamp vote for the merger WILL happen on 23rd January 2024
- The vote is just the vote not the merger itself
- See the merger more like CRML's IPO, hence why I keep referring to it as an IPO, this is important as its offering shares to the public/market by converting SZZL into CRML through a reverse merger
- IPO date has yet to be decided hence the need for SZZL extension, this will take some time (hence also why there's really no need for me to comment here right now)
- The better example to follow in terms of SPAC is MTAL, I am not aware of any other, this is because it is a US-publicly listed SPAC merging with a mining asset owned by an ASX listed company much like what's happening to Wolfsberg project, not a tech or health
- MTAL's merger confirmed effective date was August 2023 and they have yet to complete the merger... almost. So SZZL will take time also and can take just as long.
- Yes, part of the list of reasons for the delays to now is because of SEC concern over the degree of redemption and risks such as not enough capital, which has since been addressed.
- Yes, there is always a lock-up period. I'm not aware of Tony's alleged statement. If correct, then Tony is wrong to state he can just sell once the public is given the opportunity to buy (IPO) because lock-up is designed specifically for such dumping. Tony only jeopardises the IPO by so willingly and publicly stating his intentions to dump, adding to already mounting doubts whether his team of M Day et al with such public pronouncements are even fit to govern a supposed billion dollar company in the making. Such bragging, humble or not, are amateur at best. Although I can't criticise Tony much because he does his role well, to raise the capital required to develop the project. So I'm off the opinion, Tony and Carolyn need to find a better a team.
- Tony wouldn't go to KSA just for the hyd plant as the Saudis want more than just that, it would be for a list of many things including for iron ore and critical minerals in general.
- Wolfsberg project does not need any further offtakes at this time, as all but done, will be BMW per contract. Spodumene sent to KSA and (likely but not yet fully confirmed) LiOH sent to Debrecen, Hungary.
- There is no single reason to believe that Wolfsberg project won't produce - there are too many reasons for me to list that it WILL enter production. Spodumene remains the best source of lithium specific for EVs despite the bullish stance on brine and clay sources.
Right now, Ukraine's future is being debated. This week it will be decided. It's unpopular and people doesn't like it but that's the truth of the world, 8 Billion people's fate on a macro-level are decided by only a thousand people, and what they say, usually but not always, happens over time.
I say this about Ukraine because EUR's Ukrainian lithium projects, unbeknown to most it even exist, collateral damage may be, its fate will be subject to what happens to Ukraine and what these people decides how they will use their powers and influence about Ukraine.
EUR is therefore full of uncertainties, and Tony is caught in geopolitics, willingly or otherwise, as more risk means. better reward but to many fund managers likely too risky for their taste.
The saving grace, so as EUR's fate is not fully tied to Ukraine's fate. as everyone knows is Wolfsberg project. Once it decouples from the rest of EUR, it can operate under CRML somewhat detached (for lack of a better way to describe it) from what I can only describe as "uncertainties" so perhaps, Tony is aware and playing the game.
I rate Tony highly. Most of all, I think he has the ego required to pull it off, so my money's on him pulling it off despite the people he surrounds himself with. But I also think, as smart as he is can still be tied up by such things as loyalty and kindness, even to those who are not deserving. Ego does not mean bragging. Those bragging are wrong type of ego, much like what one Director has to declare being a Director of a company about to list on Nasdaq instead of letting people discover for themselves - those who do that are like the poor winning the lotto and require validation to strike their ego, don't know proper etiquette, speaks before they think, and do not deserve merit or reward as they are there for themselves and not those who they are supposed to lead or represent (eg. shareholders).
So what are the timeframes? I don't know... no one does... not even Tony... but if you'd like to have a guess, look up MTAL. They have made almost everything publicly available for everyone to see (and learn from) and you can view documents via EDGAR.
Hope this helps.
PS. For those who are not aware, my vesting period is to year 2026. I have made this public knowledge since the very beginning of my public posts, July 2022. Also I seem to have accumulated over a thousand notifications from a couple of hundreds every couple of days so apologies if I was @ or replied and I haven't read your comment but I'm not going to go through them.
My focus this year is South America. I'd encourage you to take a look at ENV.
Cheers
(20min delay)
