Ann: Net Tangible Asset Backing, page-7

Thanks for your kind and obvious concern @Cashmeoutside. I'm acutely aware of the situation as indeed are my fellow long term holders. SRT approached the deal with SCP in good faith and with a strategy to derisk the company from the volatility of a natural resource bear market. The investing process has proved ill informed apart from a few obvious winners like Omega and company/legal costs have been excessive. The high conviction investments of Cobre and Iondrive however look to be well informed, while the net smelter royalties are intact and on track to increase. SFR's A1 has been peppered with infill drilling and in my view has great potential to deliver a larger resource than initial exploration thought, while CBE's Ngami project, while shunned by suspicious investors looks on track to deliver value in time. The Okavango Project also looks promising and I wonder if it might be farmed out while BHP and CBE have gone all in at Kitlanya West to thoroughly check the high potential architecture at depth at their Tlou targets.

Personally, I'm bitterly disappointed by what I see as underhand delay tactics by Sprott Resource Partners towards concluding the deal as outlined in the Ann of August 2014.


SRT have seen to be proactive and constructive towards concluding the deal, providing updates, whilst I haven't seen any news or PR from SCP themselves to hail the upcoming deal. For me and all the LTA I know this process has gone on too long now, and SCP have shown little collaboration behaving more like rivals than partners in a deal, suggesting they want access to the ASX via SRT as a taxi, but by attributing little value to Strata or their projects, and showing no respect or duty of care towards SRT shareholders who are the foundation stone of the company.

Therefore I no longer see any synergy with SCP and want nothing to do with them. They are very good at what they do, very successful since their breakaway from mothership Sprott, but not a company to make as a business partner as their instinct to look after number one and make money for themselves runs deeper than the diamond drilled hole at Tlou.

The AGM is soon and I've cast my vote. The deal was always subject to shareholder approval so I think I can read the crystal ball there.
I shall also push to trim company costs, build company value, get dividends from the royalty started and to pay respect for the loyal long term shareholders who have always believed in Botswana Copper as the way forward. It's not too late.