I'm here due to @malibu_tan over on the Cygnus threads noting...

I'm here due to @malibu_tan over on the Cygnus threads noting that this company has just optioned up a property in southern Quebec. We have some fun over there keeping tabs on all the ASX tiddlers that are prospecting for spodumene riches in Quebec. By our count Olympio makes it 27 ASX listed contenders (with a market cap less than A$100m), with another one about to IPO soon. However of those 27 Burley Minerals is the only other junior with property in southern Quebec - Sayona and Winsome are too big to be on our list. Most of them are speculating that they'll find the next Corvette up in the north of Quebec.

I was about to tell the joke about the financial analyst, the accountant and the geologist running a junior miner but I actually like that there are only three directors at Olympio so will not (does have the slight odour of a carpetbagger though even though they are at least already looking for spodumene in WA). I am impressed that they will pick up 100% of 190 sqkm in such a prospective centrally located area. As an aside I don't think Winsome have much active interest in Decelles but you can't really blame them as they focus on proving up the Adina project. It is a point though that Chris Evans and Winsome were early adopters in Quebec and had the pick of the lithium projects and one of four or five they chose was Decelles.

Also having an operating concentrator in the neighbourhood could potentially be a positive. To get a greenfield discovery in Quebec into production is probably an 8 to 12 year journey but the Sayona concentrator is already up and producing. And my impression is that Val d'Or is like the Kalgoorlie of the Quebec mining sector so huge amenity and support is at hand. As well, it has some actual drill results, not very good ones but it does mean the project is further advanced than a numbers of others in our list (jokingly called the Malibu Cup out of respect to all the fantastic research that malibu_tan does on the lithium sector in Quebec). In sum I sort of see why the $2.5m placement with sophs was oversubscribed because at first blush this story reads relatively well.

But I tell you what really stands out to me from this deal is that the vendor, Vision Lithium is going deep into Olympio, taking 10 million OLY shares upfront (before the cap raise there will only 54m shares and the raise is for 12m shares so my guess is that Vision will own about 13% of the Olympio register when the dust settles. On top of that the bosses of Vision have agreed to buy $205k of shares in the $2.5m raise so a quick figuring is that that is about 1.3m shares (about 1.7% of the Olympio registry). Vision is not very big itself, with a market cap of about C$23m.

Anyway I'm a mere observer of what this company does in Quebec but I do wish OLY shareholders well (and good luck in the running of the Malibu Cup).