Ann: Phase 1 HMW DFS Delivers Compelling Economic Results, page-280

Agree mondy, their utilisation of these assets hasn't been great. They were in envious position of being a junior and having plenty of cash so they could have gotten the resources to do more work on these other projects in parallel, but very little development of candelas or greenbushes has occurred over a two year period. That is a fail, no questions when all the work to advance these is mainly done by consultants, 3rd parties anyway, and then a skerric of employees to review and manage these 3rd party consultants, so its just a matter of picking up the phone, engaging somebody , paying the bill and moving it forward and then having a few people to keep pushing it along.

Candelas with some drilling out could be worth a nice penny, perhaps what our market cap alone today is worth. Part of our issue here is that we keep saying we are going all the way to production at hmw west rather than looking for a takover, so insto money is sticking away from us as it figures ( probably a bit like yourself mondy) we can come back to this Company later as we get closer to production and its derisked a lot more as a takeover is unlikely especially with our tight register. The majority of top 20 would have to cave for a TO to work and a lot of that top 20 I think want to go all the way. The party in the top 20 who I would like to be in their head on their thinking is thematica and what is their thoughts on production or sell ? Exactly how patient are very ? and would that patience hold if they were offered some nice folding stuff ?

But my point is if your an active seller of these assets at the moment the market will give you a favourable price if you have good drill results up to an M&I level under JORC or more preferable again, some sort of drilled out Reserve. Last time I looked the plan was to develop candelas way out in the future (stage 3 or 4 or something) which is just nuts. If they are going to production at hmw that asset could pay for likely all of the capex cost to go from chloride setup to carbonate plant. The market isnt putting any value in our stock at the moment for this asset , so we might as well sell it and use the funds to prevent dilution. By selling it too it would force the market in my view to revalue the hmw asset, so it would have a double whammy effect and thereby this then also would reduce dilution in developing the hmw asset as the share price would be a lot higher than now in funding future raises. This is all the more obvious now as you have alluded to on this forum in the last few days that your working modus operandi now has to be to assume we almost have to fully equity fund these projects at least into early stages of production. Yer if a prepayment comes along thats great but that should be a thought of as a bonus but my working assumption should be that I am going to need equity as debt is likely going to be very expensive and debt can kill projects in the start up , early production phase if just the slightest thing goes wrong. Look at Altura in the hard rock space........