Zeb, Actually I did end up making it to the AGM... My little...

Zeb,

Actually I did end up making it to the AGM... My little project ended early and I was actually back in Aus just in time to catch the great race on Tuesday.

My post AGM wrap up will not be as concise as Ulysses but here goes and sorry for repeating anything already said:

I did not get much out of the AGM that we do not already know, same old same old really... We are ready to turn the key bla bla.. Multiple MOU's, potential Lithium, Gold tailings, etc...

As with most miners on the market they are all waving the battery revolution flag claiming that it will change the world. Not that I do not agree but it certainly was not the case just a few years back when I first bought in. Bit of a saving grace really. Where would we be headed without it and are we just a little ahead of ourselves at this point in time?

The plan as it stands with regards to restart order is Silver Swan first cab, then Black Swan with gold processing, Lake Johnston with Lithium processing, and finally Windarra with Nickel. I'm sure that order could change at any time and dependent on deals being signed...

My initial feeling was that these guys have a lot of fingers in various pies given they are yet to fire up the oven and cook a single biscuit but I suppose it has come about through desperation and having to be open to other opportunities. I'm not sure if this has come about through hard work or just someone knocking on your door asking to use your toilet.

All approvals in place for Silver Swan, everything planned and ready to turn the key along with off-take agreement in place for unprocessed ore due to high grades.

Turning the key will be the single biggest decision these guys will have to make. The general attitude is that the worst for Nickel is over and we will be going into production sooner rather than later dependent on Nickel price holding $6 and $20m funding. Restart can happen in 6 months from making the decision.

They have approval to mow the grass at Lake Johnston and drill for Lithium, not clear when this will happen I guess it depends on funding. The ground looks promising with high grade rock chip samples and good nearology to other players. Although Poseidon is primarily a Nickel company I feel that this has great potential and should not be dismissed. POS have an opportunity to use their processors and recently aquired knowledge from KDR to be one of the first to market with Lithium along with a little help from another player... Maybe LIT but just my guess.

Black Swan is destined to be a Gold processing hub in the short term however longer term the plan is to process Nickel ore from Windarra at Black Swan (will keep a circuit open for Nickel alongside gold)

I guess the biggest thing for me was the MOU with NST, when asked about this Mr Indermaur obviously could not answer due to market sensitivity however also stated that he would love to answer the question... Read into that what you will ;-) But I guess we kind of already had a hunch from our friendly fly.

Windarra will be last cab of the rank. The reason the gold tailing deals did not go through was because of the state act. Yes that old chestnut... Basically they can sell the rights to the gold and then it becomes the problem of the buyer to deal with the act. No success thus far, its not on the priority list for the government and the change in leadership has only postponed the process. It was stated that their is 30m of gold in there and would cost 10m to get out... not bad if you could prod the right people!

Ulysses, thank you for voicing the thoughts of all us long term sufferers, it was a beautiful speech and you are very well spoken. And the fact that the remuneration was knocked back proves that you are on point perfectly with holders thoughts.

The wobbly headed one did not have anything to say during the meeting and would have been better of sitting in the crowd as he seemed to continually be looking at the slideshow behind him as if not knowing what was in the report... I guess he has been too busy worrying about Austal and it's 600 jobs on the chopping block.

There was mention of hiring a new CEO when it comes time. I am not sure if that meant a "new" CEO or just bringing someone back. This company has great assets, great resources, but a highly paid management that is yet to prove themselves. God it would be great to get someone with a real track record in the industry to move this forward when the time comes.

I was really expecting an announcement yesterday or today regarding a signed MOU... with the share price spiking and the high volume I was certain there was something about to happen. But alas, it was not to be and sadly at this point it seems the tide is receding as will the hairlines of the new prawns that have joined us in this delirious adventure.

I'm sorry I did not hang around afterwards to meet fellow posters. I had a hot lunch date in the city with better offerings than the sanga's I saw being carted out...

There's always next year... Or of course the $ party ;-)

MC