More from the AGM :- No sandwiches no drinks ice water coffee...

More from the AGM :-

No sandwiches no drinks
ice water coffee and green mentos and small mini continental cookies I mean small, accountants style.
I mean it was at KPMG.
The most measley display for years. Clearly in saving money mode again.

Did they give any timeframe on the refurb of the decline are they going to do that now or wait for Nickel price to come back up?
None, Dennis said they continue to ready for production but didnt mention the decline specifically.

Statements at the AGM
In response to my sharp questioning:-
Dennis said Black swan will start up first and is the focus now
Dennis said the the processing plants are being kept in "very good condition" ready for restart to production, which should take 9 months.
Its hard to pull the trigger 9 months ahead as he thought the NP drop was temporary but its now 5.00 as he went into this meeting.

Dennis stated that they had a 1.2% grade hole hit below the black swan pit on limited drilling
And this drilling is exploration holes at close range under the open pit
Dennis stated LJ was a "massive sulphide intrusive deposit and may have a significant source"
It was an "intrusive style deposit so very difficult to explore
Hutchinson confirmed this and said Nova was similarly an intrusive deposit so EA AR must have a larger significant source with greater volume and they think its north of AR as its trending north west open at length and depth. This opens the prospect at depth and at length and questions are what is deeper down

Abi rose was not like emily ann as it may lead to another significant ore body like nova.
Windarra was an important asset
They were preparing for a "very fast restart when NP recovers"
Break even costs are around U$4.50 and preso mentioned $7.70 (last year mentioned $6 as the watershed mark).
Dennis was very bullish on the Ni market and deficit showing slides of a 12 year deficit now projected and many calling for prices well over $7. Some are seeing a deficit of even 500KTpa -1MTpa upcoming from 2020-2030 he showed.

I asked about whether EA & AR are contiguous and could they develope into a new nova deposit as he has experience with this at SIR, he answered that the fault lies in between and handed over to Hutchinson to answer the geo questions. Hutchinson confirmed his prior analysis saying:-
- its a flat lying limited width deposit with continous strike length 350m-450m deep just below EA and in line with it but potentially points to a "significant ore body like the nova", this would change the economics


Dennis came up and approached me after my many questions.

Privately Dennnis told me that he left a slide out of the preso that showed a large target north of LJ from EA AR and this may be a significant deposit based on the directions of the existing drill results & he supports Hutchinsons geological opinion on this.

Hutchinson appears heavily involved in the geo works and drilling scheduling in tandem with Dennis, this bodes well for even greater discoveries as together with Newexco, they are the A team.

Dennis, Hutchinson & Forrest are OZ Nickel LEGENDS.
If they have all built large share holdings in POS, then follow the leaders.

I must say I was very impressed with the preso, Dennis & Hutchinson.
I also was very surprised by all the new faces in suits around.
Something is definitely happening here that they cannot talk about fully as to drilling and BMMs intentions.

My gut feel from the AGM is that:-
- black swan plant will restart first & is now being prepped
- POS are onto finding another nova north of LJ/abi rose
- they have found higher grades below black swan (over 0.5% so 1.2% is way higher) so they can resume open pit operations
- they have decided who the tolling miner to the swan plant will be already with higher grade ore feed
- offtake deal & finance is no concern
- they will keep drilling till NP rebounds
- BMM are hostile & will bid and Paganin is there to protect and support BMM
- Dennis & Hutchinson are old school experts and are running the show

I finally shook hands with Dennis and said to him, congratulations on those great high grade discoveries, keep it going and we will all be rich next year!