Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

Credit to BS (CEO) for leading the quarterly with the elephant in the room that is LJ and not glossing over it. That said, I thought it was interesting that the following aspect wasn't mentioned in either of today's quarterly report or LJ sale update announcement:

"Conditions Precedent:
"Sale of the Sale Assets contemplated by the Binding Heads of Agreement, the Full Form Agreement and Completion is conditional upon Purchaser’s satisfaction (or express written waiver) of the following conditions precedent (Conditions):
"i. completion of legal due diligence on the Sale Assets to the reasonable satisfaction of Purchaser..."
(Material Terms of Binding Heads of Agreement table, p.3 of announcement dated 18/03/24. Emphasis added.)

Now I'm no lawyer, and there's a risk in drawing too many conclusions based on summary info contained in an announcement, but I do wonder what, if anything, MIN found in its DD on LJ to impinge on its satisfaction and want to rewrite the agreement on materially less favourable terms (for POS)... or walk away.

Given the overwhelming financial disparity between the two parties, I can't imagine litigation being a serious option. So, I find myself thinking the language from Ord St was probably just face-saving posturing in light of being out-manoeuvred to be caught between a rock and a hard place. It will be interesting to see what, if any, update (posturing) MIN chooses to communicate to the market.

On Windarra Ni exploration: Meh.

Closing cash of $2.86M was higher than expected, ensuring sufficient runway for this current quarter. The big question now is what happens after that, given MIN are playing... HARD.