Thank dog for M&A action, slight lift in guidance through Dec,...

Thank dog for M&A action, slight lift in guidance through Dec, otherwise Deja'vu... what grabbed my eye

"While progress slowed towards the end of the quarter as the Government’s attention shifted to the upcoming legislative assembly elections on 29 May 2024, the Company expects good progress once these elections have concluded.",,, so after being held up 6 months for the presidential elections (according to management anyway, about 12 months according to Regal sell down...) it's now a "top priority" for the government just as soon as the legislative elections end of May

""Total expenditure on the Toliara Project for the quarter was US$2.5 million (last quarter: US$2.3 million)"... how can a 5 year suspended Toliara project possibly be costing ~$2.5M per Qtr to carry? I assume Tim's meetings with government officials are quite the entertaining knee's up and include substantial gifts

"Despite last quarter’s announcement that the moratorium on issuance of mining rights for all construction and industrial minerals was lifted, including for heavy mineral sands, no prospecting licences have been issued. The Company continues to engage with Kenya's Department of Mining with a view to progressing its eight prospecting licence applications in the Kwale, Kuranze and Lamu regions, most of which were lodged prior to the decision to implement the moratorium in 2019."... speaking of gifts... Africa, the gift that keeps on giving


After dumping the share price down from >30c to 4c in 2016, management rode the PR magic pudding back up to 30c every year since with copious amounts of PR's granted and vested on meeting 'performance' of peer comp price hurdles (peers who didn;t face plant their share price in 2016 ). In hedge fund world there is usually a 'high water mark' clause, meaning you cannot claim a performance bonus for recovering your share price back to where it was before you crashed it, but not in ASX world.

Faced with a 2016 like price crash in 2024, a couple of lean years of no PRs passing unvested was imminent... Thank dog for the 'change of control clause' that will see all 64M unvested PRs vest and exercise to our humble management