The ruling on the appeal was delivered 11th April 2024.
FINAL JUDGEMENT and NEXT STEPS Today I spoke to a representative in the WA Supreme court on the phone and asked them to interpret and clarify the judgement for me. She was very helpful and concise. It appears that this is a final ruling. The judge has not asked for the Appellant (Cougar Metals) to go back to the Warden's Court for further proceedings. The Warden's initial decision still stands. Here's a map of the court system process in WA: https://www.supremecourt.wa.gov.au/C/court_system_in_western_australia.aspx
The only option the Respondents (Richore and Pyke Hill Resources) now have is to become Appellants and appeal this decision to the the High Court of Australia. I'm not sure how often such cases are taken to the High Court. Would be rather expensive for everyone involved and time consuming.
SALE of NICKEL RESOURCE AT PYKE HILL PROJECT - M139/159 Based on this decision, I'm now anticipating Randal and the Administrators will be confident enough to engage Minara (Glencore) for a sale. Glencore are the only potential buyer for the Nickel resource. They have a multi-billion dollar nickel plant located about 45km north west from the tenement capable of processing lateritic nickel ore deposits. I believe a good price would be anything above $US 20M for access to nearly $US 2B of Nickel excluding the Cobalt component. Recently Tin has had a good run, Zinc ready to go and I think Nickel is next in line. It's all about gamesmanship now and how much each party is willing to negotiate.
Hopefully we have a good outcome on the sale and bring this whole saga to a positive conclusion for shareholders.
CGM Price at posting:
0.1¢ Sentiment: Hold Disclosure: Held
