I have never seen such a detailed enquiry from the ASX, like you say, this is completely just laying the groundwork for a full blown ASIC investigation and legal action. This company has absorbed all the capital of a failed Cu explorer (DEX) and an incompetent gold miner (TBA) and with third rate ex-SOL assets has been consuming cash since day one.
I can only assume that the ASX and/or ASIC have devoted a lot of time and effort towards these guys because they want to make an example out of them, being caught out making misleading production forecasts and claims, and not being truthful with the market make this one a slam dunk for ASIC.
Nebari and Tembo will pick this up from the administrators and maybe install different management, just goes to show you can go broke in a metals price boom, if your execution sucks.
TNC Price at posting:
9.4¢ Sentiment: Hold Disclosure: Held
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