Ann: Results of 2020 General Meeting, page-49

@seaemay The question was asked at the AGM last year about the Ruifu deal, and SB stated that they were still in the mix. Since then we have seen Ruifu sign with AJM from memory, so whilst I think SB was being political, I doubt very much that they are still 'in the mix'. Unfortunately for CXO, having signed an MOU with them and it going nowhere, this can create some doubt about our MOU with Transamine. As I stated in the last research post I put up about Transamine, they have a good track record of delivering on their offtakes, so hopefully not the same issue this time. Just for a refresher, here is the history for Transamine:

	Year	Company	Detail
1	2009	CGG	A$25m and offtake
2	2010	DML	A$19m Investment and 100% offtake
3	2014	DML	A$2.8m Placement
4	2016	Vast Resources	Copper Offtake
5	2017	Atalaya mining	US$14m prepayment and offtake
6	2018	Century Zinc	375m tonnes over 3.5years
7	2018	Dundas Mining	100% Offtake
8	2018	CNM	$10m offtake loan
9	2018	KTC	US$9.5m Finance and offtake
10	2019	Raefella Resources	1.5m equity to acquire GTT, also included 100% offtake
11	2019	4CE	100% Offtake
12	2020	Rambler Metals	USD7m debt facility @7%
13	2020	CXO	Offtake

@wenty, whilst I agree mostly with your proposed plan for the company with drilling out 'known' deposits, there is definitely a need to remember that the stock market is more a psychological game than it is an investing game. It is difficult to gain the excitement of some punters by drilling out what we have already. The market gets excited by something new or something big, so in my view, there is definitely a need to continue to explore new deposits. Whilst I think your approach is sound, I think there is a need to pander somewhat to the excitement of the market and continue to explore new areas - this after all, generates new interest and can create news which is good for overall visibility. I know I don't need to tell you that increased visibility is what gets us noticed, which gets new investors/funds involved which drives the price and the MC up. I get that an approach such as this also attracts day traders and those looking for a quick profit, but I think these are short term problems for a company with excellent fundamentals. The balance in my view is somewhere in between - we definitely need to develop what we have but we also need to develop something new and exciting - this could be new lithium deposits or potentially gold, but a necessary evil no matter which.