It looks like the Divestment order has descended into farce and...

It looks like the Divestment order has descended into farce and Wolverine has been stymied again.

This conclusion is actually incorrect and there is a path through this.

Qogir Trading and Service Company now owns 500m shares or 8.45%.
Hong Kong Ying Tak Ltd now owns 494m shares or 8.37%.

Together, 16.82% of the issued capital still demonstrably in Chinese hands. Our Western partner governments will be unable to contribute to financing mine development under these circumstances.

In October 2022, ILU agreed, with conditions, to contribute fresh equity of $5m, a Convertible Note of $15m, a placement of $13.8m and an option to issue further shares to the value of $39.2m. All up, an equity contribution of $78.0m, while the number of shares to be issued remained open. If today NTU's market cap is $145m, back-of-envelope, this would dilute PRC interests to around 11%. Another modest placement to A&NZ institutions and holders would get them to below 10% and the problem goes away.

ILU's REE refinery needs Wolverine - its Dy Tb rich ore makes a major contribution to the value of Eneabba's output and the commercial viability of the refinery. We know the PRC agenda is to delay and destabilise alternative HREE supply. Don't let them.

In hindsight, the Treasury Divestment order requiring the shares to be sold to unrelated third parties ought to have specified to A&NZ parties. But the lawyers advising would have snaked and weaselled at this obvious (necessary) discrimination, even though without it Treasury were not sufficiently protecting the National Interest.

A detail. Note that at the top of Qogir's Form 603, the original blank form had been faxed on 15 July 2001. Above, Smiley says Qogir Trading & Service Co., Limited came into existence on 22 April 2024. The Qogir vehicle may be new yet the plotting and planning for this moment began at least 23 years ago.

Let that sink in.

Ash