I feel for you crabpest. What is driving the decision is they...

I feel for you crabpest. What is driving the decision is they are running out of money, pure and simple, something a few of us here have been warning about for months . I discussed my concerns back here;
https://hotcopper.com.au/threads/ann-quarterly-activities-report-june-2023.7499866/page-21?post_id=69047733

Company with some good assets but it's been mismanaged in my view with far to many staff at HQ doing FA and they cant afford the burn-rate ( which the qtrlies have been screaming out now for some qtrs) so assets have to be sold off now which is what they are going to do here with the Vanadium project, though I suspect finding a buyer quickly for a decent price wont be easy. I can only guess they just thought it would all work itself out but I think they chewed off more then they could handle and a few things have gone against them as they invariably do in business and with their burn rate being so high you dont have time for things to go against you.

I suspect they want to turn the entire business into a royalty only company. Wouldn't be surprised if they sell off their recycling stake next too but retain a royalty structure and completely turn it into a royalty only company. The Reeds wont care as they have millions of shares but for the little retail shareholders who had aspirations of this being worth say $ 5.00 per share down the track, I am afraid I cant see it now.

I have been waiting for the inevitable dilution and cap raise or sell off of a major asset to buy back in , where there is then visibility on a financial pathway to survive this start up phase for the recycling business but after today's announcement, my confidence to back the mgt team is a bit shot . I can see this going down a lot more yet unfortunately before it finds a floor.

I feel for all the long term investors here , I feel their is still potential here in these assets but they have completely lost their way in execution. Chris needs some hard pressure put on him at the AGM, remuneration report definitely needs knocking over at the AGM, they need to cut some heads, lighten the burn rate and focus in on the recycling business and clearly articulate to the market how they will fund the nmt business through the start up phase of it with their required commitment through Promobious and be realistic about when that vehicle can start returning some cash of decent size to the Nmt mothership.