Just a point: take a breathe my friend re: "I also reminded them...

Just a point: take a breathe my friend

re: "I also reminded them that a reasonable person as a shareholder would believe the core and drill samples have been processed in Australia by now, led by the information they have provided, and the board members should be in possession of the lab results ... unless the information they have provided has mislead us."

From the last drilling update 18th November, the Company anticipated that:
(i) the drilling still had 2 weeks before completion
(ii) although they are sending progressive drilling samples to be tested, the back log in Australia is 12 - 16 weeks, IMO any preliminary results may be getting closer to being reported? but as the drilling wasn't anticipated to be completed until the end of November, it could be up to the end of March before the full results become available BUT, I think the Company's focus on trying to get back the licence firstly, results and progressing the project if they are successful.


The biggest fault is they let the licence lapse!! ~ no excuse for it, considering it is their core asset? (and the drilling program was circa $2m spent since July) Anyone would be justified in thinking someone in the office would/could/should have been monitoring it, the Company can call foul all they like but opportunity knocks for those waiting in the wings.
Even more interestingly, the Company stated in their 2020 Annual Report that the Lumwana West exploration licence was reissued in February 2018 for a maximum period of 10 years, whereas under licences it shows expiring Dec 2021 (2018 Annual Report was the same) except for the land shrinkage. I was hoping the 2021 Annual report may have been clearer, but, alas.... its the same.
~ The Company knew they could have a licence for a maximum period of 10 years, so ummmm, why didn't they apply for a 10 year licence in 2018? 2019? 2020? 2021? but instead let it get snatched from their hands. Now they directors want to take some action, tada, time for action is before the horse has bolted.

Just like the group of shareholders are trying to implement, corrective actions before the Company spins out the Uranium projects (to themselves?) ,

The Prospectus preparations are well advanced;
The Argonaut board is considering
~ an entitlement offer of Orpheus shares to Argonaut shareholders as part of the IPO process; and
~ a potential in-specie distribution of Orpheus shares to Argonaut shareholders (subject to ASX escrow provisions)
Rather generous considering the shareholders of Argonaut already own Orpheus?
re: Argonaut owns these assets via a 100% held, unlisted public company, Orpheus Minerals Ltd

Winner of listing Orpheus Minerals Ltd, the current directors of Argonaut and also the current directors of Orpheus
~ opinion only, get paid an extra salary, shares, STI's, LTI's, etc
~ but they can't manage projects they currently have, entrusting them with more? but why can't they as Argonaut progress the Uranium projects? Personally, I would think it foolish if they progressed the IPO until a resolution of the disaster of losing the Zambia licence is achieved and in the interim crack on and do your job.






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cheers