When you go back and read the company announcements from before the company went into suspension, the following was the official company 'cobalt strategy' ......
From March 20th 2018 ...announcement ....
"The Company is seeking to acquire exploration and mining licenses in the Democratic Republic of Congo that are considered highly prospective for cobalt and with the capability to be advanced rapidly towards production. The Democratic Republic of Congo presently accounts for over 60% of the world’s supply of cobalt and it is generally agreed in industry circles that the region will remain the primary source of cobalt into the foreseeable future."
March 27th 2018 announcement ...
"Winmar and Airguide executives are currently in the DRC this week progressing the Company’s strategy and reviewing a number of potential acquisition opportunities which are at an early stage of assessment.
As previously advised, the Company will use funds raised from the Placement and the Conditional Placement (if undertaken) towards due diligence costs on potential new acquisitions and up-front payments on any new acquisitions made. The funds from the Placement will also be used for exploration costs incurred across the Company’s other projects and general working capital requirements."
Then in the quarterly 30/4/18 .....
" Events Subsequent to the Quarter During April,
Winmar has undertaken preliminary due diligence on a range of cobalt projects in the DRC. Chairman Jason Brewer and Managing Director Rod Sainty are currently en route to the DRC to advance the due diligence on a number of opportunities, with the aim of securing a suitable acquisition for the Company in the near future."
Please note that at no time before the company went into suspension did they at any time show a material change in company direction. They were 'officially' going for "exploration and mining licences" that were "highly prospective for cobalt".
It was only after suspension that the company announced the change of direction for the cobalt processing plant (23/7/18), announcement.
None of the shareholders bothered to complain of the change in direction at the time. Everyone that had bought shares in WFE for the cobalt strategy, were buying for either the proposed exploration tenements, or they bought for the 'hype' generated on social media about buying a processing plant.
If shareholders didn't like the risky strategy of having to recomply with the ASX, why didn't 'you', (shareholders collectively), complain about it back in 2018?? Within a week of that 23/7/18 announcement it should have been obvious to many shareholders that recompliance was going to be difficult, but instead of pressing the company, all I saw from posts on these threads was 'high fiving' over how many multiples everyone was going to make upon relisting.
IMHO ML/Airguide were caught up in this like most shareholders here. They have probably lost around $1.5m given the placements they took up. So if looking for scapegoats, probably look elsewhere.
When looking for 'offtake partners', they had an impossible task IMHO, because they had no samples, nor was there any collateral for them to use. I mentioned this many, many months ago.
Anyone wondering where or how a P&D could have happened, then look at the trading after the March 2018 announcement of the 'cobalt strategy'. In the next 2.5 months over 2.5b shares changed hands at many multiples of the price prior to late 2017.
Basically though any talk of a 'scam' or a P&D is drawing a very long bow, because the perpetrators of such a 'plan' would have been relying on people buying into hype, from many months before hand. It is highly unlikely IMHO.
Again the quote attributed to Napoleon comes to mind.....
Never attribute to malice, what can easily be explained by incompetence.
There seems to be a bit of a growing groundswell for some type of legal action, but IMHO it would be just throwing good money after bad and I'd hate to see good people losing more money over this train wreck.
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