General Discussion

Hi All,

I thought I would create a thread for all the long term holders to discuss this stock. I have remained invested here due to the aforementioned reasons:

1) Turnaround strategy in place, divestment of non core assets and strategic joint venture with teck metals.
2) Management reduced corporate overheads significantly, Rodney the new managing director is paying himself $1.00 with significant level of share options. He has 100 mil options exercisable at 2 and 4 cents, respectively.
3) 110 million worth of losses which has a deferred tax benefit of circa 30 million. This is definitely worth something here and shouldn’t be underestimated.
4) Redbank tenements have circa 8.1 million tonne JORC resource at 1.1% with contained copper of 84,000 tonnes. Copper price is now over $5.00
5) Drilling to come soon circa 4000 of RC drilling at redbank, let’s see how good this new management is at identifying exploration targets, I want to give them the benefit of doubt.
6) Vending in lithium tenement (acquisition) near core lithiums project.
7) Ongoing discussions with NSW regulator regarding rehabilitation liability, I think management have a plan here. Government May settle for less than what people are expecting here.
8) This company was on the brink of extinction but it has been resurrected by some cunning individuals who have self interest at play. Even I must admit I thought this was a definite capital loss but we are still in the game.
9) Currently at shell valuation so one drill result could change the share price very quickly.

It is definitely bottom draw for the time being but I think the right management are in place who also have a lot of self interest to make it work and ultimately hopefully increase our share price. Self interest is the horse worth backing. Good luck to all, Cheers, CP.