Management: possible conflict of interest?, page-9

New piece from Thomas Kruemmer:

https://treo.substack.com/p/outages-in-china-triumph-and-terror

He asks:

This raises questions:

1. What do Singapore administrators expect from a newly established company that is capitalised at AU$80,000 in view of millions of dollars of Reenova debt?

2. What did administratiors get from Harena to provide any confidence that Harena can walk the talk? On June 30, 2022, Ionic Rare Earth had A$26,726,230 cash on hand, so Ionic could pay for it, at the expense of developing the Makutuu deposit further. But how would Harena pay?

3. And if Ionic Rare earth are supposed to be behind it, why do Ionic Rare Earth not appear as the suitors, but instead their executive and board members through their own private company?

4. Are the Ionic Rare Earth-Harena Resources directors authorised by Ionic Rare Earth shareholders? And if so, why is there no ASX announcement?

5. If Ionic Rare Earth are not part of this risky game, is this engagement of Ionic Rare Earth directors and staff with what could become a competitor compliant with their terms of engagement/employment?