@Chuxa Sorry for not sharing some thoughts with you after the AGM, but it’s a busy time of year and haven’t gotten around to summarising what I recall, only made brief notes afterwards.
Two shareholders were in attendance, including myself.
Have been every year and this was .. small
Joined on the phone by Richard and Kieran in Europe as we went through the formalities of resolutions for 5-10mins.
Noticed that at least a few major holders must have voted against the staff incentive resolution (~20%), not insignificant, can only imagine how high this number would have been if recent delay announcement had been prior to voting.
Just saying …
Asked a few questions of KC with the other attendee once the formalities were done, for about half hour or so. He was happy to answer, covered what was asked.
@tsibis I did enquire about EMH funding levels for you and any possible need for capital raising prior to the now delayed DFS and FID. Was told the ‘Just Transition Fund’ could be used to drawdown for activities but no cap raise / dilution.
@Chuxa - suggested KC get you on the payroll given you are basically a better PR than current providers, no disrespect to the bloke that paid posts here twice a year
Some other things we talked about moving forward into next year;
1) Offtake announcement in Q1
Sounded to me like VW are well out of the picture and recall hearing Mercedes, Stellantis, BMW and Tesla in the mix but proof will be in the pudding, have heard this before. Preference is for one that wants more than just offtake, probably count Tesla out if that’s the case. Don’t rule out some Korean involvement
Each have the above have their own preferences for hydroxide / carbonate etc etc .. TBH these offtake notes are similar to prior years with different OEM names. Time to deliver.
2) DFS 95% done - work being done on reducing some capital costs, European future energy pricing projections difficult, sounds like CEZ could do more here as our partner if I’m being honest.
But nevertheless I see the point of a few more months probably wouldn’t hurt the DFS bottom line in a big way. Wouldn’t be surprised if it’s Q2 though.
3) Czech politics remain actively supportive of the project, albeit slow. There are still a small number of houses in he Usti region that require relocation, about eleven or so I think.
Patience is going to be required again I think into 2024 until macro improves .. and until there’s sighs of more urgency from Europe to go mining, not just build refineries.
Honestly I give the chance of both an offtake announcement AND the almighty, massively overdue and mystical faaarrking DFS announcement about a 25% chance of happening in Q1 2024. That my opinion.
They’re coming but IMO it’ll be well into the mid part of 2024, could be bumpy between now and then.
Merry Christmas all - enjoy your holidays
(20min delay)