OBM shareholders (me included) mortified by the sale of Mt Ida and the subsequent ($100 million + fully diluted) re-rating of Red Dirt Metals over the last 2 weeks.
Full credit and good luck to RDT … and a gross oversight on behalf of OBM
On another thread it is pointed out the the geological setting and proximity of Mt Ida and Riverina is very similar and historical geological publications have highlighted the occurrences of high grade Spodume in that North/South trending belt west of Menzies.
OBM is currently capitalised at $106 million with a plant (replacement value ~$200 million, $300 million of tax losses and zero debt.
if the cash burn from poor commissioning has turned around … this should go back to 15/20 regardless.
However, I also have no doubt that the credibility damaged executive of OBM will now be having a very serious look at all the historic drill results north of Riverina … especially those that may have nice thick white cores adjacent to the granites!
looking at these maps, it’s very hard to imagine they aren’t going to find some interesting data … that may prove to make the current 10 cent (after falling from 40 cents) share price look like a bargain.
My broker suggests we watch this lithium space very closely between now … and the upcoming hostile AGM at OBM.
They certainly need some good news after a shocker year.
GLTA
OBM Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held
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