We were told that every company we were talking to/had an MOU with were a $7B MC company.
However you read the announcement from them the other day, one aspect is clear. They stated that buying shares in us was worth 30% of their assets, not net assets, so they are definitely not a major company.
They are in fact a minnow, so what happened to the MOUs with the $7B companies??
We were also promised that we would have further BOAs before the release of the DFS. The DFS was due by the end of August at that stage, so the BOA's should have been a done deal, by the end of August. No more BOAs. This is not how we were told it would be.
I believe the next BOA will probably be with Tinci, if it gets done at all. Tinci and GLC are connected with Tinci owning 22% of GLC.
Tinci went on a buying spree of lithium related companies last year, and have a MC of about $3.5B, so they are bigger than GLC, but still not a major!!
I just cannot understand this long holdup of the DFS. I was told by KB less than 2 weeks before the end of August that it was still on time to be delivered by the end of August. Something major would have had to happen for it to be delayed this long, but what could it be as it is just a document put together by an outside consultant??
How could they embarrass the CEO/company by being this late?? Hopefully there clauses in the contract with them that penalise them for being late. If not why not??
If the other BOA's are waiting upon whether MIN take the first one or not, is totally ridiculous, as the second BOA has to go through the exact same process, so getting it done earlier than later is what is best for all shareholders.
If it has cash up front as it should, then we will need that cash in building the plant ASAP, not sometime next year if these shenanigans with MIN RES drag on.
Also, why can't the 2 companies come together and just do a deal? Has that road even been explored? If they want just ore, then we should sell them ore at a good price to us. I have not heard of or seen any action on this front, why not??
Are ego's too big to do business that is in the interest of both companies??
To me MIN RES want ore to put through their own processing plant. We have a mountain of ore, let's sell them some, instead of going to court over ROFR type aspects.
Why is it so difficult to act in the interests of everyone instead of letting egos get in the way of a sensible outcome??
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