tungsten mitsubishi technical due diligence ok, page-14

I thought it stated Mits has a 2.7% lien on Tungsten Resources Pty Ltd, the owner of the Mt Carbine permit.

Tungsten Resources Pty Ltd is a wholly owned subsidiary of CNQ.

So I don't think it's correct to use CNQ's share price in any calculations.

What is seems to mean is that when the next $14mil comes, Mits will have a lien on 40.5% of Tungsten Resources Pty Ltd assets (being the mine), leaving CNQ with 59.5%.

Should CNQ fail to repay the loan, presumably by not successfully operating the plant they will buy with the $14mil (the first $1mil is already blown on admin and such), then Mits will own 40.5% of the mine.

They probably wouldn't want this to happen, but it could, given the lack of real processing success so far demonstrated.

My main concern is that when you run a slow race, the fans waiting at the finish line have gone home or died waiting.