I went to the AGM on Friday last week seeking a bit of a confidence boost in the project. I'm posting this now for two key reasons which I'll explain in due course.
There were far fewer non- corporate (likely retail shareholders) than usual. After voting Christian went through a very dry discourse of what the co. has been doing in the year. He said the PFS was due by the end of the year then CAP had 90 days to come up with the funds. Revealing little of our burning issues of getting the share price up. So I fired my two questions anyway.
Which all seems futile except I got a clear sense of confidence including form a other commenter who looked to be ex-Taurus that the PFS will deliver but we can only be sure when CAP pay up.
- There being an information gap between what the shareholder s know and what the directors know and being very close to producing the PFS could he let us know anything like: improvement in strip ratios, IRR or Costs per pound, that a would improve our confidence. Amongst guffaws, the lawyer stepped in and I got bubkas. Even when I rephrased it I got little except a minor we would be pleased with the outcome.
- My second question was Cap being an iron or Co. and the Fe2O3 price being under pressure would they actually come up with the funds. It was referred to Mr Andraca and WE got the co. line.
Further I got to speak to Melanie their Manger technical, (who was just named Alt dir. for Murray Black). She made the important point the reasons they are being so precise/pedantic about getting the PFS right is that the amount the CAP pay both post the PFS (in 90 days) and to go to 50.1 % is dependent in the values in the PFS.
I also asked questions about the geophysics and am confident (as I can be ) they are getting the geophysics verified by the drilling right to be able to dill it into a Tier 1 efficiently (if it is one). The orientation of Alice from the geophys has upside and they are handing the geo metallurgy i.e. working out what should be leached as oxide and what floated as sulphide right.(Especially the bits that overlap). (That's that PhD project mentioned).
The reason I waited to now to post was:
- I was buying more shares
and since after the a person who was there, who has corporate insight and should know has given me some insights me:.
- he pretty certain it will deliver in spades.
- Cap are fully committed to the project they have a financing and evaluation team in the background and Mitsubishi as bankers.
So the upshot of my attendance was confirmation of everything the Co. has been saying and to my mind all systems go.
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What I got from the AGM
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