Why would one of CAY’s largest shareholders do everything...

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Harvey687

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31/08/23

10:23

Post #: 69656208
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Originally posted by tiptruck: ↑

I hear the same rot about imminent like I have for years but I want to point out something that the cheerleaders didn't see but I've known a while, hence my attitude

under the terms of our initial mining rights over the tenements we had certain legal obligations, and if complied with the government has certain obligations

firstly we had to conduct a certain amount of exploration then we had to produce reports regarding financial realities and environmental reports

upon the final obligation, which was the environmental report, the government under the mining laws was REQUIRED to issue a mining permit. There was no other obligations on our part to prove capability or capacity, it was a legal obligation the government must comply with under the legal terms already signed.

we produced that report well over a year ago and it was accepted. The government then refused to sign a convention and defaulted on their legal obligations.

cay has withheld that information from the asx but a close read of previous announcements makes it clear its the case

The government then hinted to cay management that they were using the signed legal obligations as simply a rough guide and would not be complying with them and would be making up new rules on the run

cay then in a rush searched for a level of investment capability to show cameroon we could develop the project and they didn't need to give it to China, hence the initial eea 11m

this still didn't satisfy government and now eea has put up 40m however its similar to a option as they can get out of it until the independent person reports in late November, and if cameroon still won't accept the now 50m as capability (even though not legally required) then they can withdraw and walk away.

the government has also now mandated that cay develop a bauxite processing plant in country at tens of millions of dollars as part of the deal, hence the mention of bringing forward a scoping report on same, once again another requirement added on by government that's not legally permitted

what happens if the report shows a refinery isn't viable? There's poor power and gas supply so it's likely? Will the government add further last minute requests or will they simply still refuse to sign

the cheerleaders can pump the tyres about imminent but nothing is imminent when they haven't even started a scoping report on building an entire refinery capability in the middle of a hell hole in Africa

so do we keep complying with new non legal demands or do we go to international court of arbitration?

cay owes shareholders clarity that the current demands fall outside of their legal requirements but are being used by government to refuse to comply with permit legal terms

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Why would one of CAY’s largest shareholders do everything possible to ensure our share price crashes?

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CAY Price at posting: 5.5¢ Sentiment: None Disclosure: Held
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