Why so Quiet (And flat), page-21

Interesting!

Are we sure this refers to Mt Thirsty? Seems likley. However, Creasy looking to set up a new company could mean many things...

BAR directors said at the AGM that BAR/CNJ and Creasy regularly meet, and all see the Thirsty resource as eventually being developed as one project. Economies of scale would certainly be MUCH better, and with their larger share, the JV has the advantage here in negotiating a deal - especially if Creasy's patch is much smaller (as it currently looks) and so is more marginal to develop.

However, with the JV apparently keen on stream funding the project, I wonder if there has perhaps been discussions with off-take partners who are keen to fund the smaller project (BAR and CNJ as they are now) rather than Creasy and the JV united. I.e a potential stream funder who has $200Mil to spend bankrolling a mine and locking-in supply, not $400Mil. If this was the case, the JV would be smart to go it alone. I think this is quite likely. A company like BMW wants to lock in supply for 10 years, not 20. After 10 years it's anyone's guess as to what new battery tec will be about. In this way, I think what BAR and CNJ have in their 2/3's of the Mt Thirsty patch is quite unique - it's cheap enough for one single company, like BMW, to partner with (fund in return for locked-in supply) and have the supply all to themselves. And it's cheap cost, and relatively advanced stage of development and ease of construction means that it can be up and running very fast.

Either way, if they partner or not, Creasy moving on his patch is GREAT news for Mt thirsty. It means publicity, and most importantly it means credibility. It will give investors confidence in the geology and proposed processes (assuming he takes the same approach).

As for the suggestion made by some that the directors are asleep at the wheel, I think this is ridiculously unlikely (though the lack of news and marketing is VERY frustrating, agreed) They're extremely high calibre managers, and they have literally billions of dollars to make from this. It's much, much, much more likely that they're quietly lining up the ducks. You don't get in a highly experienced mine developer (specifically with join venture development experience as we were told at the AGM), and pay them 3x your own directors salary, to sit around and do nothing. You bring them in to develop a mine.

Looking forward to seeing how this all unfolds,

Solarbat