Mondy, Gln may only have c$15m in cash, but they would have assets of $300-$500m at fire sale prices, so collateral to satisfy Glencore shouldn’t be an issue. Thinking about losing the farm over a black swan event causing repayment failure is another issue though. Hopefully only Candelas is put up as security if they go down that route.
I don’t agree with critics re raising earlier. No one knows what this market is doing. Virtually everyone thought the SP would hold up much higher than currently after an OT was announced. And yet here we are with a MC of less than when I first started buying near 3 years ago.
Just surviving this shitey period of low lithium prices and poor sentiment whilst also continuing construction of stages 1 and 2 is the priority. If we have to raise, so be it, we get to fight another day.
The market sentiment for brine is turning, but as usual critical mass support takes time.
It’s been quiet of late, hopefully that means mngmt have been getting the deal done, and as per usual, they get the job done. Objectively, I think JP and co have pretty much met all the deadlines and targets with few exceptions such as the DFS1, so I’m not throwing them under the bus on this one yet.
On Jan 7 2022 they announced they were setting up shareholder support for big CR possibility of $150m odd iirc. SP was then around $1.50, and the HC experts ripped into them because they knew better. The HC experts always know better but never offer a mea culpa in hindsight. Anyhow, gln never used the option, but that money would have finished stage 1. Handy as. Maybe just maybe mngmt do know what they are doing ?
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Price($) | Vol. | No. |
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