George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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It would be the most logical/cost effective thing to do. We get access to detailed drilling results at zero cost to MILA. What's not to like?
Oh, and 16% of any lithium mined :)
Happy days!
Rex
You get the feeling that MILA is really just letting Lionstown take the quick lead and larger costs, and hoping to benefit from lithium success and then into its gold exploration work?
Charta, thanks for that. Let us see how it plays out. I don't expect any material impact on what Lionstown do at KVP
Charta, thanks for that. Let us see how it plays out. I don't expect any material impact on what Lionstown do at KVP
taken from oilprice.com:
in a move designed to thwart a takeover bid by american lithium giant albemarle corp (nyse:alb), australia’s richest woman, gina rinehart, has once again boosted her position in liontown resources ltd, bloomberg reports.
this is the fourth time in recent weeks that rinehart, through han**** prospecting pty, has added to her liontown resources stake, which now sits at 14.67%, just shy of the 15% needed to potentially block albemarle’s ~$4.2-billion takeover bid for the australian lithium miner. in mid-september, rinehart owned a stake of under 8%, according to bloomberg.
han**** has described the stake as “strategic”, though it has not disclosed the intention of the sudden large increase in ownership of liontown.
“han**** maintains a long-term approach to its investments and commodity markets. in line with that long-term approach, han**** can provide liontown with the opportunity to manage its project execution and operations ramp-up risk,’’ the company said in a sept. 25 statement.
last month, liontown accepted albemarle's improved a$3.00/share offer, while han**** said it may seek a position on liontown's board and could help the company bring its lithium resources to production. so far, han**** has paid no more than a$3.00/share for the four tranches of shares of liontown it has purchased.
Does anyone has access to the premium section of the FT. Saw the headline questioning the success of Albemarle offer for Lionstown because of a holding by some PE guy?
It seems 8 new holes in the North will be drilled. Didn't realise that the 6 previous holes we are waiting for the assays of where focused on areas of thinner mineralisation. Good to know they are being approached by a number of potential partners but now have stronger funding and should be able to make non-desperate decisions
Very good. Warrants at 2p priced at a sensible 100% uplift but this will ultimately go far beyond that.
The next leg of the journey begins. This is one of my more interesting long termers.
Why isn’t it showing up here on LSE?
Getting £2m in this market for juniors at slightly above market price no mean feat.
I wonder when the RNS of the assay results will drop..
I hope the deal speeds rather than slows plans on the lithium front. Maybe further down the line, buying-out Mila will feature in Albermarle's future wider ambitions in KV..??
Takeover info
https://seekingalpha.com/news/4008845-lithium-miner-albemarle-raises-liontown-resources-takeover-bid-to-43b
Let's see how the enhanced offer for Lionstown affects the price across here with MILA...
Let us see what the assay results are and where we go from there...
"Drilling to commence at Kathleen Valley: 6 drill holes" Mila RNS was on 14 June 2023.
[1] Then, it goes for assays and when it comes back, it has to be checked /analysed by the technical team.
In the case of Havieron, it took 3 months to get the assays back in Western Australia. So, have to wait for the RNS.
[2] "We also know that the fund raise is being planned soon. "[In this thread]. From the Mila RNS Interim Results dated 31.3.23, it was stated that £696k was raised in Oct 2022 and £212k in Nov 2022 making that £908k in total.
Mila did not say how much the above said 6 drill holes cost to drill but from Pitfield, Western Australia the CEO said they paid £300k for 21 holes MEANS that 6 holes cost about £85,700.
[3] All exploration co's cannot just drill at will and this is general info. They can only drill IF the results are in line with expectations etc as norm. So, unless they plan to do more drilling, they cant raise?
How do they raise and tell the funders , oh , we have no results yet and we raise? Funders will ask to see the results first.
Assays are surely going to be some way off if other W.Australian co's are anything to go by. Even at Pitfield, 3 months was up on 23 July 2023 and that means that they are analysing it , so appears to be like the Havieron timing ?
[4] Mila RNS of 27.7.23 re: Liontown JV >>with Mila >>Kathleen Valley for lithium exploration.
The RNS states:" THRU THIS AGREEMENT WITH LIONTOWN , we will SEE E X P L O R A T I O N ==U N D E R WAY==at this area of the licence. ..Supplementary work on HERITAGE SURVEYS."
? Hope that clarifies.
Per my post below, the Mila RNS stated that in this climate one cannot just raise to do drilling easily so they have to be prudent with the money. So, simple maths suggests there is £800k left even if one budgets for £100k [ not £85,700.]
I am NOT privy to anything else as that is general norm in the industry and even the Pitfield CEO confirmed that drilling and raises are only predicated on results.?
So, we know that the six-hole drill has been completed and MILA await the assay results. We also know that a fundraise is being planned soon.
We know nothing of the schedule of a possible drilling campaign by Liontown but it certainly won't be imminent.
In answer to the questions posed:
[1]"Thru this agreement with LIONTOWN, we will see lithium EXPLORATION =underway= at this area of the licence."
[2] "In addition to Liontown's work unlocking the lithium v a l u e , we will also benefit from their funding of SUPPLEMENTARY development work including HERITAGE surveys which are a significant undertaking."
[There's the answer from the Mila RNS, 27.7.23 verbatim. All work will be done BY LIONTOWN relating to the lithium
exploration so no one will know until the RNS. ]
[3] Liontown "will invest A$100k in Mila thru a CONVERTIBLE LOAN: the notes are repayable by converting into Mila shares at a PRICE to be determined on Mila's NEXT FUND RAISE."
[In so far, as fund raise per the question posed, it is a general term in the context , in that , "as and when"?
In the Mila RNS "Interim Results" dated 31.3.23, it was stated £696k was raised in Oct 2022 and £212k in Nov 2022
but qualified by, "However, given the risks associated with exploration & the high costs of drilling in Western Australia
,we are SPENDING the FUNDS PRUDENTLY. ...we are also mindful that equity markets are currently difficult for
junior explorers and accessing capital for expensive drilling programmes cannot be TAKEN for GRANTED."
Mila RNS: Drilling to re-commence at Kathleen Valley" dated 14 June 2023 ---6 RC holes. We will update the market
when the ASSAY results have been returned & ANALYSED."
[So, that is the second answer verbatim from the Mila RNS [2].
General Comment:
In the case of another Western Australia co, they paid £300k for 21 RC holes and whilst this cannot be taken to be the case for Mila, it does give a idea of costs in general only.
Hope that helps.
[
Who knows ? try hot copper as ‘news’ posted 👍 asking a question like that !! you should be older and wiser 😉
What's a reasonable timeline for expecting Liontown to conduct this exploratory work on Mila's property?
And what's the likelihood that the placing referred to by Mila in the July 27 RNS happens sooner rather than later, to capitalise on the excitement of the last couple of days, reflected in the sp?
Kindly refer to the MILA Resources 27 July 2023 RNS:
There is also an AMENDMENT Deed: It could take Mila to 80%.
Yes, it is in the RNS that the other owners are Trans Pacific Energy Group Ltd/NCM [TPE is a subsidiary of NCM.
In fact, TPE drilled 12 holes [1st round drilling was 2 holes and next round was 10 holes] and after that they
reversed into Mila which listed in late 2021. The only exploration asset is their Kathleen Valley Licence E36/876
and on listing the valuation report stated the exploration assets to be £15m.
https://www.milaresources.com/latestdocuments
Mila only owns 50% of the E36/876 property. Not right to think of this JV as just being between Mila and Lion.#town.
Mila Resources Prospectus with includes Competent Persons Report on Listing on the
London Stock Exchange dated 2021.
Link to check: https://www.milaresources.com/latestdocuments
"Pg 86/174 : The m a p p e d presence of pegmatites in the Kathleen Valley, at comparable lateral distance
for the granite batholith as mapped for the SPODUMENE -bearing pegmatites at KATHLEEN'S CORNER
to the N O R T H of the project, is encouraging.
...
However, the sampling of dykes at present [3 samples] is VERY LIMITED and CSA Global is of the opinion
that the project has the potential for hosting SPODUMENE [LITHIUM-BEARING] pegmatites."
---
Pg 76/174: Jubilee Mines NL explored ground NORTH of Kathleen Valley for tantalum [and lithium] in 1998 & 2000
These results included 4 ROCK CHIPS from 2 pegmatite dykes approx ---== 2 0 0 to 3 0 0 metres==--- of the E36/876 BOUNDARY. The remainder of the sampling was well to the NORTH OF THE PROJECT towards KATHLEEN'S CORNER
. The tenement CLOSEST to Kathleen CORNER returned results of 0.89%, 0.92%, 1.01%, 1.09% & 1.09% li20 [Source: Kelly 2000].
Recent lithium exploration work by LIONTOWN Resources at KATHLEEN'S CORNER & MT MANN, i m m e d i a t e l y
NORTH OF E 3 6/ 876 had identified a Mineral Resource of 21 Mt @1.4% Li20 &Ta205 at 0.5% Li20 c u t -off.
[Liontown Announcement 4 Sep 2018] ."
==Valuation Report: On Mila Listing 2021: £15 million. Link as above.
-----------LIONTOWN, A$6BN MKT CAP ON ASX, OZ >>> JV on 27.7.23 >>> MILA RESOURCES to explore for LITHIUM on
Mila's Kathleen Valley LICENCE E 3 6/ 876 Western Australia.-----
From the map on Fig 12 of the above CSA Competent Person's Report, shows Mila's E36/876 is NORTH OF KATLEEN'S CORNER & MT MANN belonging to Liontown.
Mark Stephenson , CEO of Mila stated in his interview with Zak and Proactive that Mila's E36/876 licence is 2 KM from Liontown.
DYOR. Sun, 30 July 2023. Mila Resources 1.68p @Mkt Cap £5.5million.
For the summary of Mila Resources & Liontown Joint Venture dated 27.7.23 which was RNS' ed.
See other MILA forum of today, Sun, 30 July 2023.
Answer: Go to Hotcopper Liontown to read both Aussie and Blighty posters on the Mila Resources JV with Aussie Liontown, a A$6bn co on the ASX.
The thread is : News: JV Mila with Liontown.
Link: https://hotcopper.com.au/asx/ltr/
That is where all the action is given it will be Liontown that will be doing all the exploration work on Mila's Licence E36/876 , Kathleen Valley, Western Australia.
Too many posts to re-post here. Sat, 29.7.23 Mila :£5.5m mkt cap @1.60/1.8p spread.
Morning all, new to this board and invested after the recent rns and just wondering how the the current investors feel about the latest news and how this stands with mila and the deal with liontown ? Much appreciated any response !!
Don