Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Fira
I bet the BOD were stunned that the bank went over the company details etc for days on end with a fine toothpick.AB was heard to chip in,I can do due diligence in 20 minutes,these young whipper snappers have been at it a week.
Fira, are you suggesting that the financial information published on Redmoor and LCCM on 17 November & 25 June this year do not bear close inspection?
That is what I was saying earlier, we get the PEPR and we have a saleable asset for someone with deeper pockets that SML. The potential returns look pretty impressive!
PEPR approval will be the turning point - gives us options, if we don't get funding we can sell a mine-able asset to a bigger firm, i expect an increase upon approval.
BOD understands this and is probably going back and forth with Aus gov to confirm all outcomes are met before resub - I'd rather they spend the time to get it all correct than rush for the sake of an RNS release. The fact that there was a placing means that the mine management team think it's achievable.
Excellent news for CL should generate a lot of interest in cornish mining and redmoor tenament
A bloody-nose summary, P2CR, that articulates the entangled lies the incompetents have been spinning us, over the past few years; and mainly why an LCCM RNS will appear in Jan 2022.
P2CR
Brilliant summary of where we are with assets and lccm near term asset(2018).
Another month passes us buy and value of our shares hit rock bottom but JP still picked up another 40k at end of month for his truely woeful stewardship.
DVH, I believe that our valuation is a very good example of the market operating at the semi strong form efficient level. A semi strong form efficient market incorporates all publicly available information into the share value. Let's consider what information is in the public domain:
1) We've been 3 years trying to secure a PEPR for LCCM. The process, we were told, would only take a number of months.
2) We bought LCCM - an asset (and I begrudgingly use the term asset) that had previously been given away for free. The due diligence on said purchase was carried out by our Chairman who was the same Chairman who did the due diligence on Brenda ( a now jailed con artist who evidently had no operation requiring output from Cobre, a minor point overlooked by said Chairman in his due diligence endeavours)
3)Even if we get the PEPR approval, we still need to secure a $10m loan from a global bank in order to start operations- the due diligence by the bank has been ongoing since October (at least). We are now in December and the silence from Peters on progress with the bank is deafeningly screaming 'the bank have walked away and if I say nothing maybe everyone will eventually forget I even mentioned it'
4) We hired a mine manager 4 months ago and have him on payroll even though we don't have a license to mine - it was a good ploy though as it allowed us 'demonstrate' how confident we were that the PEPR and finance were about to fall into place - then, two months later, we needed to dilute to get our hands on $400,000 to allow us advance the PEPR resubmision...
5) We're a year on from PW's 'near term value' and 'newsflow' interview and all we've heard from him since is some drivel about excellent data from Redmoor - the management at Redmoor by the way, left us since that drivel was published so I imagine they're not as upbeat about the prospects as PW is.
6) We raised $700,000 to replace equipment at Cobre - I don't believe for a second that this is what the cash was used for. There was a song and a dance a couple of years ago when we spent $100,000 moving offices at Cobre and this was hearlded as proof positive that the annual contract would continue to be rolled over - surely we'd have secured some assurances from the mine operator on contract rollover before we'd sink $700,000 into equipment and then inform the market of the reasons why we were confident enough to make such a large investment?
In summary, we have very little to give any indication to the market that we're worth anything more than £6.6m and my fear is that with the AB's, JP's and PW's of this world running the show, maybe £6.6 is overvaluing the operation!
Are we undervalued?
Cobre income is around $3m pa (cost of sales around 80%) and the current rate of consumption the magnetite stockpile would last for around 14 years
Redmoor may provoke further (external) interest given its location in an area currently generating lots of interest. We paid NAE A$3m for a 50% share so maybe a current value of £3.3m? (A$3x2/1.8 exchange rate)
LCCM currently has zero value atm imo BUT if the PEPR is awarded then the asset becomes much more attractive to someone with deeper pockets than us if we cannot secure the $10m needed to bring Leigh Creek into production? (I don't believe that a global bank will lend us a sum of money that exceeds our current mcap!). The figures look pretty compelling (NPV@8% generates $44.47m over a mine life of 10 years with copper at $4lb)
Any thoughts?