Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Not sure $150m is a sticking point to someone likely shelling out $2bln+ whether in acquisition or full cost inc development.
But it's not a drop in the ocean either so any buyer or interested party would naturally like it settled.
Lets assume (just for example sake) that acquistion price on ENSA is $1.5bln or 40p a share. So $150m would equate to 4p a share. So if it gets amended or wiped, then I would expect Ecuador Gov to have something in return... no idea what but lets park that for time being. So 4p a share liability for buyer or discount required if not altered. Not a deal breaker at all but meaningful.
Unless the board delivers something significant very quickly they will lose control of their toy. Enough with the "more jam tomorrow" rethoric
NMM, I'm fairly sure at the start of the year he said that he expected both of these milestones to be completed by end of year. The exploitation agreement coming early was a welcome surprise, the time it's taking to get this revised IPA over the line, a slight concern.
Today's MD&A was the first time I've seen the Cascabel spend-to-date vs committed spelled out so clearly for shareholders. Previously I've been trying to piece together figures from the quarterly reports. Perhaps this is a subtle hint to suggest this is what the sticking point is?
"Lets have some news Scott on what you've delivered shareholders for that whopping $67m spend. "
The answer is for looking at this and that . always we are looking at seems to be the mantra. Perhaps we ought to buy them a pair of binoculars to help with looking.
Perhaps mothballing the company, and a $150m+ gap vs. previous IPA commitment, has something to do with it.
Always amusing that Scott puts a positive spin on things in his chats with PIs. Strange he is not willing to give similar indications in quarterly comms?
There have been no meaningful updates on Investment Protection Agreement since renegotiation application in December 2022.
No estimates for timescales in annual report or MD&A. Always negotiations ongoing.
DG1Investor posted on 17th October, that Scott had said:
"IPA / EC and amended protection act - all have a great shot of being signed under Lasso"
Well, less than 2 weeks left...
I struggle to reconcile an Exploitation Agreement being signed, but the fundamental IPA, which may be key to the financials/outside investment and ultimate success of the project, drifting along indefinitely.
Yeah true, he is consistently a rude, obnoxious, dopey tosspot
Not everyone, at least he has a consistent view of the world - even if it is one you don't buy into.
At least you’re aware everyone can’t stand you Quady!
Oh dear I see BBG is going back to being a numpty again.
Good article.
I have no Psuedos.
Work it out BBG no one agrees with me.
Https://www.reuters.com/article/cesco-asia-jiangxi-copper-idUSL1N3CG09Z
Don’t tell Quady and all his psuedo’s though…
Looks like the tail wagging the dog over on TSX. Big volume for them so early in the day.
Just where is this stock coming from?
News soon then as TSX always seems to move before LSE... I wonder if that's the canadian connection lol!
The cash burn is staggering. $3m a month and no drills are turning.
What in earth are the spending it on?!
"there is simply no desirable outcome from kicking Scott out at this point in time."
Well, there is 'no desirable outcome' likely at the AGM for them unless they deliver something meaningful.
I've said it before, I'll say it again. No management team would expect to get through the upcoming AGM based on the last 12 months performance. So my guess is they have something up their sleeve and we'll hear soon. Sorry for the negatively, but they've burned close to $70m and I'm struggling to see what they've delivered shareholders for that money??
I want to be positive ... but they've done nothing to try and be positive. They've turned the business into a struggling minnow when we were looking pretty strong indeed before they came along.
The sp was 3 x higher for starters. And we had less shares in issue... nevermind the bonus options.
There's nothing Scott can tell me in a phone call that is going to change my mind on him or CGP guys. Zilch. I know this based on the info he imparted to you. All fluff and no substance.
They need to deliver something of substance or they are going find out the hard way imho. I think they know what's coming so I'm expecting decent news soon.
Might not take much to get my vote but it has to be something meaningful. Not some regional pony deal on their old CGP exploration junk.
Lets have some news Scott on what you've delivered shareholders for that whopping $67m spend. Lets ave it!
Forte, I am not sure what changed in you, but perhaps instead of vomiting negativity on a BB you could pick up the phone and talk to Scott himself, ideally before the AGM, then you could at least developed a more balanced view.
None of us likes to wait any longer, however there is simply no desirable outcome from kicking Scott out at this point in time.
DBW... they've spunked $67m. The cash pile was $85m. Cash at Sept 30th was $22.9m. That's likely down to $18m now.
Cut costs??? Yes... but at what cost? It's cost more to cut the flippin costs and we've had zero exploration thrown in compared to previous years.
Sorry if I am doing a Bozi... and just bashing the company while holding all my stock but that's how it is. Makes no sense at all to pi55 on ones own shoes but as Bozi and Orpherncopper have proven... it can be done if you wear wellies.
Oh, and I'd forgotten about the disastrous funding attempt (thanks for reminding me Eloro). What a bleedin' mess that was.
Fwiw, my own view is that there people on here who have completely underestimated the scale of the task Caldwell took on.
The company was clearly riven with division, it's cost base was completely out of control, DC had proved himself to be useless and our main shareholders were still unsupportive. Clearly something had gone badly wrong in Ecuador - how else did we manage to lose $4m to fraud? A lack of senior management in-country meant our relations with the government were taking too long to deliver what we needed, and it appeared we employed every Ecuadorian within a 100 mile radius of Cascabel. We knew we had a great asset, but we had no real idea of what we were going to do with it and, as a result, kept having to go back to the drawing board.
Fort keeps banging on about management snouts in the trough, but the previous regimes took the concept to a whole new level. The business was a total mess and Caldwell is having to sort it out and deserves to be given another year.
fort ….. i couldn’t disagree more. costs have been cut and we’ve gotten down to the business of getting this thing sale ready. the sector in general has been decimated. getting licenses, agreements signed doesn’t excite the market but is exactly what we need. scott takes a pitiful salary for a ceo and will only make serious money by massively increasing the share price here. he’s not living in a third world **** hole for fun. he’s there to get the job done so we can get this sold .
You can't destabilise a train wreck. It's already destablised.
I know what you are saying but you are falling into the same trap and you need to realise that these guys will leap into action if their apple cart is turned upside down. So vote them down and watch what they do. You'll be suitable surprised imho. You'll soon see them achieve something as they want their plans messed up one bit.
There's no way BHP will vote for them. No way Newmont will vote for them. I reckon they'll be looking at 60%+ votes against in 4 weeks time.
They need a rabbit out of the hat big time. There's still time. Noboa takes over on Nov 26th. They've got about 11 days left with Lasso to get anything outstanding signed or else they are into new gov discussions. Mmm!
To be fair Fort, the spiral started with DC and his failed funding attempt. Its been down hill ever since.
DBW... I disagree. The market is voting them down already. I think if you vote them in, you'll see the sp crash further.
The market has no faith in ths management team. And lets face it... they did zero at CGP... they were just baby sitting that shell while waiting for their SOLG payday that didn't arrive.
I've seen nothing to change my mind on them. They have under 4 weeks now to show my something that suggests they know what they are doing. Fail to do that... and it's time they moved aside.
Perhaps the market will get excited that at last something might actually happen with SOLG? It's been a spiral downwards ever since they arrived.
Add ….. reckon everyone has their own agenda. Seems to me a few here may no longer be invested and looking for a low re entry. No right minded investor would look do destabilise things now
Fort, I am leaning back towards not voting for them. I don't see how they will meet the Q1 phased plan if the work hasn't started as yet. This plan was meant to persuade potential buyers that having a huge upfront capex wasn't mandatory.
Fort, I am leaning back towards not voting for them. I don't see how they will meet the Q1 phased plan if the work hasn't started as yet. This plan was meant to persuade potential buyers that having a huge upfront capex wasn't mandatory.