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Just released on ASX
https://www2.asx.com.au/markets/company/ccz
Can't make it out
It will be interesting to see the aussie response overnight after recent increases in the share price. Maybe the uk investors got it right not following the recent price movement....
Lichfield off, change the road
This is a massive u-turn, only a few months ago they announced they planned to IPO Broken Hill. Now we're told it's their main focus and abandon the lithium licences. I was never a great fan of the lithium prospects, I always seen it as a distraction but this chopping and changing doesn't look good.
I'd love to believe that these new insights into Broken Hill are so wonderful that they've had to abandon everything else. However, we're told they had possession of this report since late 2020 from Wyloo Metals and it's only now they realise the opportunity?. Something doesn't pass the smell test.
My gut feeling (but still haven't read the full report) is that they have a heads up that the Lithium prospects are not that great so to soften the blow they've dug up this report they've had for over a year to try to justify the u-turn.
If Broken Hill is so great, why not sacrifice a still unproven Arya instead of potentially promising lithium prospects. As I say, I'd bet the Lithium prospects were no great shakes from the start. Something never sat right for me with the lithium prospects. Why so cheap? Why didn't Core Lithium buy the licence.
Tomorrow could be a disaster.
We've opened 10% down at 3.3 on the chi-x.
https://hotcopper.com.au/asx/ccz/
what an absolute bunch of jokers
My concern is not about the quality of the assets, but there has to be serious questions asked about the management. Cobalt is on fire at the moment and focusing on Broken Hill could make sense especially as they seem to have sufficient data to go straight to JORC. In a different context, this announcement would be very positive. However, one has to ask what the f*** is going on?
They announced their intention to IPO Broken Hill back in August so would have been in possession of the Wyloo Metals report for almost a year by then. Having re-read that RNS, the presence and levels of cobalt was also known. And yet it was still decided that this should be spun off.
The option on the lithium prospects was announced a month later. Clearly, the Broken Hill IPO was announced as they were negotiating the Lithium options. So at that time, Lithium was preferred to Broken Hill. Something has happened between now and then to change that strategy. Today's RNS implies that they have only just realised the great potential of Broken Hill and they must sacrifice the lithium prospect for the greater good. But this is clearly rubbish as they knew about the potential of Broken Hill for some time.
The only logical explanation is that the lithium assays are not all they hoped for and so it's back to the original plan. Well that's fine, so why not just say that. Instead, they have left everyone wondering why they have just given up on lithium prospects with the assay results expected literally days from now.
As I said, under different circumstances today's announcement would have been great news. Management need to get out there over the coming days and explain this about turn to their shareholders. What is realling galling about today's RNS is that they don't even acknowledge that Broken Hill was going for IPO. It's like August's RNS didn't happen.
Always said mangerment bunch of arse holes, obviously no one gives give smoney away for nothing. Should be better If said no lithium. If not under taken in the beginning, yesterday's news would send the share price to the other direction
**** day then expect 30% drop or more next rns could be 6 months back to bed then
"Well that was a surprise!" just doesn't seem to cut it for me after a very abrupt U-turn on both Picasso/Litchfield Lithium optioned plays vs. wholly owned Broken Hill (BHA) play containing Cobalt and potentially Lithium pegmatites.
I'd like to think that the BoD knows more than we do and therefore the decision made was very logical, but the RNS has not convinced this shareholder to break out the party-poppers. Another RNS today or Monday is the very least that they could do right now !
The only saving grace for me is the new factoid that the cores from prior drilling at BH still exist in (hopefully) logged & archived government geological repository that they can access, sample, assay and therefore build out a JORC compliant resource model for both Copper/Cobalt and lithium. The stated logic of using shareholders funds to develop a wholly owned asset rather than buying one at Picasso/Litchfield makes sense but only if we suspend our disbelief after todays poorly justified RNS.
ATB APR
A lot of postives unfolding here and not dilutive at all.
Cobalt resource in Broken Hill will be good.
Plus this
“Further, the Board will prioritise modelling a JORC 2012 compliant resource at the Big One Deposit and further developing the graphite- base metal discovery at the Arya Prospect”
good buying opportunity imo. This will trade back over 2p soon, dyor resources aren’t far off
There was an article by Proactive Investors last night, shortly after the
CCZ RNS in Australia entitled: "CCZ drops acquistion bids to harness battery mineral..."
[13.1.2022]. The article stated:
"SPURRED ON BY A STUNNING COBALT FIND."
My Comment:
On HC, CCZ, they had more insight to this cobalt project bought from WYLO of Andrew Forrest fame. Too long to repeat but Australia is NOT conflict cobalt and also it is near a recent JV project. If interested kindly read.