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Anybody got anything on this announcement?
Https://hotcopper.com.au/threads/ann-errawarra-enters-into-strategy-lithium-jv.7970841/
Yep just had it to me boom
I dropped the crumbs last week re lithium hehe
Boom. They confirmed the presence of pegmatites during the ground reconnaissance.
“Having identified and confirmed a large pegmatite swarm on the Tenements”
“The Lithium Caesium Tantalum (LCT) pegmatite target areas have been identified in mafic-ultramafic rocks within the Pindari tenements near “hot” granites.”
“A large number of pegmatite type geomorphic features associated with the Maitland Mafic Intrusion have been interpreted from imagery with some confirmed during ground reconnaissance.”
Intra-day RNS or 7am RNS?
Initially, Errawarra will invest A$500,000 in Alien Metals through a company placement based on the ten-day volume-weighted average price prior to the agreement’s execution.
To earn a 25% stake, Errawarra must spend A$1m within the first two years, followed by an additional A$2.5m within three years to acquire the remaining 25%.
Upon completion of the first two stages, Errawarra will hold a 50% interest in the Pinderi Hills Project.
So we gave up 50% of the hills for 3.5million ? seems cheap if you ask me , although getting them unlocked comes with advantages.. Need to read into the details
Sorrento Resources Pty Ltd 11,143,234 18.42%
Bennelong Resource Capital Pty Ltd 7,736,013 12.79%
Holding in ERW.
Don't bother to tell holders here.
I dont know what to make of this, yes its good there is a JV and they looking at the swarm area top right but is this deal for all the Hills because that includes EH also and other areas with PGM , if so I think we given up too much here. Why wasnt the JV only ont he section with the potential lithium. Anyone got any thoughts
Yes ive had a screen shot of it
https://www.mining-technology.com/news/errawarra-alien-metals-form-jv/
Seems like they are looking for lithium. only thing mentioned. and its a 4mil payment structure for 50% of the project that they will unearth from this point.
seems sensible to me.
see lots of JV structures see similar amounts given away for much less than 4 mil.
get 500k now
let someone else explore,
get 3.5mil more as they do
keep 50% of prize
of a metal they know better than alien do
seems smart
Oh boy.
Giving it away to a minnow with a Mcap of about £2.5m. Hardly an inspiring JV for Alien. Desperate times.
A shocking deal at first glance. No wonder UFO can't be bothered too RNS it
Spending £0.5m within 2 bloody YEARS.
£0.5m that they don't even have!
Where the RNS declaring this and how’s it going to be paid for?
Whilst UFO dip nearly 7%
5x5
One word…
Placement. Is this why the SP has again fallen?
Need too look into any connection with our directors/BOD members with ERW. Looks a great deal for them, not so much for UFO.
All my hopes now lie with hannock but after seeing what kind of deals this board can manage, I believe my money is now dead..
Nothing in this deal I can see is good. You tie up the whole hills area for 2 years for a pathetic 1$million drilling campaign with a tiny company. I am sure if someone does some digging, we will find connections to this company and ROb Mosig
selling to his pals for 0 . SO we lose EH now in this deal and all the potential PGM? No wonder their SP is rocketing they just obtained great land for 0. Honestly we should kick this board out is rotten
.
AUD it would seem, so £2m in total, over 4 years. Lol! Smash and grab.
Well its better than using the 2 mil off that last placement and we spend no money, step back look at the bigger picture
Go on max spin this or you going to disappear for the day