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Kiran has already said that any expansion would mean our areas are needed sooner and more will be needed from them which increases the NPV dramatically.

Ganfeng have already announced 50ktpa Hydroxide and purchased land for expansion they have clearly been planning this for a while. They know the purity and grades of Sonora are exceptional.

Could even be this....

Mergers & Acquisitions
An M&A transaction is a critical moment for any client. We believe that the industry knowledge and technical expertise around which our team has been built is crucial and value-added for both corporates and investors alike.

We have acted as financial adviser on a wide range of transactions regulated by the UK Takeover Code on both the buy-side and the sell-side. We have acted on hostile as well as recommended offers, including those under non-UK jurisdictions, and also on private transactions.

You'd think Ganfeng may also have been awaiting the 100% buyout completion of BCN before completing any deal with Mex gov.
https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0808/2022080800908.pdf
"Recently, the Company received a notice from Shanghai Ganfeng that Shanghai Ganfeng has completed the offer to Bacanora. Shanghai Ganfeng now holds 100% equity interest of Bacanora."
Ganfeng Lithium Co., Ltd
Board of directors
August 9, 2022

Which is why the whole idea is stupid and they should have just added a lithium royalty/tax on top instead of nationalising it!
No downside risks involved with taxation however at a certain point it may reduce investment.

I'm seeing more and more talk of public-private partnerships for "Litio para Mexico"

Gonzalo Monroy, general director of the energy consultancy GMEC, maintains.

"We are very far from a commercial exploitation. The times here matter because those are the ones that are going to determine the commercial opportunity, are we really in time to develop this?", he raised.

For Monroy, the big problem with the use of lithium in Mexico is that the laws are designed to delay that progress. Our country has to develop technology for mining, a situation that will be difficult to achieve if the nation does not associate with private companies. In addition, its exploitation is extremely expensive: in Chile a single lithium mining project had a cost of 10 billion dollars.

https://www.lapoliticaonline.com/mexico/politica-mx/mexico-ante-la-oportunidad-de-perder-las-bondades-del-litio/

I think he was banned

https://twitter.com/LithiumIonBull/status/1559133678785204224
"Commodity equities follow commodity prices - sometimes w/ a lag.
#InflationReductionAct adding fuel to upward retracement in #lithium stocks.
Many bargains still on #RKEquity scoreboard
FOMO & All-time #HigherLove possible this fall for highest quality projects/managements
DYOR"

"The inevitable is happening - #lithium prices are rising on the back of demand. Some trades were heard at 500k RMB. Spod con & industrial carb tight, so hydroxide price is closing the gap. New price highs are likely just around the corner."

Looks like our western boundary is very prospective for gold too close to the "Piper North, "Far East" and "Toolebuc"
https://www.cadenceminerals.com/wp-content/uploads/2021/09/Screenshot-2021-09-28-150909.png

It's getting hot in the Northern Territories race for lithium
Ragusa up 42.86% (nr Core) https://www.ragusaminerals.com.au/
Core up 9.86% with an Exploration Activities Update
https://wcsecure.weblink.com.au/pdf/CXO/02553135.pdf
Right place, right time for our Evergreen IPO

Absolutely, but Ganfeng we’re also looking for “Strategic Investment” in Sonora let’s see how it plays out. Any of the possibilities seem positive overall for KDNC going forward.

Sure, I was meaning they will want to have a stake in the project as reported by BN Americas. They have already accepted they can’t nationalise any licenses that are granted if they are explicitly for lithium. There is nothing they can do about it without causing international disputes, buying a stake is a great way to look like he’s delivering on his promises (nationalist agenda) and taking no risk because they don’t have the expertise so can rely on Ganfeng.
This also allows them near term success rather than being several years out.

They will want near term production and the partnership with Ganfeng is the only way to achieve that.
P.s I didn’t say nationalisation

That’s promising, the only way they can take it back is to buy it. It would be a win win from all sides if they buy us out and satisfies their nationalist agenda and as a minority they can let Ganfeng do all of the hard bits while they build up their own capabilities.

Very few countries have free trade agreements in place and not all of them have lithium Primarily Mexico, Canada, Australia and Chile
https://www.state.gov/trade-agreements/
It couldn’t be better timing for us though, not only a monopoly on Mexican lithium but also an exclusive club with the FTA in place.

No, the lithium price is way higher now (and expected to stay high), should be worth more.
Drag and Tag did not apply to the BCN takeover because it was the company not the asset being sold. Drag and Tag would apply in this scenario in that we would have some rights over what is agreed with Mex gov by Ganfeng.

The drag along clause requires the minor shareholder to sell their shares. The tag along clause requires the minor shareholder to be allowed to join in on a sale. Both clauses are designed to give the minor shareholder the rights to receive the same price, terms and conditions as any other seller.

https://www.mining.com/bacanora-lithium-accepts-ganfengs-391-million-takeover-offer/

The potential is there,
5p back then would be £5 now, certainly not beyond the realms of possibility.
Observer’s valuation
https://www.reddit.com/r/CadenceMinerals/comments/vpr5w7/due_diligence_lsekdnc_cadence_minerals_asset/

All of it, clearly we would sell the job lot for the right price, and Ganfeng already put the feelers out for a "strategic stake", it would make sense for Mex gov to take 30% of it all, allowing us to sell out and Ganfeng to own 70% of it all.

Exclusive: Ganfeng eyes US OEMs for “strategic” stake in Mexican lithium project | Benchmark Mineral Intelligence
https://www.reddit.com/r/CadenceMinerals/comments/tz8dyd/exclusive_ganfeng_eyes_us_oems_for_strategic/

Controlling the full supply chain is going to be a big advantage for the OEMs in future. It's the only way they can be certain of supply.