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Couldn't go myself but had a first hand account from a contact who did. No surprises during the meeting and the BOD seemed switched on, took questions after the meeting in private with my contact. Mr Poddar gave a confident account of his engineering ability and my mind is at ease over the plans for JV mine. Things seem pretty much as Brett explained in his phone call with me earlier this month. Extra delay with Bass shareholder sign off is a PITA but seems nothing out of the ordinary.

I owe you an apology. You said I would be better moving my investment to WRES, from memory STGR was 2.5p and WRES 0.55p. Both shares slid but STGR more than WRES so this time your hot tip would at least have lost me less money than STGR. On the plus side I invested heavily in CPX from sub 3p with serious additional capital so I did manage to make back (almost) my STGR loss. I do however still hold these and I'm targeting a turnaround, Vatomaina JV and 3p followed by 5.5p in 6-12 months GLA

Spread is wide due to the uncertainty IMO. Indicates MMs happy to sit tight, not sell but not really wanting to accumulate until the SH vote tomorrow. Most of the shares are in public hands acc to website so BOD is relying on larger PIs to support the asset deal. I think resolutions will likelly pass - I brought a few SHs together to discuss our options and it appears, given where we are, that the Bass deal is the best option to get over the funding hurdle. Once the course is more certain the MMs will probably narrow the spread IMO.

Once the mine is working both the tranche payments and the royalty will be unlocked as they are dependent on operational success. After that the years it takes to collect boils down to a simple number - a product of risk and interest rate. Once the mine is working there's also potential upside from BSM price gains. But you take the 3p today I'll live with that. Then add another 2.5-3p for the JV mine at Vatomaina and we have 5.5-6p Get my estimate of 2.5-3p for Vatomaina by taking the Loharano operating cost and doubling, and estimating 50% large flake 94% output, for 12ktpa. Bearing in mind Consolidated Resources (JV partner) run the offtakes for Loharano - I believe at least - should give them good access to sales market... On purely technicals de-rampers returning make me think there's also some still to close out here so my targets are still 3p first stop, 5-5.5p second stop and 8p in 12 months. Personal view only DYOR and GLA

Fair points, don't think this is what many first invested for. Plus I was lead to believe, right up until very recently, that there was a different follow-on business on the table, relating to the DD announced earlier this year. But for whatever reason looks like the BOD are at least choosing to stay in the Madagascan large flake graphite business. As for costs and time frame for developing the JV mine, I know the CEO hopes the Bass transaction will fund this, bearing in mind it's a 50/50 JV with Tirupati. Reading between the lines I believe Tirupati have their eye on our London listing, despite the problems raising capital for Lohorano once the original BOD had failed there is still someone in a "London listing" for the Indian graphite outfit. So when it comes to making a deal with the Vatromaina asset to keep us listed then I'm pretty certain that will happen. When it comes to funding we know Tirupati have the knowledge and the conentrator blueprints to pretty much ship in plant, that has a far higher probability of working first time, given their knowledge of the industry and experience form Lohorano. But yes, the share, share price, everything about this really radically changed when they decided to sell Lohorano to Bass. I don't think any of us saw that coming - I was probably over-optimistic that Bass would come through with the original funding, but the BSM deal is probably the best option now so we will take it. Also whilst focus on the negatives (cash draining from Stratmin whilst Vatomaina is under development) there is still the possibility that BSM will hold some of the gains, and also from our Tranche payments (we make Tranche 2 criteria before new concentrator is finished so maybe the Bass share price will rise after our payment). Lots of "ifs" and the clock reset on production for new JV mine, won't pretend everything is hunky dory but at this SP the mcap I believe is pricing the risk but not the potential - but we have to hear something more definite from the BOD on the way forwards too.

They couldn't fund putting Loharano right, so they sold that mine. The money from the sale, and shares, will be leveraged with intention of funding the Stratmin/Tirupati JV mine at Vatomaina as mentioned in circular. Neither Brett nor Shishir are taking a cash salary, and intend to convert their monies owed at 2.5p per share (see past RNSs). The major kick for LTHs is that Vatomaina will still be a while from production. However the plus sides are: - Greenfield development at Vatomaina gives chance to do it "right first time" - Learn lessons from Loharano, but using wealth of Tirupati knowledge (they've been running concentrators like this in India for years) - Funded out of £8m Bass deal Key risk then, of course, is ensuring can capitalise on full value from Bass by meeting production targets - Tranche 1 should be achieved with existing plant after rock crusher installed - Tranche 2 needs both plants, but is nowhere near full capacity of combined plants. Second plant will be double capacity of 1st, so this tranche is easily attainable. BSM in the process of raising AU$5.5m for this. Got the above from a CEO phone call the other day (see upstream). Agree it is not ideal after waiting so long but the new BOD is trying to make good on a shocking state of affairs they found last summer, and seem very motivated and driven to make good.

Mixed messages then... Hopefully we can get a bit more clarity about the JV mine fairly soon.

Well they've got a good board - depending on what the capital requirements into this year actually are, if cash is needed they might be able to sort out something better than a share issue. Watching the trading closely - look out for repeated falls on strong buying is a tell tale of positions opening. That's likely to be the next gap, and the first to be closed IMO

Sorry Bonks, I see even lower, unless rabbit is pulled from proverbial. £3m in bank and £3.5m loss, we're now 3 months into the year gives IKA about 6 months runway till cash raise needed. If the City ****s get their greedy claws in a chance any buying will be plastic.

It's whatever the left arm can justify charging the right.

Don't get too excited - tis a rollover pair, almost certainly. Someone got a big punt on though...

OK it's fully diluted figures in the presentation (including options) so apologies on the rounding slur. On the trading front I expect a lot of this is due to the fact that Stratmin has failed to hold gains on so many occasions that some people are adhering strictly to the old adage sell on news in the hope to buy back later cheaper. One day they will get locked out and I'm hoping it is today.

Well you're certainly watching this closely and on top of the maths - good to see others with such a close eye on things, and the accounts too. You got to 7% quickly, albeit rounded down - tad on the light side, but more or less there. Can I ask what you do for a living? Are you a professional investor by any chance, running the numbers so quickly like that??

Stratmin's Tranche 1 payment is priced at 1c share. That means 75 million shares. Current share cap is 460m so post-deal it will be 530m. So our ownership will be 75/530 or 14.1% But Bass is raising 5.5m at 1.2c share so another 460m shares. So our ownership will become 75/990 of a recapitalised Bass Metals (7.6%) But rollthedice you didn't mention your ownership figure was post-money. But we are then due another AUD 3m worth of shares. We don't know what % that will be until the BSM share price settles down, but it's likely to double our holding *in percentage terms* at least, IMO. Anyway, the percentage ownership is a distraction because so long as Bass Metals makes the mine work the deal value is set in AUD terms. AUD insulates us from ongoing Brexit currency worries and allows us to fund a new venture.

Slightly better intraday than other spike/retrace on STGR. Still some hurdles to cross but Bass announced they are raising a lot of capital to fund Loharano properly and Stratmin have announced intentions regarding Vatomaina and other opportunities so it's a proper step forwards today IMO

BSM also announced AU$5.5m fund raise so will make tranche 2 payment with new plant and rock crusher upgrade. Stratmin will leverage the current and future value from Bass Metals ownership to fund Vatomaina. It's not a 300k cash shell it's 300k plus millions pound in BSM ownership

The strong indication from the circular is that Stratmin will be pursuing the JV with Tirupati. They go to pains to point out that the JV mine option was not owned by Graph Mada. This cuts their losses with the badly-designed patched-up concentrator plant at Lohorano that Bass Metals will be replacing with a new plant designed with the aid of Mr Poddar/Tirupati and gets a 45% cut of the output from a JV mine owned and operated by Tirupati - an established Graphite player. The value from the Bass deal is still there in the company - Stratmin's value will reflect a major ownership of Bass Metals, which is currently in the the process of finalising a fund raise to fix Lohorano. So we will end up owning a large chunk of BSM, which owns Lohorano operations, plus - by the looks of it - 45% of the Tirupati mine. I imagine a JV deal involving Vatomaina has implications with partners because Stratmin/Tirupati will end up in competition with Stratmin/Bass Metals With the added complication that Shishr Poddar will be aiding BSM to get Lohorano up to full production.

OK kk but Bass last night announced their fund raise and sale agreement for Graph Mada to ASX. They're also raising AU$5.5m at 1.2c (above Stratmin's tranche 1 price) to fund immediate refurbished/expansion so with that cash Stratmin will IMO almost certainly meet tranche 2 criteria, if not tranche 3 too. So news was close and arrived to ASX and an announcement here can't be far away. De-rampers return. Competitors worried that Loharano will be producing? Additionally I fully expect a new deal for Stratmin to remain in its core business - Graphite - without being saddled by the mistakes of the past (namely a saddled concentrator plant that needed rebuilding - Bass Metals will end up with 2 plants in a very small area due to the first plant's limitations) So glad we have the negative posters back as this means someone somewhere is worried by Stratmin

Extrawise - try re-reading the intro paragraph: The prescribed accounting treatment under IFRS for this transaction means the Graphmada investment has been classified as a Disposal Group and as such it's results are excluded from the rest of the Group in the following statements And yes I did read them carefully and yes I was very happy. The FYRs show (corporate) admin expenses almost HALVED. From £1.177m in 2014 to £664k in 2015. Partly on account of the top 2 directors TAKING NO SALARY - they believe in Stratmin. Staff costs at the mine (discontinued operations) are up £100k but that's not bad considering they opened a workshop and doubled the rosta (see past RNSs). But also that's now costs on Bass Metals - our Tranche payment criteria are solely based on mine output, not profitability, but of course our shares in BSM will be worth more. But many thanks for your concern - for a professed non-holder you do seem to like reading final results.

Chart has a lot of potential, but we have to factor in the bearish market right now - although the weak pound really does help STGR. Value of BSM shares held is higher and the share price seems cheap internationally on a weak pound. Assuming the news is: - A decent follow-on business for STGR - A well-capitalised expansion plan for BSM Meaning tranche 2 will be a given and tranche 3 realistically achievable, from the BSM deal, plus a decent second business on STGR to keep things ticking over whilst value from the Bass deal is cashed in... I still see mid 2s to low 3s on news, building as the news is digested. We should see 5p again so long as this deal now looks good this time around, because STGR will be holding an awfully large percentage of BSM and there appears to be much more appetite on ASX than here on AIM for this mine. Tranche 3 will rightly be seen as a risk, but I'm still believing 5p realistic if the follow-on business is good, because there will be growth there too. Not hiding the downsides here: STGR has taken one hell of a beating, might take a while for the black mood to lift. BOD appointed last year took a knock over the original Bass deal falling through. Also even after announcements, assuming announcements are good, there is the STGR shareholder vote to navigate. So I'm confident, still. But there are risks, still. Above all I still remain confident in the replacement BOD to get this share motoring. They've had the cards stacked against them, ****ed up once or twice, but also been royally ****ed themselves too, mainly by the legacy they inherited... IMO... So - sound like it's nearly time to buckle up...