Member Info for Markyess

To be honest, I'm not sure what it could look like. At these price levels, and given Grosso's location, it wouldn't surprise me if he did a full takeover and ultimately, after some time, IPO in the US.

With no progress from Togo and, based on the news in the public domain, limited PROFITABLE growth in sales from Diamond Creek, I think we'll be on a cash scramble - but it wouldn't surprise me if Grosso fills the gap ... what he wants in return will be interesting to see. Full control?

This Nullagine transaction looks an absolute beauty!

1. Doubling gold reserves to 2.8 million ounces

2. Potentially expedited processing of sulphide and refractory ore at significantly lower capital cost

3. Generation of an immediate $14m in upfront cash on a mining camp that would otherwise have been unused/underused given we only need 50 rooms for Blue Spec (now provided for!)

We know that this December quarter will still be a poor one due to the cutbacks on the main WGP pit to facilitate safe access to the higher grade ores, but it looks like all the dominoes are lining up nicely for significant improvement from the March 2024 quarter, and into the medium/long term future.

With the Haoma JV, NGP and WGP, we're well on the way to being the main hub and spoke producer in the East Pilbara - even if our journey to this point has been ugly and painful.

Grosso?

No, not big enough. :-D

I'd quite like to see and hear some news that gives confidence we're going to be able to pay the next tranche to Shawn Helda at a minimum, building a meaningful, self sustaining business as a premium.

All quiet at Togo (so highlights that the slow progress was not our fault as their national press recently inferred) and simply embarrassing on the lack of news from Diamond Creek.

I'm a sizable holder (feeling trapped, now, if you like) and I can't reconcile how Grosso has the confidence to keep loading up to the extent he does, when the rest of us are being treated like mushrooms. He's a smart man and a smart investor. What does he know, what has he been told?

I'm sorry. :-(

I wonder if it would be more likely to be a 'swap' of Calidus stake in Pirra for full ownership of some of the Haoma gold JV tenements. That could be very beneficial to CAI.

The issue I see with that would be it would in essence give Gary Morgan full ownership of Pirra as it stands, and so his position would need to be massively diluted in an IPO, with market assurance he's not the man pulling the strings.

Unconvinced that it will be a sale due to tax implications. Tax is due on operational profits, not balance sheet losses.

We may still be inside Australia's exemption window due to the capital investment, I don't know.

I'm just not sure that a disposal, less costs, (with or without tax burden) on largely undrilled land would make any material impact for either HAO or CAI.

We'll see I guess.

Agreed. Grosso doesn't seem to be done building a position, and I don't see any meaningful liquidity in the shares on issue until material price changes take effect. For example, I hold over 1% and am not letting go of a single share until we have at least 6 bagged from current levels.

The same question applies. Moreso. He's an investment guru, not a Mining CEO nor geologist.

I just really want to understand his motivation - given he could have bought into Falcon Isle cheaper when Shawn Helda run it (and was desperate for backing).

But what's the ultimate motive? I can't see an investment company having any interest in completing a hostile takeover and becoming operators of a small miner and processor.

I see Grosso is continuing to hoover up any share float made available. Is it just that we're a very low risk (given our pathetic market cap) or does he know something material that we don't?

There must be next to no loose tradeable shares floating around and as soon as blocks are made available, they're seeimngly picked up in Kerhsner Grosso's sticky hands. I'm surprised this alone hasn't caused some upwards price pressure (in spite of the absence of other news).

I would love to undertstand the motives a little more.

My sincerest condolences for your loss diggit. I hope you find success in honouring your son's memory via the British Medical Journal. If I could offer you any support in making it happen, I would.

Almost certainly Kershner Grosso, I would think.

A few points from what I can see:

1. Now we understand why there's been limited news, there's been nothing to report

2. Environmental mitigations aside, the financial performance makes for uninspiring reading on our core operational business and everything remaining equal - we are seemingly dependent on seeing some progress at Togo to be able to meet our financial obligation to Shawn Helda next year. Togo appears to be a typical slow start. Hopefully things will not remain equal, otherwise I see a desperate cash call in our future (hopefully director loans, not dilution).

3. The 'jam tomorrow' may prove a saving grace, but without an indication as to the volumes that the liquid blenders wish to acquire, it's hard to assess - I reckon we need to be doubling or trebling current sales through these markets. This potential market could be the game changer we're waiting for, or it could be a contiuation of the snail's pace growth - and leave us short of cash. Who knows? We need news and substance.

4. We are very early in our lifecycle and so we have to hope that the lion's share of foundational work (that was always going to be necessary) has now been completed (testing, relationship building etc) and so we can start to exploit sales growth - as if we continue on the current insipid pathway, we're going to be scratching out a 'liiving' as a company, let alone paying dividends to the beleagured share holder base.

I'll be still sitting tight - but I'm not going to lie, I'm bored of the journey.

Christopher Grosso has been frantically hoovering up stock that's been made available for trade. It could be as simple as liquidity of available stock has dried up at the current pricing levels. This is a stock that is held tightly in large blocks by a number of large holders and so barring a significant move in the market, we could simply have no trading volume until the price ticks up and the next wave of traders are prepared to liquidate their holdings and create trading volume.

We need news.

A$1/share would be an MCAP of ~A$600m (only £310m) - which would be cheap if the organisation reaches 130k/oz p.a. production and proves up mine life.

I think it's an achievable target, but we're probably now 18 months to 2 years further away from that point than we were before the commissioning experience and mass sell off

Oh I agree - some dilution was inevitable to contend with some of the ramp up challenges. The extent of the market over reaction and dump off killed us with the dilution. In real terms, the share is now priced below it's issue price, where all we had was a parcel of land and no exploitation permissions, yet it's now gone through capital build AND commissioning and is now generating revenue, with a greater land holding of proven assets in the portfolio.

The dilution would have hurt DR personally more than anyone else, as I believe he was the biggest individual shareholder (outside of corporate holdings, i.e. Alkane).

I'd go further, the value proposition has improved with Felix, the Haoma JV opp, and there's still no value attributable to Lithium.

As I said, market over reaction /irrationality - the hedge and loan was in place before the ramp up issues, the ramp up issues are now clear.

FWIW, I don't read the position at CAI as anywhere near as bad as that.

We have a market over reaction, the value proposition hasn't changed. I understand it's natural to point fingers at the helm of the ship.

That float of trading shares is diminishing as they're getting hoovered up in to stickier and stickier hands.

He obviously sees value in us - it'd be nice for the BoD to back that up in comms to the rest of us mere mortals.