Member Info for Muddled

Thank you for link. Points of interest to me are the manganese shares, obviously a key component to NCM batteries, but I would like to know/see how this provides cashflow to us as a company. Further comments I have are:

*What is the purpose of the deck - if to raise money, how much and at what discount?
*I would like to see a timeline of previous milestones achieved, where we are today, and what our objectives are over the next 3 years. Rather than just a ‘strategy’ section with no targets.
*I would like to see a ‘what we have’ and a ‘what we need/how much it will cost’ section

Again, comes back to my question of what is the deck for, thus my comments might be redundant, but this is pretty basic stuff I would expect to see.

I am sure we have it, but let’s see it!

Correct. That being said, no one in Europe is coming online anytime soon (2025 earliest) and no where near the levels of demand required. I do still believe that proven resources like PREM hold much higher value than the SP indicates (I actually bought more at .25) expecting some vertical integration to take place towards year end or next year.
I am not a trader and don’t claim knowledge as such, but suspect that people are making short term profits here deflating price. For me the macroeconomics are extremely clear. Hold/buy more and you’ll make money here, if it gets diluted, so what, the price increase will more than make up for it. My only concerns in the longterm, which are still very valid, are the domestic politics and the ability of management. I would like to see an independent NED appointed to the board from an IB that will take a blunt transactional ‘cold-blooded’ approach.

They are certainly working hard towards it, with huge subsidies being handed out for Gigafactories and to a lesser extent mines, however only one tiny planned refinery, plus another larger one planned but with no investment to date in Scotland. This means Europe (and car manufacturers) remain 100% reliant on Chinese refining. They will continue to dictate the price of spodumene and also refined carbonate or hydroxide to keep their refining margin. It also means electric vehicles continue to have a huge huge carbon footprint.

Invested here some years ago with average at .3, incidentally then ended up advising and raising capital for a lithium refinery, and thus involved in off-take agreements with spodumene producers in Oz.
What you need to keep in mind, is that tonnage and price means little. 100% of lithium hydroxide (which is what all NCM batteries will need for EV) is refined in China and they are squeezing the life out of the mines, to the extent they were offering us discounts to take their supply. Therefore I would not put any mileage in P&L forecasts.

That being said... I do expect some kind of vertical integration in this industry, providing security of supply possibly as far up as the OEMs, protecting price and guaranteeing off-take. Sky-rocketing SP.

What I would like to see and the most sensible JV would be to stick a refinery on the end of the mine. Reducing travel costs significantly (and carbon footprint FYI - the dirty secret of EVs!), and then you are selling to chemical assemblers (Johnson Mathey, BASF etc...) much more reliable than China.

Sorry, long message, but feel it is important to understand the supply chain and that 1+1 does not always equal 2.

Post brexit PE firms have been consistently outbid late in the day by international trade buyers, the biggest example I can think of being an Australian company (Link Group) outbidding CVC by 30% to buy Capita’s Asset Management business last, last minute. Bodyshop another smaller example. So here’s hoping...