RE: Cooperation between WSBN and RINCON13 May 2026 15:18
Right, the story 1st: REM plc was formed from a shell mkt cap [£1m or so or a bit less]. Leni did the shell and became Chairman. He picked up on Bacanora of Canada whose capital mkts had seized & dried up. So, Leni used REM to fund the drilling at Sonora Lithium. Cut the story short, he got a Australian engineer to run Bacanora and what happened is the stuff of movies. This is history and true: Bacanora decided to list in London to get funds and Leni had acquired some 20% of Bacanora in Canada to make a bid. Leni did bid £1 and his Australian fellow Aussue leaked it to the market and rejected it. Ganfeng took it over and offered so much less at 73.6p , valuing Bacanora at $284m, 16% of NPV. Leni also showed a picture of himself at TESLA\ factory where he got a contract [offtake] but again, Bacanora rejected it. Seeking Alpha wrote an article to say, small co's like REM -rare to get a big Tesla offtake and therefore Leni could have got CAPEX to start the Sonora mine. When Ganfeng took over Bacanora which the Aussie CEO recommended, ze Mex got decided to nationalise and grab the licences. Today, Ganfeng is at the International Arbitration Courts to try to get the licences back or compensation. Even if Ganfeng got the licence back, MONROE -now DONROE Doctrine would not allow it. Sonora Lithium meanwhile was valued officially by MEXICAN TREASURY REPORT AT $600BN, unheard of. So, as Observer 842 said , had Leni taken over BCN, the mine would have been built and the US under Donroe would have allowed an Australian Leni to have Sonora, which is a short distance to the Tesla factory over the US border. That is the story. Leni was also smart to do a scoping study of REM's JV 30% part of Sonora without BCN knowing. Today, REM Mexico [Cadence] has gone to arbitration under their own name and got funding ie non-recourse [no need to pay 1 penny even if they lose]. But if NO SCOPING STUDY, no litigation can take place with NO VALUATION via scoping study. SO , REM went from £1m mkt cap or less to £95m, 1 of London's BIGGEST RISERS -factual.