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BCN getting back into good territory. What is a modest increase today, would of been quite a substantial % only a couple of months ago. This is when gains start compounding.

Yes, agree. I would expect between Dolphin deal and the farmout, i3e should not have to contribute to drill costs.

Given the very low mcap on all metrics, if the board have say £3-4m cash spare, surely the best way to spend that money is share buy backs. Can take 10% of the shares off the market. I'd argue they should use every penny of free cash on this, not just 30%.

Solid state will be the next step but can’t see this impacting ev’s for 10 years. We’ve seen first hand the time it takes technology and the underlying market to move. Solid state will be enormously expensive until it’s mass produced and I’m fairly sure all the car companies working on today’s technology (spending tens of billions each), will want to see some return first.

Both use lithium so no difference for us.

There is not too much debt as of yet, most of the money to date has been equity. They've only drawn down $25m from loan and they had $44m in cash plus the $28m just received from Ganfeng = total cash $72m (minus months operational costs).

I’ve read back through RNS’s and my company notes. The key item that is omitted is the profitability of the Gain assets. We know the break even price for Toscana. We have a decent idea based on the Gain accounts and by working backwards from the potential dividend yield, but that needs to be confirmed to be valued in the market. Gain production is 90% of the revenue so it is a big gap in knowledge. Hopefully an operational update at end of year is given and defines bopd and cost. If it’s good, why hide it.

John - I don’t think you need a strategy in here anymore. Trading at the moment is just as likely to see you lose out on gains than it is gaining on trades. Usually trade a share when it’s on its way down or flat lining.

Personally I’m happy to sit my entire holding and take the gains. General sentiment has returned and we can start to look at 5 year chart again. Can see BCN heading back to the 80-90p range (all be it this means a significantly higher mcap than it used to). The sp has doubled in two months and expect the same again into January. There’s so much news and the risk has been greatly reduced. The second tranche by Ganfeng was basically them saying, “yes Sonora works and we’ll take it forward”.

Only thing I’m confused at is BCN still don’t get much news coverage. The board need to get a decent PR team on the case. Relentless, pointless twitter posts of ev articles does not generate new investors. If you follow them on twitter you already know about them. Hopefully the PR machine is just waiting to confirm engineering report and financing then will go in overdrive (here’s hoping).

The board were clear they expected farm out to complete in 2020 for early 21 appraisal. Further Canadian deals were also on agenda for 2020. Always thought this was ambitious but said at the time either one of these happened it would be positive. If neither happened it would be a disappointment as the board need to start delivering on promises.

Under promise and over deliver - the way to keep people happy.

If warrant holders were selling we would get notification.

As a producer it really is odd that the share price hasn’t risen in alignment (or even exponential against) the rise in oil. None of i3e’s oil is hedged so there is a direct impact on profits. I thought it might be warrants but there has been no notifications. There has also not been any important tr1’s.

Perhaps I’m totally ignoring something that is present but I do not see what. Are the Canadian assets duff? They seem to make money and are long life which is good. Is Serenity farm out never going to happen? Is Serenity not serious? It seems to be and there’s been continued interest in the ‘data room’.

I’d honestly like to know what’s holding this back other than sentiment.

Gone over the £100m mcap - hard to really put a value on this just now. Until financing is written in stone BCN probably could expect anything up to £150-200m based on what it did last time financing was close. After financing, I would say £3-400m would be the short to mid term target. The industry wil like Sonora as the construction to production time is drastically shorter than many other projects and without the inherent risk associated with brine or underground mining construction.

Noticed the interim report in September has Ganfeng delivering engineering report in q4 2020 but the latest RNS (re 50% uptake) has the engineering studies as being sent H1 2021. Another delay? Very frustrating if so and I do not like how Secker drops these very important updates into otherwise mundane paragraphs. Surely the reporting has to be more transparent?

Is EMH location better? Czech Republic don’t have a auto industry and it’s the wrong side of the border for Germany. Germany like to produce local or buy cheap from overseas. EMH is too high on the cost curve in my opinion. Mexico is great location for Asia market.

The Governments statement is nothing but an attempt to seem progressive. The reality is all major car brands have stated they won’t be selling non-electric cars by that time anyway.

50/50 with Ganfeng, can see the sp now continuously rising. Hopefully at a moderate rate. The 6 month looks primed for a rise into 50’s short term.

The price is ultimately just a reflection of the buys and sells, in Canada clearly there is little selling. Lots of new PI’s or old Gain/ Toscana investors that will be adding I3e to their folio. In the UK there will be traders selling bagging their 10% and some long termers calling it quits. Anyway, buying and selling determines price rather than the fundamental value of the company and the buying/ selling is different.

Seaking - there’s a reason why Zinnwald was disposed of (basically) by BCN. There is a mass of hard rock lithium production, it’s slow and labour intensive. There’s other places in the world where economies of scale makes it financially feasible. Zinnwald (in my opinion) doesn’t work. It only works on paper and I initially bought into the German EV line but that’s just not a realistic proposal to a bank. Will be extremely surprised if things work out over there.

Just to chip in ... there is no way Ganfeng will buy out the remaining 50%. This is not what they do. They want/ need BCN to deal with the local administration and licence issues. Dual ownership is a win win for both parties.

With 70m cash in the bank, 150m loan facility, 90m combined from hanwa / oman state (ps saidthey have commited to the financing but obviously not definite) and Ganfeng paying 50% - I believe bcn are now pretty much fully funded for their 230m. It's a really big step forward and has likely been made now because of the upcoming news flow which would increase our sp (and the price Ganfeng would have to pay).

It's clear it will take a while to sell the warrants - there is consistent selling in 250 and 500k blocks over the last weeks, as well as a few bigger trades circa 1-1.5m. These all happen on any sp strength towards 5p. The warrants are being used to offset costs from the 5p placing by the major shareholders. As far as I know, there is no way to find how many are left..

Dee - you feel bad for those invested in 2017? I invested in 2015! Watched my money double in value and then sink to 25% of original investment (or 10% from highs). I find it funny because until the 2017 crash, I always said this was my safe stock. Had around 100m mcap, solid big name investors, a huge resource and a stable mining country. Long term hoped see the last year or two as a couple of bumps in the road.