Member Info for observer842

I agree @Bannor - it's confusing, but ultimately I have to go with the details that are documented in the financial reports, not the attempted (!) simplification in the RNS's. This swung it for me:

https://www.bacanoralithium.com/pdfs/bacanora-consolidated-financial-statements-31-december-2019.pdf
===[
Name of subsidiary Country of incorporation Shareholding on 31 December 2019 Shareholding on 30 June 2019 Nature of business
Mexilit S.A. de C.V** Mexico 54.25% 70% Lithium mining/exploration
Minera Megalit S.A. de C.V** Mexico 54.25% 70% Mineral exploration
]===

As well as the document @tomcat mentioned on companies house outlining the subsidiaries of the company Ganfeng have 50% of. There was a question mark over ownership for a long time, but it was cleared up (for me at least!) in the past year.

@Bannor. I'm as certain as I can be that Ganfeng now have claim to 35% of Megalit, with KDNC 30%, BCN 35%. But DYOR...

The table on page 101 spells it out:
https://www.bacanoralithium.com/pdfs/bacanora-consolidated-financial-statements-31-december-2019.pdf

https://www.bacanoralithium.com/pdfs/bacanora-Interim-financial-statements-30-june-2020.pdf
===[
Three concessions in Sonora, Mexico, namely, Buenavista, Megalit and San Gabriel, fall outside of the scope of the Sonora Lithium Project Feasibility Study. They cover 89,235 hectares and are subject to a separate agreement between the Group and Cadence Minerals Plc. As at 30 June 2020, Buenavista, Megalit and San Gabriel concessions were owned by Megalit. Megalit is owned 70% by the Sonora Lithium Ltd and 30% by Cadence Minerals Plc.
]===

Looks like another failed attempt to stop shipping was published today.

https://www.jusbrasil.com.br/processos/240043561/processo-n-2213966-5120198260000-do-tjsp

I can see why the market is refusing to rerate pre-shipping and, or, or before we take our 20%.

I'm certain it's certainly not certain! But certainly worth the gamble it'll happen IMHO ;-)

Certainly

Ob.

I live for the bigger picture @tomcat. LoL.

Indeed @tomcat. KDNC 30%; BCN 35%; Ganfeng 35%. Assuming we aren't bullied into folding, or a bad deal then I'd say the future for these JV's look very bright if Lithium demand continues to grow as forecast! :-) And we don't get a curve ball on supply that we didn't foresee like last time! Australian hard rock - though at least this time we have a foot in this door! ;-)

So you keep saying @degsie. There is no hard and fast "value", Everyone values them differently. Likely somewhere between cost and NPV based on current mining plans (which change) and prices (which change). Take your pick. The market appears to be going with cost... I tend to use NPV, but discounted by the value BCN and HAS shareholders are currently placing on the enterprise as reflected in their share price. i.e. the discount they are using.

Great news for the future of our JV's :-)))

It's dilution in the Sonora Lithium project, not BCN. This is a very significant development, and what some bigger players may have been waiting for... The project is green lighted!

Indeed @Fingers. And I see that the LME is continuing to capitulate on prices :-)))

"FASTMARKETS MB LITHIUM HYDROXIDE MONOHYDRATE: MIN 56.5% LIOH2O BATTERY GRADE, SPOT PRICES CIF CHINA, JAPAN & KOREA, $/KG)"
https://www.lme.com/Metals/Minor-metals/Lithium-prices#tabIndex=0
===[
DATE PRICE (US$ PER KILOGRAM)
25 February 2021 10.00
18 February 2021 9.50
11 February 2021 9.00
04 February 2021 9.00
]===

And Lithium prices have been rising most days across the board for weeks:
http://www.asianmetal.com/LithiumPrice/Lithium.html

This undoubtedly strengthen's Keith's hand in off take discussions, ktpa, shifts, etc. :-))))

DCE not phased by the overnight market woes. Closed up 1-2%:

http://www.dce.com.cn/webquote/futures_quote_en.jsp?varietyid=I

I do hope our board are more on the ball than some on here give them credit for! LoL? ;-)

@Dallas, did you notice that in page 13 of the corporate presentation they managed to hide most of the green triangle drill holes announced today below the pink circles. Intentional no doubt! LoL. I wonder if there are other places where they have done the same and news is due? In our JV's perhaps? ;-)

Link from @Fingers:

"European Metals: A Long-Term Bet With Short-Term Potential" (Feb. 25, 2021 )
https://seekingalpha.com/article/4409041-european-metals-long-term-bet-short-term-potential
===[
Moving on to the announcement of an offtake agreement, the relative size difference between the milestones becomes rather apparent. Looking at the performance of other companies, such as Piedmont (PLL) and Core Lithium, the company is looking at the potential to surge 400% after a deal is announced. While part of this is undoubtedly due to the hype that came from a supply contract with Tesla, it does serve as a fair precedent to judge the company, especially with Tesla as a potential customer. I don’t believe investors should expect such a jump, but it does remain a possibility. However, a measly 75% jump can be expected as the company reduces its risk.
]===

Indeed @jimb, quite a technical listen, but in summary they view EMH very favourably, and if other lithium plays are to go by that they cover they are expecting a significant re-rate when the offtakes are announced.

Great for us!

Ob.

Further confirmation of exploration upside in our JV's:

"YANGIBANA INFILL DRILLING CONFIRMS DOWN-DIP EXTENSIONS TO OREBODY" (26 February 2021)
https://www.investi.com.au/api/announcements/has/25e71650-b3a.pdf
===[
Hastings Technology Metals Chief Operating Officer Andrew Reid commented:

“These drill results at the Yangibana deposit further demonstrate the scale and quality of the mineralised system, with width and grade continuity intersected along the entire 1km of strike that was tested. The Yangibana deposit sits within a much broader 20km-long rare earth structure across the broader Yangibana Project area that has significant additional potential.

“Hastings has continued to demonstrate the exploration upside, both near-deposit and regionally, while at the same time progressing the well-funded development pathway at the Yangibana Project. As the Mineral Resources continue to grow, we are preparing for the start of early-stage construction activities.”
]===

All in their area, but most importantly for us:

"YANGIBANA INFILL DRILLING CONFIRMS DOWN-DIP EXTENSIONS TO OREBODY" (26 February 2021)
https://www.investi.com.au/api/announcements/has/25e71650-b3a.pdf
===[
The current 2km length of the Yangibana deposit sits within a 20km-long rare earths geological structure across the Yangibana project that is well defined through surface geological mapping and geophysical surveys. Substantial exploration upside exists along the entirety of this structure.
]===

Around half of that 20km is in our JV's area :-)))

https://www.investi.com.au/api/announcements/has/d42ae66f-adc.pdf (Page 13)
https://www.cadenceminerals.com/wp-content/uploads/2017/03/Yangibana-Location.jpg

@Dallas has produced a more accurate overlay here:
https://drive.google.com/file/d/1JockLM0qp2buodLWGJ5W0UvBkLMhvg9Z/view

And PrNd continues to rise:

http://www.asianmetal.com/RareEarthsPrice/RareEarths.html

Ob.

:-))

http://www.custeel.com/en/csi.jsp
===[
Date Seaborne index 62% Fe fines Seaborne index 65% Fe fines Seaborne index 65% Fe pellets premium
2021-02-25 174.10 198.70 49.20
2021-02-24 172.30 198.00 40.60
2021-02-23 172.60 197.50 40.60
2021-02-22 174.80 199.50 40.60
2021-02-20 172.30 196.50 40.60
2021-02-19 172.30 196.50 40.60
2021-02-18 174.30 198.00 40.60
2021-02-10 165.70 190.00 51.05
]===

120m? ;-)