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As I said @MBW attention to detail isn't our BoD's strong point. I'm now reasonably confident that slide hasn't been updated since the April presentation which wasn't published. LoL. I'd be buying back in now if I hadn't held my nerve and not sold earlier! ;-) Explains the confusion. MV docks tomorrow...

In fact I've just seen something which makes me think it could very well be dated. Look at the last page. We didn't have a presentation in April did we, it was January, which means that slide could have been prepared then (for another purpose) and not updated... ;-)

I'd estimate given past form there's a 30% probability of it being wrong...

@MLQ. I'd read the disclaimer of the presentation if I were you. This: "3rd Shipment in late May 2021 – 4th scheduled at
the end of June 2021" could easily be a typo and should read: "3rd Shipment in late May 2021 – 4th scheduled at
the beginning of June 2021". I'm serious.

Indeed @EV, though without knowing the details of the first right of refusal to 49% it's hard to say what is best for KDNC! I would be happy with an agreement whereby an escalating proportion of that raised above $60m net from sale of the stockpiles goes to the banks, perhaps all above $100m net, but it's possible this would mean our funds to take us to 49% is less likely to be required. As to below $60m? Perhaps 50:50 split with the banks would be fair? I wonder if we'll ever see the agreement? Whatever the case, an RNS could still land any day saying the deal is signed and sealed! ;-))))

It's still sat there too: https://www.marinetraffic.com/en/ais/home/shipid:421208 maybe we'll see it cancelled, set sail elsewhere or reassigned later today, perhaps to U? We've always known if the deal doesn't complete the schedules would very likely change. I say very likely, as @tomcat believes they could keep shipping. I don't.

I'm too slow! Or you are too fast! lol ;-)

Mostly agree @EV, however: "It doesn't however explain Medi Zuoz (#3) and Marlin V (#4) being stated as for Dev on the Ports own website." - it does explain #3 which corresponds with "3rd Shipment in late May 2021", but not "Marlin V (#4)"

The other "interesting" snippet I saw is this:

===[
US$ 24-50 mm – Project Equity
US$ 140 -150 mm Project Financing
]===

Which again is hard to read (the increases), but could suggest various things. Examples off the top of my head:
- The banks want more of the stockpile proceeds.
- The CapEx restoration estimate has increased for the resumption of the 5.3Mtpa operation.
- We intend to process more than 5.3Mtpa.
- Factors in very conservative proceeds from the stock piles.

This might imply that KDNC taking 49% of the JV is still on the cards due to greater equity funding required, which will presumably be financed by us if our partner doesn't want to or is unable to itself?

Ob.

Probably @MBW! Though it's possible I got out of bed the wrong side this morning. LoL. Anyway, if Amapa news is no longer imminent (which it might still be, impossible to tell - perhaps intentionally so!), we might hear some BCN JV excitement tomorrow?

@MBW, this bit is "interesting"

===[
SHIPPING OF STOCKPILE OF 1.39 Mt OF IRON ORE
• In late March 2021 first shipment of Iron Ore since 2015 (~45,000 tonnes)
• 3rd Shipment in late May 2021 – 4th scheduled at the end of June 2021
• Initial shipping up to US$ 10 million in gross profit (2-3 shipments)
• Shipments after this will be under a settlement agreement with secured bank creditors
]===

Use of the word gross rather than net. 4th "scheduled" for end of June when the port has several "scheduled" before then... I'm not sure how to read it. It's a bit of a confusing mess to be frank.

That's for the 27%, though it's possible we'll exercise that earlier than 7 months from taking our 20% if the preconditions for it are satisfied.

A few "interesting" revelations...

https://www.cadenceminerals.com/wp-content/uploads/2021/06/Corporate-Presentation-KDNC-JUNE-2021-.pdf

Makes me wonder if they'll be swapping MV with U?

Summaries now at the bottom of the page. :-)))

https://www.cadenceminerals.com/projects/sonora-lithium-project/
===[
The First USA contains certain other provisions relating to shareholder rights, with respect to the disposition of shares including any right of first refusal as well as put and call options, and those relating to non–competition, confidentiality and termination.
]===

Anyone able to unravel this from Friday?

https://tj-sp.jusbrasil.com.br/jurisprudencia/1220241852/embargos-de-declaracao-civel-embdeccv-21994802720208260000-sp-2199480-2720208260000/inteiro-teor-1220241872

@Bannor: "We've sold well over the amount required for the additional $3.5M required". Anyone else think we might break AIM if we announce we intend to, or have gone straight to 27%...? ;-)

The thing is, the BoD have told us they are confident that this is going to close. They have given us all plenty of opportunity to top up. They even appear to have taken bonuses or their pay packet in the form of options this year, ABOVE the current share price...

I know what it means. I topped up earlier... ;-)

Got a clue!?

If that is what you think it is for you need to pay more attention ;-)