Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
No AGM statement? No news since the Annual Report towards the end of April.
What's the exploration team up to in its "busy campaign season" in Cyprus? What's happening on the planned 2,000-2,500m "summer" diamond drill program in Canada? What progress is there on the proposed multiple secondary listings?
Silence. Come on Mr French. Your contract has you collecting £120,000 a year for five working days a month. The very least you should do is keep shareholders updated. No news is inevitably seen as bad news.
It's nearly a week since tweeting that assay results are back. How much glittter do they need to be rolled in?
The fact that Mr Damouni bought shares in the placing answers one question - there is nothing going on at CHF that isn't in the public domain (otherwise he would be insider dealing). Of course, it raises others such as why didn't any other directors take any shares in the placing?
At the beginning of 2021, pre-Adeline and the latest Cyprus drilling campaign, CHF traded at around 14p and, at that time, had a fully diluted market cap (all of the 16.0m then issued and unexpired warrants and options were well in the money) of around £16.5m – all based on expectations of what the Troodos West project might become.
Since then, highlights (but not all) of the results from the 2020 Cyprus diamond drilling program were released, the 2021 Cyprus diamond drilling campaign has been planned and completed (although, despite no assay results apparently having been received, extension drilling for gold (not copper) might still be in progress), Adeline has been acquired (for £1.0m in shares plus 11.1m 20p warrants) and some preliminary exploration work on the project has been carried out, £0.8m has been raised through a share placing and 6.3m more incentive share options have been awarded.
CHF currently trades below 7p (down 65% from its 19.5p peak, down 52% on this time last year and down 32% over the course of 2021) and its fully diluted market cap (only counting the 12.0m dilutive warrants and options, including the 2.6m management options that were repriced from 7.5p to 5.25p in July 2020 that would otherwise now be underwater) is around £9.1m.
The fully diluted market cap (i.e. total value) of CHF has fallen 45% this year.
I wonder what our 2 largest shareholders (together holding 27.8% of the voting rights) make of CHF’s performance (Polymetal 23,333,334 shares, 19.4% of the voting rights, cost £2.1m, current value £1.6m, down 23.3% and Altius 10,089,199 shares, 8.4% of the voting rights, cost £1.0m (on paper), current value £0.7m, down 31.0%)?
It's about managing expectations. You're doing your best Pranchalee but it's the job of the board to do that through the proper channel - RNS. No fault attached to CHF if there are genuine delays at the assay labs. The fault lies in not keeping us informed.
Has CHF really received no assay results from the Cyprus program? We deserve to be told so that we can all make up our own minds about the prospects based on the facts.
Who says the Cyprus assay results have been delayed by COVID-19 and/or capacity constraints at the labs? If either or both of those scenarios were true, CHF should have announced the fact.
Page 39 of the prospectus issued on 7 July says, under Significant Developments, Uncertainties and Trends, "the Directors remain confident that the impact of COVID 19 on its business will be relatively immaterial. The most significant impact of COVID 19 on the Group's activities is expected to be the difficulty moving personnel in and out of the country to work carry out work (sic) in relation to the Portfolio"
Page 31 of the corporate presentation dated June 2021 says "August-September: results from Cyprus programme" and "August-September: news and results from Labrador". The line at the bottom of the page says "With two major projects, CHF will now have enhanced news flow". Promises, promises.
We WILL get an RNS within a week. The half year report for the six months to end June must be released by end September. The report must contain a commentary on the important events that impacted the financial information for the half year and a description of the principal risks and uncertainties for the second half of the year. With luck we might learn something but I suspect it will be the usual opaque nonsense.
The speculation that a deal in negotiation is leading to a news blackout is piffle. An announcement about a potential deal can be delayed under DTR 2.5 and the related ESMA guidelines if release could jeopardise the negotiations. That concession relates to news about the deal itself however and not other inside information - such as drilling results. CHF has legal (MAR) and regulatory (FCA listing rules) obligations that can't be overruled by confidentiality arrangements.
Has the Cyprus drill program been completed? Have samples from any or all of the holes been sent for analysis? Have any assay results been received?
Come on CHF, let us know what all the effort and expense of the last few months has yielded - good or bad. Companies can't delay releasing bad news in the hope they'll have some good news to report soon.
Another Monday morning and still no news - more than 2 months since any operational update on RNS and more than 4 weeks since anything on Twitter.
Even allowing for the slow start to the Cyprus drilling - only c300m in the first 3 weeks or so according to the tweet on 23/7 - if around half the drilling was completed in the 5 weeks to the tweet on 4/8, the program should be more or less completed by now.
Have there really been no assay results from the early - presumably priority target - holes yet? The DTRs require all price sensitive information - good or bad - to be released without delay.
... but we haven't got any copper and won't have unless and until we make a discovery.
Two holes in three and a half weeks? That's pretty slow going and probably explains the complete radio silence from CHF.
Implied gold shows - not in an RNS - sounds good but where's the copper?