Member Info for Shipit

Bally

May I point to you to this paragraphs from the RNS

The Company further announces that Mr George Roach has now resigned as a director of the Company in accordance with the mutually agreed termination of his consultancy agreement as both the Chief Executive Officer and a director of the Company as announced on 20 May 2025.

No consultancy gig for old George these days!

Make sure you read that RNS properly ;)

Investor

I believe your mistaken here I don’t think after the embarrassment of the force majure George gave canmax and the poor management of the site, that they want him anyway near Zulu at all!

George stated in an interview that Glencore was there to provide Canmax with comfort. If that is mr hill taking the position after his MD role is complete I’m not sure they might put someone else in the CEO chair or even let Canmax appoint someone of there choosing.

George coming back is not comforting for Canmax.

Bally

Are you saying George is still around?

I’m sure the RNS says he is no longer CEO and his consulting role have both been terminated.

See this is funny ray if we do a google search we get this

shares authorized but not issued are unissued shares, not treasury shares. Treasury shares are company stock that has been issued to the public, then reacquired (bought back) by the company. Unissued shares are stock that the company has not yet released for sale, while treasury shares are company stock already in circulation that has been repurchased.

Unissued Shares vs. Treasury Shares

Unissued Shares:

These are shares that the company has the authorization to issue but has not yet offered to the market.

They are not yet part of the company's circulating or outstanding stock.

They typically do not have voting rights or rights to dividends.

Treasury Shares:

These are shares that were once outstanding (held by investors) but have since been bought back by the company itself.

They are held by the company in its "treasury" and are not considered outstanding or circulating.

The company can hold them in reserve to fulfill employee share options, resell them later, or use them in other ways without having to issue new shares

So tell me how have 4.2billion shares been made part of a treasury as we have had no official issue of them

Can they call for more shares when they have 4.2billion shares outstanding to use for canmax?

Can they call for more share when they have not consolidated yet?

What happens to canmaxs shares if they consolidate before issuing the 4.2billion others. Because those don’t technically exist as you can only consolidate what exists?

Thanks

Ship it

That’s right and no one with any read sense trusts or listens to him either!

Remember you also called for a EGM in within George’s time? Is that still happenings?

Jag

It’s one of those things where you made a bold statement with such confidence and it hasn’t happened again and now you’re being called out for it.

Lessons to learn here wait till after the fact to make a comment on the event or share price.

And if you can’t take it the heat when your wrong don’t go throwing your own out there first. :)

I’m very curious on the action of the next few days and if the CEO will step down by the 1st and leave the big dogs to it! Should be an interesting time!

Hi Jag

Are you sure the Price of Spod doesn’t matter I thought it would be important to determine the buy out price you suggested a few weeks back? The grounds value would fluctuate depending on a sale price of the product you would imagine?

Thanks

Shipit

Hi Jag

Look at you learning that we should all take a wait and see approach before posting anything with conviction. Good on you!

Better to learn late than not at all :)

Hi Acker

We have herd that before the only diffrence is not at a consistent rate which is now possible

The plant at Zulu has achieved Saleable Concentrate on numerous occasions with grades up to 6,2% Li2O, and the result of ongoing optimisation is expected to be that this is achieved consistently.

I suppose we can say this time is different. :)

Thanks

Shipit

Hi Acker

Hope you are well? I’m sure you do notice me im the one who said we would get an upbeat RNS confirming things works. My time frame was behind i will give you that! I believe i also outlined to both you and Jag that a EGM wouldn’t be possible in the time of Georges Reign. I have not said we wouldn’t get one or wouldn’t get a consolidation I believe both are coming.

Just that there are some wild guesses thrown out from some and it’s probably best to see how things play out.

Have a great day! :)

Shipit

Jag

Please try and remember you was calling for a EGM before George left… why dont you also wait and see how things play out before you make any more wild guesses ;)

Thanks

Shipit

Hi Ballymena

Yep a placing will be coming you are right! It will be tho for the remaining headroom which is like a 7% dilution. Small fry compared to what allot have been screaming. We will need to then go through a consolidation before they can ask for more. Hopefully in this time Glencore and Canmax hammer out a deal and we may not need any more dilution.

Hope you have a great day and get out your short before the damage is to great ;)

Shipit

RNS most of us was waiting for!

A little behind schedule but very welcomed!

Next steps Glanmax getting together and chatting out how the deal plays out.

Have a great day everyone.

Hi Acker

I fear you might be right on this one I’m just hoping the plant update is not as bad as my gut is telling me

Thanks

Hi Martinigirl

Canmax are our largest shareholder. If shareholders are to pay for testing that would include Canmax no? They pay via dilution or financial like the rest of the shareholders?

Or are you suggesting there is some 2 tier share system in place?

Thanks

Hi Acker

Quick question if you don’t mind.

You state Glencore are happy to let share holder to pay for tests.

But Glencore are an approved partner by Canmax do you think Canmax will be happy to pay for continued testing and tweaks when CATL a share holder of there’s and a significant JV partner has had 1 mine closed and several more possibly being looked at.

If Glencore doesn’t make a quick move on the mine financially what’s stops Canmax from replacing them with someone more familiar?

Believe him or not George has stated that there are multiple party’s looking at the plant for lithium and tantalum he didn’t want to name them to prevent upsetting Glencore.(which he probably wasn’t suppose to name either) any of them could be CATL

This closing of the mines was unexpected for me and does apply some pressure on Glencore to not miss the boat in a clearly developing resource war between the east and west.

Thanks

Hi Jag

With all respect that’s probably the most sensible post I have seen you make!

Can’t deny I agree with your thinking here !

Hi Acker

That’s great if you don’t know we can safety assume the whole BB doesn’t know.

Because prem could also face a deal from Glencore not to similar to a company like Prospex Energys where BP buys there Nat gas for a 5% premium to the Nat gas price as part of an exclusivity deal.

So I suppose we will have to wait as you say!

Hi Acker

Thanks for the feedback I have added it to my notes.

Could we both agree tho that the plant WAS designed for 4000 tons and now has a bigger mill and a bigger flotation capacity so it’s quite possible that total output increases naturally but no one knows its max capacity. The rom pad which hasn’t changed is limited to a maximum of 190 tons per hour but probably run conservatively at 140 tons per hour. (According to the original plans on the website)

With this in mind a target around $700 per ton could very well be possible as a break even sum for the Zulu project.

Would you not agree?