Member Info for tomcat-14

done… ;)

due in santana on 22jan… but very unreliable source…

nope… wrong type… lan bao hai maybe…

why wait until morning… when you can read it now… http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2887382 …

eye watering… $50,700 - $6,500 = $44,200 / $500 = 88 x $333m = $29,304m + $2,000m = npv8 $31,304m x 30% = npv8 $9,391m… ;)

it is… and yep… the deal is done… with the historical creditors way back when the jrp was approved… and now the deal is also done with the secured bank creditors… which is is the last remaining condition of our investment that everyone has been impatiently waiting for… and as stated… cadence has already commenced it’s next stage of investment in the amapa project to increase it’s stake to 27%… which confirms that we will in fact be exercising that option…

http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2887382 …

worth noting for those who somehow seem think that we have not yet paid for the 20% investment… we have paid…

http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=31142821540789137 …

you guys are going to have to start praying a bit harder if you’re wanting the courts to declare bankruptcy… not gonna happen i’m afraid…

are we sure it’s lithium… and not gold…

not sure you’d put it that far from where you intend to start mining… ;)

it’s a lot further south than i had imagined… pretty close to the airfield…

looking forward to it… it’s not just a q&a though… it’s an updated investor presentation… so we should get an updated version of what was being discussed a little last night… maybe this one with some actual dates on it… rather than showing the project start date from the bank settlement at week 1 month 1… i can see from the updated google maps that they have actually started already… 3 months ago… site establishment/set up… if nothing else since… anyone have the w3w location for the mine to hand…

what do you reckon then… $45m for out bit of the 17.5/35ktpa project… or $200m for the lot… still a massive bargain on all accounts… ;)

probably a little premature with the $30m though… when valued at the same time as the bcn takeover maybe… but not now… as that doesn’t reflect the significant de-risking of the project and increase in value that comes with ganfeng as our 70% jv partner… specially if that was typical of the what may have been required in the conditional contract we secured with tesla… maybe now we can be looking at the previous pre-tax valuation… $45m…

but what is more interesting… i think… is looking at what ganfeng paid relative to the feasibility study project… post-tax npv8…

bcn feasibility study at $11/kg…
88% la ventana… 12% jv…
96.4% ganfeng… 3.6% kdnc…
post-tax npv8 $800m… $770m / $30m…
50% x 28.88% = 14.44% + 50% = 65%…
65% ganfeng…
35% bcn… just bought for $272m…
$770m x 35% = $269m…
$272m / $269m = 100%…

kdnc scoping study at $6.5/kg lce…
post-tax npv8 $1,124m… 100% $1,124…
kdnc $337m 30%…
ganfeng $787m 70%…

it’s the 100% that is most interesting to me… generally… maybe ganfeng will buy us out of this 17.5/35ktpa project for $30m… retaining the jv’s as they are… until they too are suitably developed for a sale…

looking at what ganfeng paid relative to the feasibility study project… pre-tax npv8…

bcn feasibility study at $11/kg lce…
88% la ventana… 12% jv…
96.4% ganfeng… 3.6% kdnc…
pre-tax npv8 $1,250m… $1,205m / $45m…
50% x 28.88% = 14.44% + 50% = 65%…
65% ganfeng…
35% bcn… just bought for $272m…
$1,205m x 35% = $421m…
$272m / $421m = 65%…

kdnc scoping study at $6.5/kg lce…
pre-tax npv8 $2,000m… 65% $1,300…
kdnc $390m 30%…
ganfeng $910m 70%…

so maybe kiran discounted this by about 50%… on top of the 50% discount already included in the $6.5 price / kg lce… to reflect that it is a scoping study…

‘‘tis true ob… so if you are really bothered about the resource (there’s plenty more that hasn’t yet been drilled you know) and want to go on just the reserves…
40.7% : 40.7% : 18.6%… so…
from the recent bcn / ganfeng transaction…
based on the 4.5mt drilled out reserves at sonora… of which ganfeng just bought bcn’s remaining 29% for ~£200m…
i value kdnc’s 18.6% at…… £……
wait for it……
£128,376,530… ;)
kiran must have allowed a premium to cover the increase in value that sonora would attract if we brought ganfeng in as the 70% jv partner… ;)

clueless…

exactly ob… 41.6% : 41.6% : 16.8%… so…
from the recent bcn / ganfeng transaction…
based on the 8.8mt drilled out resource at sonora…
of which ganfeng just bought bcn’s 29.6% for ~£200m…
i value kdnc’s 16.76% at…… £……
wait for it……
£113,847,132… ;)
kiran must have allowed a premium to cover the increase in value that sonora would attract with ganfeng as the 70% jv partner… :)

as i said… bcn don’t/didn’t own 8.8mt lce…