RE:Review of 18 past company presentations later,RuudinFrance wrote: spanning from March 2017 to June 2021.
Now I've got to analyse the spreadsheet.
Tomorrow, it's bloody well 03.22hrs. here.
have fun.
Well, it must be clear that the presentations have previously been made public and that there is nothing “new” here.
We also all know about the “Cautionary Note Regarding Forward-Looking Information.” Standard stuff.
Joe Lowry is of course right when he calls us comical, nave and clueless. Thanks Joe.
https://twitter.com/globallithium/status/1447362003853582339?t=0rHcN0NxNMzvcNVfDo7Yxg&s=19 We all were aware of what is written below:
1 The resource:
July 2018 M&I resource was reported to be 4.004.925 tons. In later presentations, including the last one in June 2021, abbreviated to 4,000,000.
During 16 presentations (I may have missed downloading some) we were told this number.
2 The feasibility study:
First promised in March 2017, for 2018 Q4
It got delayed and in May 2019, we got a pre feasibility study (SEDAR).
The (next/real?) Feasibility Study (presumably DFS) is promised for 2020 Q1.
In October 2019 it became June 2020
In July 2020, it became 2020-2021
In September 2020, it became 2021 Q2 and that repeated until January 2021.
In March 2021, it became 2021 Q3.
And again, the company has raised expectations, which were not fulfilled.
(Could this be a case of “force majeure”, or was this a deception?)
3 Project world rating:
In all presentations, the Q3-project was rated:
-Impurities: Low and very low
-Grade: 7 times #2, 8 times #3 in the world (for the high grade deposit)
-Size: # 5-6 in the world. Stopped reporting after May 2019
4 Financial situation of the company:
-Lowest cash position has been C$29 million, the last reported C$60 million.
-The company has always reported for debt = ”nil”
5 Ownership of the Q3-project:
In all presentations, the company has reported 100% ownership over the project and the product off take.
6 Share structure:
Insiders: from an early ~20% to currently ~8%
Institutional: Ranging between ~45% and currently ~35% (includes CATL position)
Calculated/estimated retail: Ranging from ~39% to currently ~57%
7 Financing/construction:
This item has been retreating as time progressed, until in mid 2020 dates were no longer provided and the company was “searching”.
As of September 2020, there were unambiguous statements that financing of the project would be found together with CATL.
8 NPV (Net Present Value):
-Based on the PEA (Preliminary Economic Assesment) C$ 1,200 million.
-Based on the PFS (pre-feasibility study), March 2019: C$ 1,144 million.
This NPV has remained the same through today, which is 2.5 years later. This would perhaps reflect that no progress has been obtained.
9 Directors of the company:
From March 2017 through November 2018, the company reported the following directors: G. Pindar, C. Karayannopoulos, T. Pladsen and P. Fornazzary
From May 2019 through October 2020, P. Fornazzary was replaced by E. Auriemma
From November 2020 through March 2021, the presentations did not mention the members of the BOD.
As per June 2021, the BOD added a new member: Tang H. (CATL representative).
Note: NLC, nor Mr. Tang has made any entries in SEDI on behalf of Mr. Tang.
Some collected statements from the company presentations: -The Next Major Lithium Discovery
-Highest grade project in Argentina
-Resource update, full infrastructure built, PEA publ.
-Lithium Carbonate Pilot Plant in Construction
-Lithium Carbonate Pilot Plant in Commissioning
-Strong interest from several parties to develop the 3Q Project
-Pay back period 20 months
-That high grade core has significant blue sky
-Financing through a strategic partnership deal
-The company believes a JV is the most logical way for project success
-Proven and probable reserves of ~1.3 Million Tons of Lithium Carbonate
-3Q is forecasted to have the lowest processing cost in the industry.
-3Q was identified by Roskill as the lowest risk project worldwide to be develop
-3Q is one of the best undeveloped projects worldwide
-3Q has the lowest processing costs of all new and existing projects to achieve battery grade lithium.
-The Next Major Lithium Producer
-A Technical Committee will be formed to oversee the DFS and collaboratively determine the complete financing requirements for the 3Q Project
-3Q has a very long mine life with reserves for 35 years taking into account only 1/3 of the known resource
-Battery grade lithium carbonate with 99.599% purity achieved
-Battery grade lithium carbonate with 99.797% purity achieved
-We believe we are more than 2x times undervalued against lithium peers
That was just reporting/quoting from the Company Presentations.
It's not comprehensive, but enough to go and find where the company has misled investors.
Maybe you guys can join and provide comments/information that legal counsel could use.
Go at it and,
have fun.