Clearly, based on the past, the Board are avoiding any significant CR....why....
1. It hits their wallet harder than ours.
2. We are close to producing, and can fund any past and future costs through cashflow.
3. Bizz wants his $2mil cash/loan back.
4. Bizz's average buy-in = circa 0.019 (1.9c) - 1,099,902,623 shares x 0.019 = $20,898,150
5. Peter Wright has loaned the company money, and wants it back.
The processing will be out-sourced - Mill/Plant offsite
"3rd party processing options – Laneway have received several offers for potential toll treatment of the Agate Creek ore which are currently being reviewed."
There are two (2) mills located in Charters Towers, both have a nameplate capacity of 650ktpa @ 95% recovery.
Both own their own environmental approvals (ie not LNY's responsibility in regards to the granting of the ML).
IMO, the EOPL processing deal is history, so forget 100ktpa @ 88% recovery rate.
Transport costs will rise, but that'll be covered by an improvement in recovery of 7%. Not to mention 6.5 x faster processing rate (and 6.5 x faster money in the bank/gold bars in the vault).
ML is "expected during FY 2018".....with "Mining is planned to commence shortly after Mining Lease grant subject to any wet season constraints."
Hope that helps,[/QUOTE]
Thanks Dugsab. That should soothe a few frayed nerves, not just 20Mills.
QR by next Tuesday at the latest and we will undoubtedly have some further discussions then.
Also should add that apart from those that you mentioned, they and others in the Top 10 own at least 54% and I'd be pretty certain that they wouldn't be wanting to throw any more cash into a CR.
Frankly wouldn't be worried about a consolidation at this stage, they saw the catastrophe that the last one caused and from which shareholders will NEVER recover, but, in saying that, it would be a good idea but only WHEN they have established their steady cash flow.
LNY Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held
