At the 1st January 2018 the company had 67k in the bank with...

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tomato69

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27/03/18

11:13

Post #: 32050873
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Originally posted by dugsab ↑

Hi @greenback25 ,

I’m typing this on my phone, so please bare with me.

1. The ML and the processing solution - Mill , are mutually exclusive (not inclusive). Since whichever Mill LNY choose is off-site (off-lease). In other words the granting of ML100030 is not dependant on any processing (Mill) choice. However, whichever mill they choose, will have to have its own EP approvals, those approvals are the Mill owners responsibilities, not LNY’s, and have no bearing on LNY’s application - MLA100030.

2. At the time LNY was reporting mining and/or commissioning of the mill by: Sept 2017, end of 2017, and by 2018, EOPL had not even lodged a “Plan of Operation”. Further, LNY was not close to finalising the ILUA. I struggle to find any sense in their timelines/deadlines accordingly.

3. Until EOPL lodge the plan of ops, the mill is not legally ready to run.

4. Once EOPL have lodged the plan of ops, they will need to pay a bond, assessed against this plan.

5. When LNY finally reach agreement with the Ewamian people, the ILUA will need to be registered.

6. Once the ILUA is registered, the minister will grant ML100030.

7. Granting of ML100030 will trigger circa $500,000 in costs for LNY, including (but not limited to) - the “Financial Bond”

So you see, both sides have substantial costs once their respective responsibilies are met and finalised. It appears to be a staring competition, and neither party wants to blink first, for fear they incur large costs, well before the whole show is ready to go.

All IMO, of course

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At the 1^st January 2018 the company had 67k in the bank with current liabilities at the same time of $2,136,128. Quietly expenses are around 400k. The company is now approaching the end of 3^rd quarter therefore it’s fairly fair to say they have current liabilities of +$2.5mil.
This could be the reason why no agreements can be signed. IMO, an agreement of this type for mining cannot be signed by a director if he knows the company is trading insolvent and the leaders in evaluating a Native agreement will also not agree if they know they are entering into an agreement with a company that is trading insolvent

LNY Price at posting: 0.3¢ Sentiment: Sell Disclosure: Not Held
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At the 1st January 2018 the company had 67k in the bank with...

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