Ann: Opuwo Project Update and Board Changes, page-94

Hi all,

given the commentary here on HC Monday is going to be an overreaction to the downside. 

what the ann states is that the project is on care and maintenance due to low cobalt price. Some more passive long lead work towards PFS will continue. The likes of Glencore and ERG have done similar with their high grade DRC projects given the cobalt price, how could we be that much better/different than them at this??

unclear from the wording whether the "work currently in progress" will be completed and then announced or also put on ice, i.e. updated resource modelling to include all drilling since JORC v1 and current round of metallurgy optimisation. I'll be asking yes or no.

scream and shout all you like, but this is in the best interests of shareholders (not traders or punters) to preserve company cash and avoid dilution for quite some time yet. Possibly even long enough for the cobalt price to rebound. Staff and admin costs projected for this qtr were 263k and then 1.65m to evaluation. Maybe a chunk is gone on work to date, say 1m, so cash perhaps 8.6m. And the lower set of ongoing staff and admin costs would allow several qtrs and still have plenty in the bank for when cobalt is worth more. And if that doesn't eventuate, then at least there are many millions to vend in another project without this dying a death of dilution upon dilution and eventual recapitalisation at 0.00000001c. So best interests are there. How we got here, well that's up for debate for sure.

I'll now get my stackhat ready for the baggy/HODL/name calling etc etc