Alright, I am as frustrated with this as you guys. So to get myself some perspective, I put a timeline of events together:
Looking at this, I believe LNY Management simply expected this to move a hell of a lot faster. But I don't think they have given definitive timelines.
In 2014, there was a bunch of drilling and at the end of the year, it started looking good.
In 2015, the ML was submitted and a bunch of waiting around happened.
In 2016, negotiations commenced, planning commenced... etc. In late 2016 they said they want to wrap it up in 2017, but didn't say it will wrap up. It was a goal, not a guarantee.
In 2017 they had the massive negotiation piece and went to court etc etc with a land owner. Only then can they start formal TO compensation and education/employment conversations. This has been progressing throughout 2018.
In 2018 they said, we will have this done in FY18. That was black and white. FY18 has been and gone. I believe this is the first missed outright goal.
In 2019 they said it will be done in FY19.... and here we currently lie.
So, overall, I don't think we have been misled, I just think everyone thought/expected this to all happen a lot faster. Who thought the landowner would go to court over compensation? Obviously we aren't privy to the ins and outs of that negotiation.
TO will take a while. Meetings aren't regular, they need to consult and allow time to consult. 1 Key person absent from a committee meeting and everyone will sit on their hands...
Now I am happy to be corrected, but after reading through all of my notes, and getting perspective, I believe we are on track.
Now I am not discounting I think the communications could have been clearer, and that there seems to be movement of execs without much communication to shareholders on why. Additionally all the fund raising etc, without opportunity of existing holders, therefore boosting main shareholders already huge share is disappointing, as I would like to be part of some of those deals.
We have had some good people at LNY come and go. Part of this worries me, as the main shareholders believe this can happen and will happen, but our key staff to execute key projects are being poached, or getting bored as its taking so long. So how are we going to execute once the paperwork is wrapped up. Do we have a succession plan? An update on the details of how we will execute would be fantastic.
|
Column 1 |
Column 2 |
Column 3 |
Column 4 |
Column 5 |
| 1 |
Date |
Document |
Grant Update |
Mining Update |
Change |
| 2 |
1/08/2018 |
Quarterly Activities |
ML Grant in FY19 |
Shortly After |
Moved back a FY |
| 3 |
1/05/2018 |
Quarterly Activities |
ML in FY18 |
Shortly After wet season |
|
| 4 |
1/02/2018 |
Quarterly Activities |
ML in FY18 |
Shortly After wet season |
|
| 5 |
30/11/2017 |
AGM |
Compensation Finalised, now on TO |
|
|
| 6 |
30/09/2017 |
Quarterly Activities |
Progression with no timeline |
|
|
| 7 |
19/07/2017 |
Quarterly Activities |
Progression with no timeline |
|
|
| 8 |
|
Native Title |
Allowed formal commencement of negotiation |
|
|
| 9 |
26/05/2017 |
Land Owner Lot 2 - Compensation Settled |
|
|
|
| 10 |
1/05/2017 |
Quarterly Activities |
Progression with no timeline |
|
|
| 11 |
15/03/2017 |
Half Year |
No update |
|
|
| 12 |
30/01/2017 |
Quarterly Activities |
Grant after Land owner and native title |
Shortly After |
|
| 13 |
29/11/2016 |
AGM |
Objective in 2017 - Get ML, start production. |
|
|
| 14 |
31/10/2016 |
Quarterly Activities |
ML submitted in 2015, working on it. |
|
|
| 15 |
1/08/2016 |
Quarterly Activities |
ML submitted in 2015, working on it. |
Shortly After |
|
| 16 |
31/05/2016 |
Land Owner Lot 7 - Compensation Settled |
|
|
|
| 17 |
1/05/2016 |
Quarterly Activities |
ML submiited in Feb 2015, ML is key |
|
|
| 18 |
17/02/2016 |
Agate Update |
Appoint director, civil engineer |
|
|
| 19 |
1/02/2016 |
Quarterly Activities |
HOA worked on |
|
|
| 20 |
23/11/2015 |
AGM |
ML submitted in 2015, will allow to quickly move into production |
|
|
| 21 |
8/11/2015 |
ML Acknowledged |
Commence Negotation |
|
|
| 22 |
2/11/2015 |
Quarterly Activities |
ML submitted in 2015, working on it. |
|
|
| 23 |
3/08/2015 |
Quarterly Activities |
ML Submitted. Early Days |
|
|
| 24 |
1/05/2015 |
Quarterly Activities |
ML submitted in 2015, working on it. |
|
|
| 25 |
2/03/2015 |
Agate Update |
Good drill results |
|
|
| 26 |
25/02/2015 |
Agate Update |
Lodged ML |
|
|
| 27 |
2/02/2015 |
Quarterly Activities |
Drilling @ agate |
|
|
| 28 |
22/01/2015 |
Agate Update |
Initial positive drill results |
|
|
| 29 |
6/07/1905 |
Drilling updates |
bunch of drilling upates, good and random results |
|
|
Other Licences for additional context:
March 2015 - Still in TO (georgetown)
https://myminesonlineservices.busin...yReport.htm?permitType=ML&permitNumber=100028
Feb 15 - granted 22/5/17 (georgetown) - Land owners in jan 16 (so 1.5 years from land owners to TO)
https://myminesonlineservices.busin...yReport.htm?permitType=ML&permitNumber=100026
Feb 15 - granted March 16 (charter towers) - land owner Jun 15 (so 1 year from land to TO)
https://myminesonlineservices.busin...yReport.htm?permitType=ML&permitNumber=100024
Feb 15 - Still in TO - still negotiation land
https://myminesonlineservices.busin...yReport.htm?permitType=ML&permitNumber=100022
march 15 - granted May 17 (georgetown) - land jan 16 (1.5 years TO)
https://myminesonlineservices.busin...yReport.htm?permitType=ML&permitNumber=100031
So, if you want my call on when TO will be finalised... Late 2018. 1.5 years from last land owner settlement. We have another 6 months boys and girls. Wouldn't mind putting a bet it will be the Noosa conference.
