Hong Kong meeting, page-42

I tend to agree regarding Huayou. IMO they are using the ‘Softly, softly, catchy monkey’ approach.

No sudden or large movements just yet. Updated SS still to come along with DFS

Not much happened with the CATL JV on the tailings, so perhaps Huayou have decided they only want other Chinese companies as customers, not partners.

Of course time will tell, however I personally feel that sometimes the simplest theory ends up being the correct one....who outlaid large sums of cash early to take an early position, who placed a member on the board, who then topped up recently only just enough to retain said seat on the board?

No large sudden moves until the time is right in order to secure a larger, maybe commanding position for as little as possible.

But when will this be?
After 5mtpa and 10mtpa SS?
Approval of tax holiday?
Or the all important DFS and decision to mine.

IMO exercising their options at a higher price to SP would not do them any favours if they do want more of a slice of the pie for the cheapest price possible.

The perfect storm for Huayou is for the SP to continue to bounce around at these levels as the project is further de risked by the above milestones.

And other Chinese competitor buying on market would send the SP much higher simply due to the numbers of shares they would need to buy.

Huayou really are in the box seat and do not need to do anything at this stage.