CLA (ASX) Phuket

Originally posted by funtimes1 ↑

I'll beat Phuket Guy and a few other HC posters to a brief summary of the conference in Phuket.
PG did a great intro , which I missed 15min due to a late flight arrival, but he got the crowd in the swing of things and there were around 40ppl. First impressions of BB his straight down the line and ramping not his style. He felt very comfortable asking questions related to his GEO expertise and stressed the importance in that CLA had low deleterious elements ( arsenic and others ) and how this stood out against CLA peers and that sulphide ore type play was the way to go with lower costs. BB spoke about our new tenants and that they would start playing with drilling soon. He also believe the sweet spot could be just north of the current JORC and they will start scouting for this soon. Im not great at the rock doctor stuff so I could've got the odd thing wrong so don't shoot me down. He certainly stressed the importance of a cobalt resource this big with a long mine life and the resource is sure to grow. PG jumped in and told about the negatives with DRC and BB also added if the cobalt plays in DRC pushed up production it would still not meet supply and Cobalt prices could continue to climb. There was other talk about DRC , but nothing we don't already know - imagine if unrest increase in DRC and some mines are forced to close and what that would do to prices.

Talking about a CR privately with BB I got the impression it was wrapped up and expect a ANN in 3 weeks here or there. The placement would be to selective investors with LT intensions and at this stage maybe 1/2/3 instos only and if at discount, it would be VERY min. He even mentioned it could be at a premium if it was one investor. Privately we spoke about Hartleys selling down and and how that had put pressure on the SP since mid Jan. Funny enough he also mentioned they were buying again. CR would be around 20 million and see us though to late next year and if no TO we would go mining and a strategic investor would come on board with a sell down on % and things would be wrapped up late 2019 if all goes to plan. Therefore talk of large dilution is uncalled for and this is highly likely the last CR. BB spoke about the management team and how they had joined due to the prospects of the company. All highly skilled and he spoke very highly of Edward Legg the project development manager that would be over seeing the scooping study and discussion was on Cobalt price in the SS and peers were raising the price to 70,000 recently over 60,000 and seems reasonable considering the current prices, but any increase would be very beneficial. Listing on Namibian Stock Exchange has received some great exposure and been well received in country also.

When asked about interest it would seem many. Most were tire kicking around in the early days and getting info, but the phone doesn't stop now and it seemed he would prefer not to have Chinese involvement. BB mentioned that Off Take agreements were some time away and also limited potential JV partners that would fund the mine to secure the off take agreements.

I had to ask about marketing and if a company like Airguide would be used and firstly BB and PG said why would there and it would only add further dilution and we touched on AVZ and the twitter fiasco. BB set on keeping cost down and wanting us all to benefit. His a young man , considering what his in charge of and I can see his not been corrupted like some can get and he has lots of skin in the game.

Sovereign discount due to Africa was brought up by a few and BB pretty much excepted it , but stressed Nambia was the shinning light and infrastructure there puts most western countries to shame and one should not look at Africa as one.

PG did a SP speculation and it looked the goods and plenty of growth with many bags. BB rightly so kept things close to his chest in regards to SP / MC , but he did mention a few times we are extremely cheap compared to our peers. Lets face it the latest graph sets the record straight on that. I pointed out that the JORC surprised all and BB reply went something along the lines of " I mentioned 20 or 30 million tonnes as I thought at the very worst that what it could be and it may have got blown up, but I had joined the dots and it was not unexpected to me. I did like his style.

Anyway thats it , I left with BB saying his a North Melbourne supporter and they were flogging Hawks around the MCG as we spoke , which was about the only bad thing I took from the day. Big thanks to PG , BB and CLA!

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I've updated my spreadsheet with revised figures for cobalt price, financing via debt facility at 15% interest rather than cap raise, as well as increased mine and operating costs. I still had to pinch myself. If we avoid significant dilution, then I reiterate PG's comment... don't underestimate how high this can go!

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Phuket, page-7

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Phuket, page-7

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