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Key issues driving funding
#1

Directly from Johnston in the conference call:

  • Government 5/5/5 options
  • Negotiations with Tongling
  • Design of de-watering system
  • Further Asia partnership opportunities

First item is clear - to the extent PNG buys in further, Nautilus will receive ~$40/80/120M.

Second item is a bit murkier... just what are they negotiating?  Is it further offtake of ore?  Or could it be an equity investment by Tongling in Nautilus?

Third item - first time I've seen this come up.  De-watering system might have some unknowns that could drive additional CAPEX?

Last item is speculative.  Putting on the tinfoil hat I swiped from Monk, could it be China will look to shorten Nautilus' first mover advantage by buying some or all of the company?  Johnston's quote:

“With the vessel build ongoing in China there are clearly significant opportunities for us, and we’re in discussions for further partnership opportunities in Asia.”

Thoughts on the above?

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#2
Just that all of these should be brought up during next month's (or beginning of June) conference call.

I liked the idea of banding together and presenting Nautilus with a group of questions prior... if they don't answer or don't answer satisfactorily then a representative (I vote Marko or Batman) will then further query during Q&A.
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