Enough work was done on the plan to mine to be able to sell Wolfsberg to CRML for $750M USD. So Wolfsberg no longer belongs to EUR. But we have not extracted all that money yet. So indirectly we still have Wolfsberg. So indirectly it is still an EUR issue. I hold EUR shares and options. So do you. Neither of us have any influence on the company. Neither of us have any control of the company. We are hoping that a bigger fool will come along and pay us handsomely for our shares.
Several things have happened in the past few years. The SPAC deal took longer than anticipated, the lithium price tanked and Tanbreez came onto the scene. Also in the interim the need for a EIA was challenged. Until this is clarified no funds can be used to do further planning on Wolfsberg. If an EIA is required, this will take at least 5 years and maybe up to 15 years before mining can occur. Committing any funds before this is clarified would have shareholder backlash and you would be saying the management were irresponsible.
So three outcomes come to mind. (1) No need for an EIA is upheld and the planning is continued to bring the project to a mining status, (2) An EIA is required and (a) the decision to continue is made and the EIA process is started and a slow grind to mining resumes. or (b) a decision to cut losses is made resulting in (i) walking away or (ii) trying to recoup any of the losses.
Frankly I do not believe Wolfsberg will be mined in my lifetime. Since, the lithium price has dropped, it is not profitable anymore.I just want to last out until the options reach the 12 month CGT threshold.
I cannot make the company change how they operate, so I will not waste my energy. Wolfsberg is even further away. I just attend the company AGM's and any EGM's and listen to what those that are close to the company have to say, because most snippets you will not see in company reports.
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