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Episode Description
We spent the week pulling apart Canyon Resources, and what came out is the sort of story that should worry anyone who has ever held a minority stake in a single asset developer.
A billion tonne bauxite project in Cameroon, a fully funded announcement, and then $170m of equity at 26 cents that simply never arrived.
Four months later the controlling shareholder was offering those same minorities five cents.
In this ep, we discuss:
- The Canyon expose
- Regis burying a $240m catch-up tax payment, and why quarterly cash builds now flatter every goldie
- The dividend round: Alkane's first-ever payout, Genesis surprising, and Northern Star's buyback that probably never completes
- Ausgold going to OceanaGold, and why the marginal buyer is no longer the Aussie mid-tier
- Mt Cattlin M&A goss
- Lindian's red flag- Copper's all time run
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TIMESTAMPS
(0:00) September Kickoff
(4:40) Bauxite Project Basics
(8:10) Funding Package Announced
(14:00) Approval Delays Mount
(19:00) March Vote Bombshell
(28:10) Canyon Control Squeeze
(37:40) Dividends, Taxes, and Costs
(47:10) M&A and OzGold Wrap
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