IXR General Discussion 2022

[BriCon619]

I have just stumbled into a slightly troubling connection between a Singaporean company called Reenova and the CFO, Chairman and General manager's of Ionic Rare Earths.
Reenova has been trying to develop an ionic clay based REE project in Madagascar. The company and its project have run into significant difficulties and a judicial manager was appointed months ago on behalf of creditors.
Today, Reenova's judicial managers released an update on their process, the first since August.
Link to Harena Resources PTY Limited Information
Link to Reenova announcement of MoU with Harena Resources PTY Limited

In this update appears as if Reenova has signed an MoU with the managers of Ionic Rare Earths. If the transaction were to complete the individuals below would own the rights to the REE project in Madagascar via a company called Harena Resources.
The names of Harena's shareholders are attached in a document I found on the ASIC database. This company was only formed a few weeks ago.
The individuals who own Harena Resources PTY Limited are:

• Allan Mulligan, the General Manager of the Ionic (Makuutu) resource
• Trevor Benson, the Chairman of Ionic Rare Earths
• Brett Dickson, the CFO of Ionic Rare Earths
• Stephen Lynn, former CEO of Cannon Resources

It would appear to me that this is in direct conflict with their role to serve shareholders at Ionic Rare Earths. Are they permitted to procure and develop a rival concession?

 

[Winenut]

I have just stumbled into a slightly troubling connection between a Singaporean company called Reenova and the CFO, Chairman and General manager's of Ionic Rare Earths.
Reenova has been trying to develop an ionic clay based REE project in Madagascar. The company and its project have run into significant difficulties and a judicial manager was appointed months ago on behalf of creditors.
Today, Reenova's judicial managers released an update on their process, the first since August.
Link to Harena Resources PTY Limited Information
Link to Reenova announcement of MoU with Harena Resources PTY Limited

In this update appears as if Reenova has signed an MoU with the managers of Ionic Rare Earths. If the transaction were to complete the individuals below would own the rights to the REE project in Madagascar via a company called Harena Resources.
The names of Harena's shareholders are attached in a document I found on the ASIC database. This company was only formed a few weeks ago.
The individuals who own Harena Resources PTY Limited are:

• Allan Mulligan, the General Manager of the Ionic (Makuutu) resource
• Trevor Benson, the Chairman of Ionic Rare Earths
• Brett Dickson, the CFO of Ionic Rare Earths
• Stephen Lynn, former CEO of Cannon Resources

It would appear to me that this is in direct conflict with their role to serve shareholders at Ionic Rare Earths. Are they permitted to procure and develop a rival concession?

Thank you for the post and I am interested to follow up

Issues of interest for me would be:

Current situation for Reenova
Reasons behind difficulties
Background legals behind the situation
Corporate structures
Current shareholdings and interested parties
Listing Status of the various entities etc etc

Prima facie there seems to be nothing illegal or alarming regarding the activities of the individuals you have noted nor anything that would concern me as a shareholder of IXR

But I certainly appreciate you bringing the information to the attention of the forum and will do my own further research

Happy to post my own findings on TSE in due course

Cheers

 

[CeckRaiseFold]

No posting traffic here. Tumbleweed. Silence before the storm?
Does anybody know what is holding up the DFS? Tim's interview performance the other day was not very confident and inspiring IMO. Readying documents for the ML application. It's been very quiet, or am I missing something?

 

[Winenut]

No posting traffic here. Tumbleweed. Silence before the storm?
Does anybody know what is holding up the DFS? Tim's interview performance the other day was not very confident and inspiring IMO. Readying documents for the ML application. It's been very quiet, or am I missing something?

Not sure what's happening either

The silence is deafening

Seems like the SP is slowly being sucked into the black silent vortex too

Getting real close to the 52 week low of 0.035

If it dips below that it would put everyone who has purchased in the last 12 months effectively underwater

From a chartist point of view I wonder if there are any gaps to fill from 0.002 in May 2019 up to 0.035 now????

 

[CeckRaiseFold]

Not sure what's happening either

The silence is deafening

Seems like the SP is slowly being sucked into the black silent vortex too

Getting real close to the 52 week low of 0.035

If it dips below that it would put everyone who has purchased in the last 12 months effectively underwater

From a chartist point of view I wonder if there are any gaps to fill from 0.002 in May 2019 up to 0.035 now????

Mining investor forum slides of 18 November still mention scoping study and MLA for this month.... unlikely to put a rocket up the SP even with 60% ownership confirmed. Could that be the sticking point?? Need that ML in 1Q23 to see any real movement in my opinion

 

[Winenut]

Mining investor forum slides of 18 November still mention scoping study and MLA for this month.... unlikely to put a rocket up the SP even with 60% ownership confirmed. Could that be the sticking point?? Need that ML in 1Q23 to see any real movement in my opinion

Aaahhh......need the ML

That old chestnut

They seem to be devilish things to obtain in Africa

 

[Deleted member 2428]

Another Dick H on this too = doomed

 

[Sammy_da_Smile]

Worth a listen:

 

[Winenut]

Another Dick H on this too = doomed

What are you saying George????

 

[Winenut]

Another Dick H on this too = doomed

And why have you changed your name to Geo 1939???

 

[Remark]

Another Dick H on this too = doomed

You must be a real riot at a party Georgey

 

[Winenut]

IXR continues to be stuck in the doldrums

From 3c up to 4c back to mid 3's she's not setting the world alight and the buy sell ratio is pretty even

Needs some fundamental ducks to line up

Definitely looks like the only thing that will get the SP moving north is the ML

Anyone got any intel on how that is progressing??

 

[Winenut]

Found this in the recent announcement on the review of 2022 and outlook for 2023

Would seriously love to see the ML awarded in Q1

In fact after the crap over at AVZ in regard to the ML I am actually PRAYING that IXR goes smoothly and Uganda isn't a corrupt cesspool of shit like the DRC

 

[EarleofBarrow]

Being a long term holder of AVZ I raised this very issue about the issuing of the IXR mining licence at the AGM and the relationship with the Ugandan Govt.
Tim assured me and fellow holders that we were well supported by govt and did not foresee any issues going forward.Sounded very like Nigel but a different face.Having said that for a first time meeting I found Tim to be a very direct and believable character and I have no reason to doubt him.
Having said that it is now nearly February and crickets.
I'm sure an update is imminent ......

 

[Winenut]

The key will be the level of corruption or maladministration inside the Ugandan Government and its various authorities

I am hopeful that it is a much better and more stable environment than the DRC

However....a simple google of the ranking of corruption in Uganda didn't fill me with any great confidence!

I don't have anywhere near the amount tied up in IXR that I do in AVZ so it's not quite the same emotional roller coaster

Receiving the ML in an appropriate timeframe and through good process would certainly be very welcome and a huge tick in a box

 

[EarleofBarrow]

Being a long term holder of AVZ I raised this very issue about the issuing of the IXR mining licence at the AGM and the relationship with the Ugandan Govt.
Tim assured me and fellow holders that we were well supported by govt and did not foresee any issues going forward.Sounded very like Nigel but a different face.Having said that for a first time meeting I found Tim to be a very direct and believable character and I have no reason to doubt him.
Having said that it is now nearly February and crickets.
I'm sure an update is imminent ......

Well from crickets to an announcement every day this week.
More than happy with the behind the scenes progress being made and impressed with the strategy the company is adopting for the near term.
Lots of important milestones in this and the next quarter.
Continuing to add to my position as funds become available.

 

[Winenut]

The lack of a positive announcement on the ML is a serious drag on the SP

Hate for this to turn into another AVZ (one of those is more than enough for me )

With only two weeks to go in Q1 2023 will management provide an update on the ML or where it's currently at....... if it's not issued???

Or will we live in the dreaded cone of silence

Hoping for some positive outcomes sooner rather than later

 

[Remark]

The lack of a positive announcement on the ML is a serious drag on the SP

Hate for this to turn into another AVZ (one of those is more than enough for me )

With only two weeks to go in Q1 2023 will management provide an update on the ML or where it is currently at if it's not issued???

Or will we live in the dreaded cone of silence

Hoping for some positive outcomes sooner rather than later

I wish I'd never heard the words "Mining Licence"

 

[Sammy_da_Smile]

Finally!!!

 

[Bray]

Anyone had a chance to read through it yet, I’m about 14 hours off having the chance to go through it