Weekly Wrap + The Canyon Conspiracy
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 $170 million of equity at 26 cents that simply never arrived.
Four months later the controlling shareholder was offering those same minorities five cents. We walk through the timeline, the votes, and the theory we cannot quite shake.
In this ep, we discuss:
The Canyon expose: how the Afriland approvals stalled, which shareholding block voted the funding down, and why EEA sat on its 1.1 billion votes
Regis burying a $240 million catch-up tax payment, and why quarterly cash builds now flatter every goldie
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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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All information in this podcast is for education and entertainment purposes only and is of general nature only.
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