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A few extra thoughts on Lithium X (LIX.v)

Following on from the post this afternoon, responding in public to questions sent in by mail (some of them rather seething in nature), adding a couple of thoughts:
1) The company told many people this afternoon that it was about to publish a press release on the subject. It’s now over five hours since the market closed and we’ve still heard nothing from Brian Paes-Braga and Lithium X (LIX.v). That’s because they know they can’t flat deny it any longer, they know IKN knows the truth about what’s been going on at its dog’s dinner of a project, therefore they need to think really hard and phrase the NR really, REALLY carefully before publishing. 
2) They are likely to state something along the lines of there has been drilling in Argentina. Sadly, that’s not even half the truth because drilling in a different area under a different permit emitted from a different office doesn’t change a jot. What LIX has done is simple; they are a public company, they are subject to continuous disclosure rules, they have kept their shareholders and stakeholders in the dark for literally months about the disaster drill blow-up and the subsequent suspension of their permit.
3) Why have LIX not released a single result from their drilling program so far, despite that drilling and exploration program having started in May? We’ve been through June, July, August and most of September. We’ve had 115 days of nothing, despite the fact that the brine they were searching for is easy and quick to collect, collate and assay. What’s more, tonight LIX IR is telling the few people they’re answering the phone for (normally instos and fund managers who have the IR guy’s personal number) that we should get “first results” in “about four weeks”! They’re still “stoked” about the PEA which is due out “end of the year”, though. You cannot make this stuff up.
4) Here’s a question: Why was Stan Bharti happy to accept $5m cash and 6m shares of LIX in exchange for the 50% of PLASA that LIX did not already own? This is, after all, a company that boasted a market cap of CAD$170m when it traded at $2.00/share. The deal was announced in late June and closed mid-July. Hey, y’think Bharti might have known something you didn’t? Because I’ll tell you something, Bharti may not be IKN’s cup of tea but he sure is a smart operator. Smarter than Bri-Bri, that’s for sure.
5) IKN is not the only desk to know the facts about the LIX screw-up. Ask Orocobre, who were for a time considering LIX as a JV partner before seeing the slipshod way in which it went about business and then the corner-cutting and rule-breaking it ran to try and cover its tracks. Another neighbour on those flats, Advantage Lithium, knows about all this but didn’t want to cast its own company in the bad light created by LIX. As for the regional governments (LIX has to deal with two), they’ve known for a while (after all, they are the people who suspended LIX’s licence) and they’re highly annoyed because they have strong directives from the Macri national government to get lithium moving, but worked out too late that they’d let a bunch of amateurs in through the back door (they sounded so convincing at the time, too).
Anyway, I’m still hopeful that we get a NR out of LIX this evening, but I kind of think they’re going to wait until Monday morning now. Certainly looking forward to reading how they try to deny the facts and explain to the market authorities why they decided to keep material disclosures away from the market. And one last thing, LIX longs; you may not like the fact and you may read some squirmy prose from Bri-Bri that tries to find a way of denying it all, but IKN is giving you the straight dope. There’s no way I would have gone public on this without hard facts on my side and as a quick reminder, many nefarious mining people have opened legal actions and threatened to sue this humble corner of cyberspace over the years, but not one has succeeded: That’s because IKN tells you the truth. Hard, uncomfortable truth. You’re the one who fell for the Giustra bullshit, live with it dumbass.

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