Tony Rovira joins the board of LYN.
LYN finished drilling its project in the West Arunta in mid-December.
Off the back of that announcement LYN’s share price came off ~50% and LYN and closed at a low of 7.2c per share.
Usually a sell-off like this will tend to come after assay results have been published as at that point the market can digest whether or not the drilling was a success or not.
(Particularly if the assay results are poor).
In LYN’s case, no assays have been published yet, however the market seems to have reacted to what wasn't in the announcement.
The market seems to have moved on from the West Arunta project now. To that end, there’s been some changes to the LYN board - namely this…
Tony Rovira joined the board of LYN.
Rovira is a huge appointment for LYN, and the fact that he decided to join with a $360K investment in LYN at 9c is a big vote of confidence.
Here’s why:
Tony was Managing Director of Azure Minerals, which had SQM, Gina Rinehart and Chris Ellison’s MinRes in a bidding war over the Andover lithium project.
Eventually the company was taken over in an all cash $1.7BN at what looks like a decade top in the lithium market - he was awarded “Dealer of the Year Award” last year for that deal.
Tony’s other big success was when he was General Manager for exploration with Jubilee Mines in the early 2000’s.
Tony led the team that “discovered and developed the world class Cosmos and Cosmos Deeps nickel sulphide deposits” in WA.
For those discoveries, Tony was awarded the “Prospector of the Year Award” in 2000.
Like Azure, Jubilee also went on to be taken over for $3.1BN at what was a top in the nickel market at the time.
Can he strike it third time lucky with LYN? Or is it more than luck?
LYN’s share price has responded pretty well to the news - it was up ~77% on the day of the announcement.
After the Azure sale there will be a lot of people, projects and cash looking to get behind Tony for another big win.
Fingers crossed it’s LYN this time…
The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.
LYN has completed its drilling campaign but yet to publish assays, it does appear however from the drilling complete announcement that nothing of interest was found.
We commented on LYN’s recent drilling campaign in our previous weekender note which you can find here: What happened with LYN?
What’s Next for LYN?
Objective #2: Drilling at its niobium & rare earths project in WA.
We want to see LYN get on the ground and drill its project in the West Arunta region.
Milestones
✅ Commence drilling
🔄 Assay results
Source: 30th November 2022 LYN Investment Memo
