SUBSEA RESOURCES: A possible Treasure Trove

Well, I have to say that the numbers look better than I anticipated, although we have had another 3 months spend since that point.

However, the most extraordinary thing here (and it is a potential positive for SUB holders) is that they say, regarding Ella:

“The discovery of this magnificent cargo was a very exciting moment for the Company and vindicated our research based approach.”

Hang on!!!!!. Prior to this we had:

“As expected a large amount of fishing nets and other debris were found in
association with the wreck. The recovery work will include the removal of
netting, overburden, sand and etc. from the cargo stowage area. This work is not
complicated, and is well within the capability of "John Lethbridge ", but will
take several weeks to complete.”

So how have we moved from the location of the wreck, covered in mud and wrapped in nets, to “discovery of the cargo”?

Is there an ROV picture of “The Cargo?”

And if so, how? Has the JL done several weeks further work on Ella during transit? I can see that (very) theoretically they may have and there is logic for keeping it quiet for operational reasons, but if so why say it here?

It is such a material fact for the company that, if the cargo has been imaged beyond doubt, it should have been announced already, and if it has not, then it is very much in doubt if the company can properly say this “Magnificent Cargo has been discovered”, if it actually has not, even if SUB believe they have located a vessel they believe to have been carrying this cargo.

Fundamentally, if SUB do not have a picture of, or an eyewitness statement about the cargo, then it has not been “discovered”, even if the vessel has.

IF, AND ONLY IF, this is the case, the statement: “The discovery of this magnificent cargo was a very exciting moment for the Company” might be a false or misleading statement.