Yes, I agree this would be the ideal way to move forward and therefore I hope that Solo could leverage their relationship with AEX in order to obtain a similar sort of finance package from Gemini to cover their share of the costs. This would strengthen AEX/Solo's hand no end in negotiating any subsequent farm out deal. I think it's fairly safe to assume farm in offers were previously made but the value just wasn't high enough due to the bigger companies taking advantage of AEX's precarious financial position, looks like they might have to reconsider their position and 'get real' now if they want a slice of our ever growing Tanzanian pie :-)
I think Aminex and Solo will get a joint stream loan against Ntorya and Likonde reserves to fund the Ntorya 2 drill. NR said funding avenues were becoming more easily attainable for progressing Ruvuma and a farmout was no longer the only option. I think Gemini will provide us with a streamed loan against our proven assets. The loan will clearly be proportioned though as we need 75% of funds compared to Solo's 25% but borrowed against the same asset. We already have booked reserves of over 170bcf for Ntorya but this may increase now it's been linked to Likonde. A streamed loan provides us with capital upfront i.e $40m and then we pay back $60m from our future revenue stream once in production. This is a brilliant way for us to move forward and is non dilutionary.
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