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No mention of Wombat here -
http://www.europametals.com/site/corporate-information/Board-of-Directors
Not conclusive.
Agree Mystic, had to look up cleromancy! Investing in explorers is never a sign of sanity, but so much fun.
Call me Mystic Dip - whether SB ever admits to it or not at the time - he will buy back into UFO one day :-)
Marketing Disclaimer : This prediction was made using Silverhorses ouija board and verified using cleromancy. We reserve the right to be completely and utterly stark raving bonkers.
Well I've said from day one that StarBright & Tom Winnifrith's accusation's of impropriety are nonsense.
Thank you to EWT for confirming.
What do you expect from TW who calls UFO's Nomad Ronald Cornish "fatty"!?
TW called for immediate suspension (without waiting for a response from the Nomad), then the next day said the share won't be suspended!
This is very unethical. Same with all the trolls that came on the BB saying that TW will publish his hit piece at 8:30am which will cause the share to be suspended. What BS! They robbed a lot of people that day.
Someone called Starbright “a subtle deramper who sows doubt”. I have to agree. He seems to enjoy his mud slinging without doing research first.
Eg, he previously stated Dan Smith “IS” director of Wombat and is “concerned”. Then when I questioned Starbright, asking how do you know if he is currently a director of Wombat (since last documentation stated he was a director of Wombat back in 2018), then he had to back track and said he actually don’t know!
He then was saying that we were dealing with both Windfield Metals and Windfield Metals Pty, and suggested that the share transfer of the TR1 was going to another entity that would dump shares. But we have only dealt with Windfield Metal Pty (who has never sold 1 UFO share), so therefore it was a straightforward transfer.
Which to me indicates the 90% interest deal should be going ahead (otherwise there would be no need to transfer the shares).
Plus, Richard Shemesian of Bennelong has seen the SP go to 3p without selling a single UFO share. Therefore, as his Bio, his history, this statement at the Mining conference and his website state:
"LONG TERM COMMITMENT
Unlike many investors who might have short term investment horizons, Bennelong understands that some projects take time to develop perhaps 5-7 years. Every investment is viewed as a long term investment to ensure great businesses are always incubated and supported for as long required."
https://www.bennelongventurecap.com/take-action
He has played a significant role in a number of companies that have transformed into producers or have been acquired by way of takeover. This is what the 80% acquisition of Windfield is about.
As per the RNS, "The Acquisition provides increased flexibility to fund the Project via Joint Venture, partial sale or spin off".
The JORC on the Sirius Extension will kick it all off, with profit margins of over 100% per tonne!
But at least we know why the SP went down a couple weeks ago, since StarBright said he held a large position here.
Mr 1M shares managed to start buy them very cheap a couple days go.
Bye & good riddance StarBright.
Max’s as been very quite this week, mind you I can understand why.
944T
Hi starbright - I hold here on a few reasons 1/ i feel this will go over 3p 2/ bill seems genuine 3/ good assets - Maxx11 - valuations iron project 3p -9p - its worth a punt. better then money in bank zero rate?
still here starbright arnt you a strange character the new chris2 not invested and enjoying its retirement as you are cleverer and smarter than the rest of us., what a loser you are
ETW top man as always great bit of research.
944T
Ewt
Thanks for the research
:-)
Maybe some other investors need to research more
Thank you EWT. When were the tailings sub-leased to Wombat?
Apologies I typed a bit wrong; Dan Smith was the 100% owner of Kingmaker Metals which owned 22% of Karratha Metals Group.
There have been some good posts surrounding this already, and it’s good to be discussing something new, but thought I would add my thoughts (at least on the acquisition of EH):
The tailings lie within the mining lease ML47/342, and remains partly retreated from the original mine at EH. This is currently subleased by Wombat Resources Pty Ltd., as laid out in “Sublease - Elizabeth Hill Tailing Retreatment Project between Legend Mining NL, East Coast Minerals NL and MKS Capital Ltd dated 17 October 2001” and “Deed of Variation - Sublease Elizabeth Hill Tailings Retreatment Project between Legend Mining Limited, East Coast Minerals NL and Eclectic Investments Pty Ltd dated 16 January 2007 and DAACV”.
We purchased Elizabeth Hill Mine from Karratha Metals Group Limited, who have been renamed 4 times since their creation, back in early 2000 their name was East Coast Minerals N L, so evidently they are the leftover owners of the resource (I believe Legend Mining is/was a mining contractor). The tailings – as mentioned by 5x5 are often managed separately, and were subleased to Wombat. Bear in mind that tenements are leased from the Australian government, not strictly owned, hence why it is leasing, subleasing etc. The M47/342 (formatted ID) or M 4700342 (Tenement ID) tenement was licensed to Karratha Metals Group in 1994 and runs until April 2036. With agreements already in place surrounding the sublease, why would the company specify that they aren’t getting the tailings? It’s all in the open for anyone willing to dig for it, so for Alien Metals to state that ‘as part of the deal with MKG for Elizabeth Hill Mine they will not be getting the Elizabeth Hill tailings, owned by Wombat Metals’ seems completely irrelevant?
Dan Smith at the time of the transaction was declared to be a 22% shareholder of Kingmaker Metals Pty Ltd, and 22% shareholder of Karratha Metals Group. All third party approvals were received including the Western Australian Ming Act, and approval from KMG’s shareholders. Nothing untoward here in my opinion.
As others have said, you can get a bit creative with dealings around the rules, as long as you stick roughly within the guidelines, however I see no issue with the dealing for EH, as any co-party interest is addressed, and positions stated. The tailings are not even in talks yet, as Bill stated in the Webinar we recently had – they are still in the due diligence stage, awaiting results from the lab before any discussions/negotiations will go ahead, if a deal is made then they can present relevant details at the appropriate time.
The EH tailings are not a worry to many here, as DSO is the focus. I do like that there is a potential short-term income stream present in the tailings but it really is a side show. As I also sent in earlier, I have been in contact with Bill, who is not concerned about the accusations from Tom Winnifrith on insider dealing.
Starbright, as always, on the money. asking probing and pertinent questions. Smiller is another one who likes to poke and query.
The very fact I had to force their hand on the initial DSO assays should speak volumes. As should the fact that BBG mislead us about the non-existent Mexican government shutdown. Both, easily verifiable. I am assuming that you have all been emailing UFO about these discrepancies. I mean, posting here *alone* isnt going to do anything,.
I was reading an article on BBC news about an ex policeman who got conned in a Ukranian bride scandal. You read it and wonder how he could have got in so deep despite the numerous 'red flags'. AIM is a jungle and the reality is, us PIs, are at the bottom of the food chain.
Thanks Starbright:
- All seems like speculation at the moment, but if it's all been publicly disclosed within our RNS' and Australian public filings, there is nothing that has been hidden to date.
- Sweeteners and back scratchers are the name of the game, and does this deal not add shareholder value in the near-term?
- Still struggling to see the risk implications, multiple directorships may indicate institutional trust, self-interest or both?
GLA Aliens. Looking forward to our next set of news flows. See this one picking up quite substantially soon.
Cold be an oversight
Seeing as we just after the mine
But seeing the photos off lizzy hill the tailings where left neat n tidy in a rectangle with a border round the sides looking like they where set up to LEACH I could be wrong so maybe be they wasn’t part of the deal
But all said and sone where talking a few million so not really a problem
SB seems to be the one with the negativity maybe on the verge of a deramp
But now he’s sold out just please move along
The tailings are out in the open any way with rns stating the fact
DSO
Please
Imo
:-)
My understanding is that tailing are often separated from an old mine, because they can be dangerous/unstable. They are managed by specialist companies and sold on to others who's business is tailings. As there is no population around EH, the risk is very low. As others have said the tailings are hardly the main course, more of an amuse bouche. Won't alter my investment decision.
Arkonite:
1. & 2. Yes re the tailings. And if there is a related party transaction, the NOMAD is ultimately required to give an opinion on its fairness etc. A harder question is whether the original acquisition should have prompted such disclosure and oversight. I don't know the answer to this.
3. Agreed. He is a director though, and therefore owes the same duties to the company as a paid director with respect to CoI etc.
4. Public filings (ASIC - Aus version of Companies House) in Australia
Ah I get you Wolfy - definitely on the same page with you there, winds me up too.
And save you all worrying about who owns what the tailing are worth a few million not worth stressing over
Dip it’s more the repeating on this board that gives me headache. The rns is on the board and updates we don’t need the links for every single one and threads started all over just dilutes the page.
Thanks StarBright - yes I can see some of what you state, but:
1. We are still in the DD stage of the tailings project, any declarations should only be announced when there is a material cost to Alien should it not? No opacity I can see, although it may be frustrating as a shareholder to not have all the information laid out prior.
2. The details of the purchase agreement with Wombat Pty are still being drawn out, and I am certain that any COI will be declared at that stage, not prior to any agreement.
3. DS is an iNED (not paid a salary, costs, nor share / option holder that I can see from 2019 / 2020 financials with Alien)
4. DS seems to be a director at Sorrento, but where have you found information on Wombat being a subsidiary of Sorrento?
From the RNS, it seems that the lease agreement for the tailings has been in place since 2001. If we get to the stage of an agreement, I would expect these to be laid out as to the history.
Wolfy - we knew that the 45 days was up so if they didn't inform us - some would be moaning at no news, what is going on Bill - I prefer being told.
I know the RNS is 'no news yet' so get it is annoying some. Being a glass half full type I'm leaning towards the 30 day extension is because it is looking increasingly viable but more work required to clarify.
You are of course entitled to your own hirsute opinion :-))
@napth - I'm sorry you see it as "going on at you", but I'm simply addressing the points/questions you direct at me.
If you take my caution and a desire to question where I invest my money as negativity then feel free to ignore me. It's fairly clear you haven't understood the point I'm making so I'll simply leave you to enjoy your day.
*delay!
Just to clarify have Alien got a 30 day extension? Haha how many links do we need to tell us no new news just ‘another deay’