London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
-----------COLIN BIRD:CHAIRMAN: HIS CO'S --XTR ---GLR ---AND AFRICAN PIONEER, ALL AT NW ZAMBIA--THE WEST FORELANDS CHASING PACK --ADD IN RIO, ANGLO, IVANHOE, FIRST QUANTUM etc [MAJORS]:-----
Mr Bird in an interview: "5 are CHASING THE WEST FORELANDS, 1 HAS TO HIT THE JACKPOT. Is that possible? That is something known - Zambia is copper rich per the Head of State etc & proven by all the majors with Sentinel, Enterprise mines etc. Who are the 5? Mr Bird has 3 CHASERS in AFP, GLR and XTR vs Anglo [JV], Ivanhoe , Rio ---vs KOBOLD [Bezos, Gates etc private co that has ALREADY HAD A BIG COPPER DISCOVERY in NW Zambia, hence the chase?
GLR FORUM:
One poster said: "My issues with the AFP side is: If FQ WALK away they will receive NOTHING upfront. 2ndly if the DECISION TO MINE happens, FQ owns 75% of the mine and finally AFP have tied themselves to FQ and FQ CAN BUY THEM OUT IF & when they chose. AFP will NOT see any money for at least 4 yrs." " Both GLR & XTR can prove up their licences & if there is anything worthwhile they can get a better deal and NOT BE RESTRICTED TO FQ." [Posted Sat, 17.2.24]
AFRICAN PIONEER:
Above are valid points and for that reason, I CHECKED THE ORIGINAL AFRICAN PIONEER [AFP] RNS OF THE OPTION DEAL WITH FIRST QUANTUM [FQ] DATED 20 Jan 2022 entitled: "ZAMBIA PROJECTS OPTION AGREEMENT."
[1] "From the table of timelines/agreement: 2 YEARS TO PREPARE A TECHNICAL REPORT ; 1ST EARN IN & 51%.
[2] "2ND EARN-IN : Complete met, development studies, public announcement DECISION TO MINE, earn in 75%.
[3] "FQ at 75%, parties have to FUND PRO-RATA, or diluted to 10% , then it converts to 1% royalty, 0.2% to minority s/h and 0.8% to co."
[4] First Earn In= JV."
----------[5] " S A L E RESTRICTION: CO NEEDS FIRST QUANTUM APPROVAL TO SELL & must give First Quantum FIRST RIGHT OF REFUSAL & FQ CANNOT SELL WITHOUT CONSENT OF CO."
["If FQ wants to sell their AFP shares to a 3rd party, then minority s/h can require 3rd party to buy their shares on same terms."
FACT:
[1] All the above are verbatim from the ORIGINAL AGREEMENT RNS, 20.1.23 from AFP. Yes, FQ can walk away BUT AFP RNS , FRI 16, FEB 2024 , FQ HAVE DELIVERED A NOTICE to exercise OPTIONS ON 2 OF THE OTHER LICENCES =4 in total.
"THE PARTIES AGREED 1ST EARN IN PERIOD: TECHNICAL REPORT, Indicated at least 300,000 tonnes of copper for FQ to earn 51% of agreement has been EXTENDED TO 28 FEB 2026 [1st earn in period]."
[2] "Colin Bird, AFP RNS, 16 .2.24: 2 7 7 6 7 ---&--- 2 7 7 7 1 already exercised on 23.10.23. Now , 2 7 7 7 0 & 2 7 7 6 8 also EXERCISED by FQ " [All 4 licences taken].
[3] "WORK COMPLETED DURING INTIAL PERIOD OF OPTION: SOIL SAMPLING, GROUND GEOPHYSICS-------.>>AIR CORE DRILLING--->>>>DIAMOND DRILLING in excess of the minimum $500,000 exp. on each of the 4 licences."
QUESTION:
To me, it is 2 YEARS to 28 Feb 2026 for a Technical Report by FQ as above. 2ndly, AFP ------>>>CAN SELL--->>>SEE ABOVE ORIGINAL AGREEMENT OF 20.1.
Contd : Part 2
[3] Whether FQ can now WALK AWAY, post AFP RNS [FQ taken ALL 4 LICENCES & 1ST EARN IN KICKS IN] Fri, 16 Feb 2024, up to each one to decide their legal expert opinion. My observation is: THE MARKET MARKED AFP SHARES +16% a/c to one article from Market Screener via Alliance News. Read the AFP 16.2.24 RNS to check if FQ have now entered the 1st earn period, whether they can walk away?
[4] AFP can SELL --------> Mr Bird has the same type of agreement with Anglo at Bushrangers---->there, he also said he can sell.
[5] 4 years ---No RNS has stated that for FQ/AFP per poster? It states 28 Feb 2026.
[6] WHY DID FQ TAKE ALL 4 LICENCES AND ENTER NOTICES? From all the data I read from AFP via their 2023 presentation, there are FIRST QUANTUM RESULTS.
[7] I looked at the map for AFP AND WHERE THE 1ST 2 OPTION LICENCES WERE which was important. ONE OF THE FIRST 2, WAS SITTING ON THE WESTERN FORELANDS CONGLOMORATE ITSELF. The other was SOUTH of this conglomorate.
Now, the remaining 2 licences are OFF THE CONGLOMORATE. THE WESTERN FORELANDS CONGLOMORATE --->>>INTO NEW ZAMBIA------>>>FROM DRC KAMOA-KAKULA & KITKOTO WESTERN FORELANDS is the HOT PROPERTY.
A/c to ARCM's CEO [JV with Anglo and planning to start drilling anyday now at NW ZAMBIA] he said the HOTTEST PROPERTY IS THE DOME. The only other co ARCM mentioned was Colin Bird's AFP [Ref: "DOMES REGION OF ZAMBIA, A COPPER EXPLORATION HOTSPOT"-Mining Review Africa, 23.4.23 Von Schirding said only two other active explorers ie Zamare Min & AFRICAN PIONEER. Mr Schirding of ARCM in the article SINGS THE PRAISES OF MR BIRD AND HIS KIWARA SOLD TO FQ etc. [public info ie sold for US$260m ]. Article goes on with: "INTEREST FROM BIG PLAYERS." Have a read.
XTR & GLR
Look at the map and see all Bird's 2 other co's and where they sit ie licences and where AFP sits.
KICK-OFF TIME:
FQ will hopefully report on their work at AFP ground when they next report as norm?
AFP 2023 PRESENTATION GIVES ALL THE DRILLING RESULTS PRIOR TO FIRST QUANTUM TAKING THE REMAINING 2 LICENCES FROM AFP = all 4 taken. AFP has 1 more licence NOT licenced to FQ under the agreement. DYOR, NIA.
Sat, 17 Feb 2024.
FOR AVOIDANCE OF DOUBT: I dont venture to speak on other co's from the Bird stable ie XTR or GLR at NW Zambia but suffice to say, Bird said, "1 will hit the JACKPOT". Who? That is to be seen by drilling results -Anglo about to kick off and they are a bit further from the conglomorate from what I can see but ask Mr Bird as I am not the expert on geo maps etc. I can only see the map that Bird showed. I FELT THE POINTS MADE WERE VALID AND MUST BE ANSWERED & RESEARCHED FURTHER FOR MYSELF ---each to do their own reading of the AFP 2 RNS'S on the JV with FQ and their interpretation of LEGALS. AFP MKT CAP; £ 5 . 0 2 MILLION @ 2.24P.