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Should be more bying on this.
More ground staked
Https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-update-re-porphyry-potential/16457702
Magnetic inversion results of the magnetic high anomalies within the Porphyry South target area highlight a very significant buried magnetic body at depth
As a result of the above, a further 12 claims have now been staked covering 248 acres (1.0 km2) of additional ground around Porphyry South, as well as ground east of the Pilot Mountain Project which is expected to provide additional area for planned future mining infrastructure
During the upcoming drilling campaign which has a planned start date of May 11, the Company will be testing the core of the Porphyry South target with at least one drillhole (target depth of 450m)
Hi all, been on my radar for a while (ever since Bill joined POW :) I think it's time. But before I do, would I be correct in assuming (mother of all F...) That its better to wait until Friday where the new shares will dilute the SP, therefore a better buy-in? This is also assuming nothing drastically changes from now-fri. Any words of wisdom? thanks in adv!!!
Original 10.75p warrants O/S as at 10/05/2023 = 18,420,222
Converted to date = (10,195,542)
REMAINING 10.75p warrants O/S as at 07/05/2024 = 8,224,680
Value of 8,224,680 10.75p warrants remaining = £884,153
Expiry date of 10.75p warrants is 10/05/2024 (THIS FRIDAY)
It was not an exercise singular…..
“notices to exercise warrants over a total of 4,001,317 new ordinary shares “ so this relates to a number of transactions.
TR-1 notice incoming with that exercise?
He's said a few times how rhe SP is sonikportantvto him as a holder and bought on open market recently. Very aligned with us as investors
By the way, I saw that OF gets a salary of (only) £70k at the outset. I like the cost consciousness of this operation. If he and his team pull this off, they deserve every share option they are awarded.
Hi Tray556.
Thanks for the link and I get that.
I am still puzzled, though, as my mind wants to reconcile the stated 18.42mn warrants with Section 12.13 where the warrants were issued on a 1 for 2 basis on the 24mn Placing and Subscription shares issued.
Anyway, whatever. The full amount exercised will be known in a week's time.
From the GMET AIM admission document:
"Under the terms of the Placing and the Subscription, the Company has agreed to issue 17,281,010 10.75p
Warrants and 17,281,010 17p Warrants to the Placees, the Subscribers and the Pre-IPO Investors.
The Company has also agreed to issue (i) the Broker Warrants to First Equity to subscribe for 507,755
Ordinary Shares at 10.75 pence per Ordinary Share and for 507,755 Ordinary Shares at 17p pence per
Ordinary Share and (ii) the Cairn Warrants to Cairn to subscribe for 631,457 Ordinary Shares at 10.75 pence
per Ordinary Share and for 631,457 Ordinary Shares at 17 pence per Ordinary Share"
Therefore total 10.75p warrants are:
Investor Warrants @ 10.75p = 17,281,010
Broker Warrants @ 10.75p = 507,755
Cairn Warrants @ 10.75p = 631,457
TOTAL 10.75p warrants = 18,420,222
Link to the AIM admission document can be found on the GMET website here:
https://www.goldenmetalresources.com/investors/aim-rule-26/
Tray556, I don't see where you get your 18.4mn warrants number from. I make it 11.65mn original 10.75p warrants:
The May 2023 rns said,
"The Company has raised gross proceeds of £1,982,000 through a placing and subscription through the issue of 12,449,208 Placing Shares and 10,868,435 Subscription Shares at a price of 8.5 pence per share.
The net proceeds from the Placing and Subscription will be used by the Company to:
· provide funding for the Company to further explore and develop the Nevada Projects; and
· provide the Company with ongoing working capital to support its business operations.
Warrants
Together with every two Placing Shares and every two Subscription Shares, each Placee and Subscriber will also be granted one warrant entitling the holder to subscribe for one further new Ordinary Share at 10.75 pence per Ordinary Share, for a period of 12 months from Admission, and one warrant entitling the holder to subscribe for one further new Ordinary Share at 17 pence per Ordinary Share, for a period of 24 months from Admission. Further details of the warrants are set out in Part VI of the Company's AIM admission document."
Great timing from Oliver to start the PM drill campaign the day after the warrants expire on the 11th May
Hopefully that means we will see some meaningful upward movement in the share price sometime in w/c 13 May.
@TRay - okay great, fingers crossed they are all exercised, more money for OF to add value with.
Original 10.75p warrants O/S as at 10/05/2023 = 18,420,222
Converted to date = (6,194,225)
REMAINING 10.75p warrants O/S as at 03/05/2024 = 12,225,997
Value of 12,225,997 10.75p warrants remaining = £1,314,294
Expiry date of 10.75p warrants is 10/05/2024
OF posted:
"ETM Summit Takeaways:
1) Most important theme was easily the reshoring of 🇺🇸 critical/defense metal supply chains.
2) DC location allowed for many branches of government including DoD, DoE etc. to attend which was fantastic.
3) 1-2-1 portion of conference was brilliant. Was able to get in probably 15-20 impactful meetings in over span of 2 days. Lots of follow up meetings already.
4) #tungsten (W) setup was not known by vast majority there, but was able to convince most I spoke to that the setup here is A1 (helped W prices now at 10 year highs).
5) All shocked to learn we are only US focused publicly traded W company. Follow up Q.. why London listed?! Bring this to the big exchanges in the 🇺🇸 (don’t worry we are committed to our home listing but intrigued by US big board listing as Company grows).
6) #GMET #GMTLF feedback in general was very good and no questions about tungsten being one of the most important metals given geopolitical situation.
7) Best mining conference I have been to and well worth price of admission. "
Point 5 - definitely want us to keep our London Listing - too many companies delisting from AIM, although I did hear a rumour that NASDAQ was thinking of buying.
Thanks @older
By my calculation just now, 6.194mn of the 10.75p warrants out of a total of 11.5mn have now been exercised. One more week left.
Has anyone any idea how many more warrants we expect to see exercised?
Most of the discussion seems to go on the Telegram group, Kevin from Roadt always posts his links on there and Oliver regularly posts and discusses anything we want to know more about. Well worth joining the group
Thank you.
Still getting up to speed here. Is there a link to the Sunday Roast interview?
Sorry Older, not really correct there. This is taken from the GMET website regarding Pilot Mountains EXISTING JORC
Pilot Mountain hosts a Mineral Resource Estimate (MRE) of 12.53Mt @ 0.27% WO3 for 34.3kt of contained tungsten metal with significant silver, copper and zinc credits. This resource is made up of only two of the four deposits on the property (Desert Scheelite and Garnet), significant upside potential exists within the Gun Metal and Good Hope prospects.
The Project has undertaken metallurgical testwork and a 2018 Scoping Study for a conceptual open pit mining operation with a 12-year mine life.
There is a clear pathway for upgrading and supplementing the scoping study work, addressing the permitting requirements and advancing the Project towards a mining Feasibility Study.
"That’s from the website and that’s why GMET are in line for a grant or grants relating to getting US tungsten production underway asap."
I see the potential here, but, I don't understand how any exploration company can be awarded a US govt grant for a strategic metal prospect, when it is just that, a prospect with no defined resource and not even an economic study yet, let alone a PFS based on semi-hard numbers and assumptions about costs etc.
I use as my blueprint the extensive progress Blencowe Resources has had to make with its Tier 1 graphite deposit in Uganda, before getting hard cash out of the US DFC.
Https://www.londonstockexchange.com/news-article/GMET/first-day-of-dealings/15949375
"Together with every two Placing Shares and every two Subscription Shares, each Placee and Subscriber will also be granted one warrant entitling the holder to subscribe for one further new Ordinary Share at 10.75 pence per Ordinary Share, for a period of 12 months from Admission, and one warrant entitling the holder to subscribe for one further new Ordinary Share at 17 pence per Ordinary Share, for a period of 24 months from Admission. Further details of the warrants are set out in Part VI of the Company's AIM admission document."
So the 10.75p warrants expire on 10 May 2024 and the 17p warrants on 10 May 2025.
(The 25p warrants expire on 11 March 2025
https://www.londonstockexchange.com/news-article/GMET/strategic-fundraise-of-ps750-000/16369924)
For background to today's RNS, see the 18 March RNS. Here is an extract:-
"One of the key targets of interest is the untested Porphyry South target as it may represent the porphyritic intrusive body (causative porphyry) that could be responsible for the skarn-type mineralisation found at Pilot Mountain (see Figure 1 and 2)."
https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-exploration-update/16381817