Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Why would UK Export Credit Agency finance a mine in Portugal? Good news but just a bit weird!
Yes - LUCA looking good worth £1.7 million on todays bid - looks a great investment .. Another 2p on the NAV .. took advance of the drop yesterday to add about £9k , first time adding for a while - seems worth it at theee levels
Thanks - Nice update., and a very valid point around moving the high value yield first .. get than NPV up as high as possible
JV chat with Proactive
https://www.youtube.com/watch?v=tQx9aX6v_Do
Explains the delays and reasons for the recent placing; and a small investment in Digbee [ESG auditor]
https://digbee.com/esg
Ascendent have now released the “RNS”, it doesn’t give any detail re what has caused the delay, just the extension date and the warrant detail.
Hi Florence - Yes thats how i see too, our option is valid at point of 80% earn in - They do have that faciltiy avaiable , however we dont know what covenants are on the use of the cash.. But looks like MAFL were pivitol in facilitiating the Spott deal, therefore i'm assuming the method of pay MAFL in the event of the put option has aleady been addressed. Will be intersting to see what ASD put out today FC completion next week (onlu to miss it)
I just went back and re read the RNS in which the put option was agreed. I realised that I’d completely overlooked a key point. I had been under the impression that Ascendant had raised $15m of liquidity. The implication being that this would be more or less enough to pay for the feasibility study but not enough to pay us our $8-10m should we claim our 5% immediately on completion of the feasibility study. Therefore if we asked for it but Ascendant couldn’t raise anymore capital then we’re out of luck.
However they actually raised $30m of liquidity, $15m directly from Sprott and $15m of secured loans from an affiliate of Sprott.
So once the FS study is completed then we can immediately ask for our 5%. Not only will Ascendant be contractually obliged to pay but we can also be reasonably certain that they will have the liquidity to do so.
I feel like this is a big revelation but it might also be the case that I’m the only idiot that missed it!
Morning
ok 6 week extension- It must be immimently ready to be issued, six weeks is nothing and obviously that the drop off date, so SD must be tellining JV they are a forthnight away IMO, good news for me, better than silence from ASND. at least we have a clarfication
Some clarity:
'Investment Update: Ascendant Granted Six Week Extension to Deliver Feasibility Study on The Lagoa Salgada Project'
"Extension Resources" as they are fondly known on the TSX bb'S :)
I too have had 22/6 firmly in my mind. If ASC has gone to the wire in delivering the FS, it will need to be written up for a RNS so that may take a day or two. Equally, if ASC have failed it may take a little while to agree and set out further extension terms. Cannot believe ASC was earlier referring to accelerating its delivery to April or May! Seems to cast some doubts on ASC's capabilities.
Yes no worries - I was refering to the recent presentation from ASD (it on thier website now) 3rd from last page amended 27th June 2023 - but if think its more of a typo - wouldnt move it 5 days :)
Apologies, I miss read your message (I thought you were comparing Mafl v Mafl). Anyway, I have looked through Ascendent’s version of “RNS” and in July ‘22 they stated:
“ (“Ascendant” or the “Company”) is pleased to announce that it has amended the terms of the earn-in and call option agreements with Mineral & Financial Investments AG (“M&FI”) to provide the Company an extension to June 22, 2023 to complete the Feasibility Study to earn an 80% interest in the Lagoa Salgada Project”
So, definitely the 22nd. But let’s see what we receive… and hopefully something about the placing too.
Morning .. Yes I saw that - I trust MAfl RNS over the ASD Presentation.. Still would thought it would be clarified today ? nothing yet but RNS's seem to flow late morning , so might get an updated today
Morning. It’s the 22nd, based on the July ‘22 RNS re Extended Terms:
“However, pursuant to the extension, AG will now allow Ascendant to complete the Feasibility Study by 22 June 2023 instead of 22 December 2022”
Extension is on the table imo, but may not be a bad thing for MAFL as we hold the cards on that front, theres a fine line to being fair and being taken for a fool.. six month extension was ample, end of Q1 was ASD FC at time of extension.. Its been virtually complete for 9 months .. However its been clear that JV has never repoduced any of those date and always stuck to June
Im not 100% its the 22nd - The Asendant presentation mentioned 27th MAFL 22nd.. either way I would not be a happy holder of ASD, It has been a tough time to programme these types of work , I thin kit acknowdged that labs have backlogs in most fields, but the way they only communicate delays with silence is a red flag .. However at the moment we could argue the ASD is almost fully discounted.. One the TSX
If there is, then I would want to see a tough penalty on ASND and we benefit from a bigger percentage of the project.
Going down to the wire. I hope we don’t just get an extension RNS tomorrow.
All quiet - 22nd June now alot closer than it needs to be - only 4 trading days left - SD are either flat out trying to complete the BFS or locked in the boardroom with JV begging for an extension. Zinc and lead prices doing well , with zine recovering well from lows . which are still higher than the PEA .. GETTING BORED NOW :)
Hi Both - Agree - all good points , Sure we will get an update on all these point soon - on a side note - seen the LUCA SP ? touched 0.5 on friday - and boosting thier team
I can’t see Ascendent not hitting the deadline, it wouldn’t be in their interest (clearly) and would also potentially impact their financing agreements previously RNS’d. I’d like JV to play hardball, but I don’t think he’ll have the opportunity. I’m hoping for a bumper RNS shortly where we find out a little more re 1) BFS, 2) Portuguese Gov. %, 3) what on Earth the £250k was for and what happened to the £1m+ in cash (this is after recent Luca Mining stake). Please don’t get me wrong, I have full faith in JV (and his huge stake) but I’m intrigued what it’s been put to use as (I can only hope #3 links to #2).
Have a good week all!
Lewis
Or JV plays hardball (as he should within reason) and MAFL retains ownership of 50% of Recorp with Redcorp owning 85% of LS (the other 15% owned by the Portuguese GOV). We do not know the legal agreements but this is certainly a distinct possibility.
And, from memory, JV has indicated in an interview with Proactive that MAFL has had discussions with potential financiers. This could be an excellent outcome for those with patience and a low average... Demand for Copper is only going up whilst supplies will drop in the coming years as BIG miners sweat their existing assets and refrain from investing in new assets.
https://www.mining.com/charts-copper-mining-profits-top-100-billion-a-year-but-where-are-the-new-mines/