Member Info for Adamsky

Afternoon FreeBuffett,

Like others I am disappointed with the share price, several years ago this would have jumped to 2 to 3p on yesterday’s news.

Here is an extract from some calculations I posted a while back , as far as I am concerned this is the absolute minimum acceptable as it means we just get our money back.

Please feel free to comment and challenge.

Adamsky

Extract from previous post …………

As per your question on value of IMM in theory it is potentially worth 100’s of millions but let’s be more realistic and I have set a minimum price based on what our costs have been. If I have missed anything please let me know. ??

Cost of licence £34,000,000?
High Court ruling £1,000,000 approx,?
Fund raise July 2011, scoping study etc. £11,000,000??

Total £46,000,000??

The fund raise happened in July 2011 so I have used the Hargreaves’s Lansdown inflation calculator to look at the value of this sum in today’s money.

??£68,000,000??A

wild guess, as it will take ages, for fund raising, Mozambique court costs and share dilution. ??£7,000,000??

Giving a total of £75,000,000

Baldmark,

A very clinical valuation which doesn’t take into account any settlement or a successful BIT claim.

AAG would not have parted with the best part of £15 million if they didn’t think they had a water tight claim. As you say in the current market sentiment.

Also the agreement states …………

‘will use its best endeavours to settle and/or finalise the Claim within five years’

Not the 5-10 years as you have mentioned.

Only TZM will pay Pathfinder up to the 26th of April forced by the Mozambique Government. The only thing I can see the Mozambique Government doing is offering an alternative license.

Better to resolve now and appear weak , when there is minimal publicity, than have a judgement against you showing you are corrupt with plenty of publicity in the financial and maybe wider press.

The Mozambique Government know what took place and the wrongdoings they will also know the further the claim goes the larger the settlement.

Each person has their own opinion and valuation, mine is optimistic that we are nearing the end game.

Keep the faith

Adamsky

Latino,

Spot on also.

When the General lost the U.K. High Court ruling he appealed and then didn’t produce any evidence. That sums up the case for the General and the Mozambique Government, no defence.

The General still owes Pathfinder over a £1 million in costs awarded by the U.K. courts which an RNS many months ago implied they had found a costs recovery company to pursue.

Not sure where we are with this , I will e-mail the company when things calm down a bit.

Keep the faith, it might be days, weeks or years but Pathfinder will receive many millions in compensation and show that the following have been complicit in the illegal transfer of the licence.

The General - who stole the license

The Mozambique Government for turning a blind eye and not reaching a compromise with Pathfinder

The Mozambique mining licensing department who transferred the stolen licence from Pathfinder to The General without any legal authority.

The Mozambique Courts who refused to recognise the U.K. High Court ruling.

Your days of ignoring a small British Company will soon be over.

I can’t wait.

Adamsky.

Good morning all,

The naysayers are starting to surface who haven’t got a clue of the company’s history, yes it has been years but we now have one of the top African litigators willing to spend £15 million to finally nail the corrupt Mozambique Government, they know they are onto a dead cert as we have a U.K. High Court ruling in our favour.

Do you think after all the due diligence we don’t have a water tight claim.

The Mozambique Government could ignore a small British mining company but cannot ignore the claim that is coming their way.

When the judgement is in our favour , which I am sure it will be , the Mozambique Government will be shown to have assisted in the stealing and reassignment of the mining license and will be forced to hand back the licence or pay £100’s of millions in compensation.

A great advert of why not to invest in Mozambique.

Adamsky

This is the biggest news since the U.K. High Court Ruling.

If AAG have bought out IMM from Pathfinder after extensive due diligence then they realise the chances of getting a massive payout is nigh on a certainly.

Remember Pathfinder will receive £2 million now and a minimum of £20 million on a successful legal claim, it could be many times this figure as we get £20 million minimum or 20% of the compensation which could be up to $1.5 billion (independent valuation of the licence) which if my maths is correct equals £250 million to Pathfinder.

The settlement might be weeks or years , who knows but better in than out.

Perhaps now TZM and the Mozambique Government will realise that their time is nearly up and can’t ignore the legal claim that is coming their way.

Pay up or wait till the Mozambique’s Government’s dirty washing is aired in public and this will send a clear message to other companies looking to invest in Mozambique that it is a corrupt place to invest.

Best of luck

Adamsky

Afternoon All,

I am feeling neutral at the moment the reason being no GM called and leaving the announcement till the last minute, if agreed why not RNS out sooner and why no GM called !

The two million is in pounds not dollars.

Have a good day and we will find out soon.

Adamsky

Oldblue,

Thought you might have recommended my post ?

On a chat board you don’t have to give financial advice just a general opinion of what you think will happen and general prospects of the company. Especially with a deadline coming up.

Adamsky

Morning Oldblue,

I know this is a chat board but I thought it was about Pathfinder Minerals not random posts on various subjects!

Apologies if I have got it wrong especially as you are a Premium Member.

Adamsky

Morning All,

We are nearing the deadline of the 21st of March to sign the SPA and I am surprised how quiet it is.

I will post what I posted the last deadline.

What are people’s thoughts ….

A) SPA gets signed on the 21st

B) An agreed delay till ???

C) The SPA is called off

D) TZM are going to negotiate a settlement

Mine is A) but hope for D)

Best of luck

Adamsky

Evening Freebuffett ,

I have coped below the relevant part below from the RNS on the 29th of September which announced the agreement. The £2 million to Pathfinder is in pounds but the other figures are in dollars.

In simple terms AAG have to pay Pathfinder £2 million for IMM and raise $15 million dollars and start the claim within 3 months. Rough exchange rate AAG will have committed to £15 million up front. The wording states raising AT LEAST $15 million.

If successful Pathfinder gets $24 million or 20% of the successful claim if greater.

The last paragraph from the RNS , copied below, states the independent minimum claim of $110 million.

As I keep posting with Pathfinder jumping through all the hoops to start the claim by engaging with the relevant parties who have just ignored any resolution by the sound of it and a High Court judgement in our back pocket how can the BIT claim fail.

AAG have carried out months of due diligence and if they purchase IMM they must know they are onto a dead cert and the successful claim with be worth many hundreds of millions with 20% to Pathfinder.

The Mozambique Government will be made to pay for their corrupt practices of transferring the licence twice and potential incorrect rulings in their courts.

FROM THE RNS 29/09/22

· Payment of £2 million in cash to Pathfinder by AAG for the acquisition of 100% of IMM on signature of the Acquisition Agreement
· Binding commitment by AAG to commence legal proceedings against the Government of Mozambique in respect of the Claim within three months of completion of the Acquisition Agreement with AAG confirming that it has secured at least US$15 million and will use its best endeavours to pursue the Claim to a satisfactory conclusion within five years
· Contingent payment by AAG to Pathfinder of US$24 million or 20% of net recoveries (whichever is greater) from any award or settlement of the Claim

"This transaction, if completed, will ensure that the full force of a timely and well-funded Claim is brought against the Government of Mozambique and that Pathfinder could participate very considerably in any financial upside which has been independently evaluated to be worth in a range of US$110 million to US$1.5 billion.

END OF RNS

As I keep saying on news of the deal the share price should rise many times on the prospect of a major payday.

Adamsky

Morning Freebuffet,

I have a more optimistic view. Shares are not always valued on their current worth, some less and some far more on future prospects. Pathfinder fall in to the latter I believe.

If AAG buy IMM and spend the £15 million, as agreed , after all the due diligence AAG must realise they are on to a dead cert. Each passing day and each passing month the money demanded by AAG will increase. Not sure if all can be taken into account but the constant raises to keep Pathfinder afloat, the loss in revenue over the last 12 years and of course the now even more massive value of the resources.

Mozambique Government needs to force TZM to pay up now to cover up their corruptive practices or have them exposed to the world. If it is a successful BIT claim it will be the Mozambique Government who will have to pay £100’s of millions pounds to AAG. You are not dealing with a peanut British company anymore you are dealing with hard nosed lawyers who will know the true value of the license and ensure they get its true worth.

Have a good Sunday

Adamsky

Morning All,

Everything crossed.

Adamsky

Evening All,

I was in Oxus Gold and Churchill Mining, a fool and his money is easily parted.

Third time lucky ?

Please remember we have a U.K. High Court ruling in our favour, we all know the license has been stolen.

Let the battle begin.

Adamsky

Good afternoon OTB,

I am feeling great, thanks for asking.

After the last RNS I am feeling confident that we will either sign on or soon after the 21st or an explained delay of more time needed or by some miracle the Moz Government or TZM have finally woken up to the legal action that is coming their way.

I am optimistic, let’s hope the share price reflects this.

Have a good Sunday.

Adamsky

Afternoon All,

We are nearing the deadline of the 21st of February to sign the SPA and I am surprised how quiet it is.

What are people’s thoughts ….

A) SPA gets signed on the 21st

B) An agreed delay till ???

C) The SPA is called off

D) TZM are going to negotiate a settlement

Mine is A) but hope for D)

Have a good weekend Adamsky

Afternoon Lookingformoney,

As you say they are at the last chance saloon, force TZM to pay up, Mozambique won’t, or pay many more millions once IMM are sold to AAG. A successful claim by AAG will damage the reputation even more of a country that allowed a stolen license to be officially registered with Veloso and co and then allowed the stolen license to be then sold to TZM.

TZM and Mozambique Government ignore the financial and reputation damage at your peril

Adamsky

Good Morning FreeBuffett,

Great find but I don’t think it is our claim as I assume as part of the process you have to state the owner and legal representation. I think that until IMM is sold to AAG they can’t start the legal process.

On the other hand it wouldn’t surprise me if more companies are taking legal action against the Mozambique Government as if our episode is anything to go by the BIT claim department will have a ‘Queue Here’ sign on their virtual door.

The more the Mozambique Government has claims lodged against them the more it strengthens our claim as the adjudicators will just look at the track record of the country and not be surprised of another claim.

Let’s be honest if the sale goes ahead after all the due diligence AAG must have carried out and checked every part of this sad tale they must be certain of a successful outcome which will be in the £100’s of millions.

AAG are not going to spend £15 million initially, do we know if more funding is required, on a punt.

The above is not investment advice but a hopeful outcome for us all.

Enjoy the Rugby or watching squirrel videos !

Adamsky

Good afternoon all.

I was getting concerned that AAG might have found out that Pathfinder’s claim was not as water tight as we had been led to believe. But with a U.K. High Court ruling in our back pocket and all the underhand transfer of the licence to Veloso and co. by the Moz Mining Department and the refusal of the Moz courts to recognise the U.K. High Court Ruling arrogance and corruption appear to be rife in Mozambique’s government and legal systems.

Well I am most surprised that the share price isn’t at least double it’s current value.

Effectively the Moz Government has until the 21st of February to head off the Tsunami that is heading their way. The only way out of it is for the Moz Government to force TZM to cough up millions to pay PFP and AAG to not go ahead with the sale of IMM and pursue the claim.

If IMM is sold to AAG then each day that passes AAG will demand a higher payout as they would have already spent considerable sums of money on the due diligence, paying Pathfinder £2 million and the £12.5 minimum that requires raising as part of the deal within 3 months. Total approximately £15 million spent by AAG.

After the SPA is signed and AAG has raised the funds if Moz decide to settle the claim or force TZM to pay up the payout to AAG might be well in excess of £100 million.

As I have waited years , what’s a few more , I would rather it went to a judgement which could either mean handing the licence back to AAG , thanks TZM for starting to build the infrastructure , or a payout in the £100’s of millions.

I suspect the Mozambique Government will just ignore events until they are forced to engage via the BIT process and finally realise it is not a small British company they are dealing with and can no longer ignore.

The sooner a settlement is made the cheaper to settle.

On the other hand the conspiracy theorists could speculate that the extensions are there for a final chance to settle.

Only time will tell

Best of luck

Adamsky

Here are my thoughts, no investment advice as I usually get it wrong !

As mentioned before I am a pessimist in life but for some reason an extreme optimist when it comes to shares.

I have a large amount of shares bought over the last 10 years on the belief we cannot lose as we have a High Court ruling in our back pocket.

But the extension of the due diligence, the £0.5 million raise and deadly silence from Align has got me concerned. As mentioned in the previous post why raise and dilute if £2 million is coming our way, why are Align quite, very unlike them, although I am not a great fan of theirs.

I also do not agree with another poster that if we win we will not get 20% owing to expenses etc. . From what I have read we get 20% of the total amount awarded and if AAG win they will probably recover their expenses via the ruling. Our involvement and financial commitment will cease at the point of selling IMM.

We all have different thoughts and financial positions so it is down to the individual.

I personally wouldn’t buy anymore as I have too many and as people say , invest only what you can afford to lose but correct me if I am wrong but a cash shell company would be worth half the current share price so if correct you stand to lose 50% from the current SP.

Keep the faith

Adamsky

Good evening all,

Sorry for the late response but have been busy.

I will write two posts, the first about the loan and placing and the second relating to my thoughts.

I am confused, doesn’t take much I know !

RNS dated the 29th of September £120,000 loan till 3rd Feb

RNS dated the 28th of December £120,000 plus additional £40,000 till the 31st March

RNS 3rd of January ………….

The net proceeds from the Placing will be used for general working capital purposes and, as a condition of the Placing, to repay the loan facility of up to £160,000 plus interest (the "Loan") as described in the Company's announcements dated 29 September 2022 and 28 December 2022. As previously announced on 28 December 2022, the Loan was ultimately placed with an individual, with such individual also being the ultimate owner and controller of the Broker.

I am confused, have we used all the loan up and need more money , if not why do the share placing as we have the loan till 31st March ?

Also as another poster has mentioned IF we stand a chance of £2 million from AAG why do the share placing diluting all shareholders by 20% and why so much ?

Any thoughts from other posters ?

Adamsky