Member Info for Adw198

I’d also be wary of people claiming they’ve received these explanations. Doesn’t take a genius to work out Swan is infact just part of the PR machinery, here to peddle positive sentiment.

Ah so sworn to secrecy but happy to provide updates to people who ask, makes sense;)

It’s DOIDs deal - if they needed their banks approval presumably that would have been factored into the 90days? Infact they didn’t even contemplate a bank ITE until March and that’s still not complete. And surely it’s not a coincidence it’s (apparently l) the same bank who are arranging the overall debt piece

I disagree that it’s out of DOIDs hands - it’s their due diligence process, ie it’s them satisfying themselves of their proposed investment. They’ve just choosen to essentially ask a bank to do it. The bank weren’t involved when they signed the HOA so personally it looks like the goalposts have moved, nothing to do with Covid.

I do agree there’s not alot ARS can do to do it hurry it along though - other than threatening to walk away or cancel the exclusivity.

I agree with that Grenade, or certainly that’s the risk isn’t it. I don’t think it’ll happen but if they wanted to play dirty it’s set up for them to do so. The open ended due diligence suits them down to the ground whilst we pay for the consultants and BKZ resource update. There’s definitely something fishy about the due diligence timeframe, TM said they’d already done their site visit last year, then end of January that was the problem. Something changed and I’m not buying the IR spin that DOID just have formal processes

Hi MT, so to clarify - are you invested here? If so can I ask why?

Hi Tradex, that’s been the IR message since November, I’d take it with a very large pinch of salt Sasha has also said to expect the BKZ resource update as the next news, but the draft hasn’t been received yet, hence not thinking the deal is super close - especially given he’s also saying how convoluted the DOID sign off process is.

I had a final nibble top up this morning as I’m confident - just think some realism is required on the timeframe.

Thanks trader. Interesting that some investors are privately being told it’s week 4 and others are being told Asiamet aren’t allowed to talk about what’s going on. Ultimately it’s DOIDs process and I remain confident it’ll get done due to the asset. But I’m definitely sceptical of the PR which has shown itself to be either misleading or misinformed

Fingers crossed and good luck all

Hi, when you say “it’s beginning to happen” and “they’ve been cautious” what do you mean?

Do you mean the ITE has now started the review? Have all other work-streams been completed?

I certainly hope so Tradedesk, but are we confident the Bank and subsequently the Bank’s ITE have even been appointed yet?

Very odd the final assays for BKZ haven’t been announced yet, as surely good or bad they’re price sensitive and would need releasing as soon as obtained - and before the resource update which itself was expected early Q2?

I find the comms absurdly bad, but there is an element where I don’t know how much this is his fault. The simple facts are nobody has wanted to pony up yet. I’m pretty confident DOID will do, but it doesn’t sound like there’s a queue around the block. The multiple parties referenced last year ended up being a shortlist of 2.

DOID haven’t satisfied themselves yet and I personally suspect that when the as yet unappointed bank review the outdated feasibility stud, they’ll be something else for them to do before coughing up. The RNS says it will complete their technical due diligence, but what about all the other work-streams that were mentioned? The goalposts will move and it’ll be when the permit is granted or similar.

DOID are just going at a pace that suits them and reflects their position in the relationship.

I’m holding and will add more if I can rustle up the funds

Wow that surprised me Dartron! Last week you said the longer is goes without a deal the more confident you were?! And now you’ve got the RNS you said you predicted you’ve sold at a loss. Each to there own, perhaps we’ll see you back, hopefully with some profit in the meantime

@swan - I’m mindful of dominating the board so I won’t keep posting but I would like a further chance to explain my views, especially given you challenged my sincerity / motives.

I’d previously said I wondered if DOID wanted confirmation the Banks would lend for the debt piece of the Project before signing. I don’t think that’s an outrageous position, infact if I was DOID and I could get away with taking that route under an exclusivity period I’d say it’s incredibly logical. Just like I’d ideally like to see granted permits before buying in and / or lending. My understanding is bank won’t lend until permits are secured and the company don’t want to apply for them until the plan is finalised. Any views on when that might be?

My view on DOID not rushing is further supported by the fact the 90day period agreed by the parties has massively been extended and now their due diligence is being completed by the Bank - the same Bank who are expected to arrange the finance for the Project. Just to reiterate though they haven’t yet been appointed and it’s now March. So this part of DOIDs due diligence hasn’t yet been commissioned, let alone started.

What I suspect will happen is the consultant will be more comfortable giving a view about an upto date feasibility study, rather than one that’s outdated. It’s outdated both in terms of the expenditure but also the returns. If it’s just a high level review and a reasonable request as Sasha asserts, I’m slightly curious why they’ve waited until now to decide it’s the final piece in their due diligence jigsaw. Everything was on track on December 22nd - so you tell me what changed? To me it looks like they want the Bank on the pitch. I accept it might be they couldn’t find any other consultants to do their due diligence but it’s the conclusion I arrive at. Is it yours?

I therefore think that the next update on due diligence will basically be a reason why it’s being rolled into the new feasibility study. I don’t think any of this is a conspiracy, I’m just taking an objective view on all the information. The linking of the project finance and due diligence is clear in the recent formal statements, albeit it might just be clumsily written.

Ultimately there are 2 risks / hurdles for Asiamet - getting DOID to sign and then getting finance in place for the Project. I think both will be solved by the revised feasibility study. I can’t say I’m not nervous until the deal (and finance) completes because if we all view it transformational then we have to accept that it not being over the line is the other side of that coin. Pretending delays are positive is disingenuous.

A final thought - just on a purely literal level how can Asiamet tell you definitely what the final stage of DOIDs due diligence will be, especially given the previous updates? Have you even considered what happens *if* the ITE says the outdated study doesn’t meet the bank’s financing requirements? Surely at that point DOID reassess th

I’m not trying to get a better price, I’m not expecting anyone to listen to me and would activity discourage anyone making an investment decision based on my opinion.

DOID will decide when they sign, so my view about when that will be is just a view about something that hasn’t happened yet. There’s no way Asiamet will have told you anything else, albeit yes they’ve clarified there are 2 separate pieces of work. We’ll see how separately they both complete and you’re welcome to return and tell me I was wrong if the first happens quickly. Do you have a view about when that will be?

My understanding is the bank will review the existing feasibility study to check it meets their standards. Once they’re happy with that DOID can execute the deal.

The bank will then be asked to finance the project by both parties in the JV, which presumably they’ll use the updated feasibility study for a completion of which is several months away.

My belief is DOID won’t pay / sign until the revised feasibility study is complete and approved by the bank. I’d be very happy to be wrong.

The holes are because we’ve previously been given different versions of the due diligence process. A bank is now reviewing it, seemingly on behalf of DOID. I hope it’s DOID who are paying for it.

Hi Datron

I’m not sure whether Asiamet have formally appointed the bank who DOID are going to use to complete DOIDs due diligence. It strikes me a perverse relationship to be honest, and the RNS is full of holes were compared to previous statements. Personally I think DOID just want the permits and finance in place prior to committing. Probably fair enough, why would they jump before then given they’ve got an open ended exclusivity period?

Not sure you called this btw - you expected a Monday RNS with either a deal or extension. Not sure how many other scenarios were expected?! But either way you must be more confident than ever ;)

“securing” is exceptionally optimistic given the bank haven’t even been “appointed” yet, after which they’ll do due diligence for DOID , before assessing the broader dent piece for the 8 figure loan the JV require.
for the avoidance of doubt I’m confident this will happen as the asset base seems great - but these delays to stated timeframes can’t be seen as positive imo.

Deranpers lol
The “upto 90 day” exclusivity period to allow DOID to *complete* their DD now entails an as yet unappointed bank to get an advisor to assess things.

Can any of the positivity crew give a view as to when DOID will sign the deal? My view is they will sign but H2

Hi Rich, I’ve actually previously said the due diligence of a third party (DOID) is indeed beyond asiamets control. But it was Asiamet who have given a series of bullish statements about this closing quickly, including on 22nd December when we were told all workstreams were on schedule. It now transpires DOID want an unappointed bank to do due diligence for them, but we’re supposed to be believe this will be done on a feasibility study that other consultants are simultaneously updating. It’s bonkers if that’s true!

I suspect DOID won’t be signing until and unless the bank and authorities provide funding and permits (no mention of that today?). If that’s the case i think we should be told the same and make an informed decision about whether to invest.

DOID bought 15% of the company in August and since then have had full access to the data. Long and short of it is they aren’t currently willing to not buy in

I think it a a shocking update and pretending it’s not doesn’t help. Look at the companies own timeframes - whether it’s for finance, permits, drilling KSK, Beautong - all miles behind. If these things take so long fine, but it’s the companies own timeframes that they continually miss - not mines, not yours and not your plumbers.

“well advanced” due diligence is literally the same phrase used in November and since then there are now additional hurdles to complete as they want the ok from an unknown bank. When was that part added?

It’s really poor. But I’m still here and holding