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Oopsy.. I’ll explain simply for you in my own terms, no ai included, see if you can keep up.

In Jan 2025 they restructured their debt. Are you aware why debt is restructured? Typically because the debt has become unpayable and without a restructure dangerously close to insolvency. Spartan will have had 2 options: agree to restructure or default NTVO.

Part of the terms were that any conversions would be at 20% premium. They haven’t yesterday all of a sudden decided to pay 20% above share price..it was pre agreed. Got it?

Are you familiar with time value of money? I wouldn’t have thought so.

The NPV of £100,000 in 2028 (at maturity) is likely to be worth the same now if you apply risk and discount rates and opportunity costs back to present value. Put simply for you, 20% loss now (the premium) is probably worth the same as waiting 2 years now. This way, they can have the cash in hand now.

So it could be a signal that they don’t expect NTVO to be generating enough cash to pay them back and they’re de risking part of the debt.

I know that’s very difficult for you to understand but put it into your AI machine and I’m sure they’ll tell you the same.

“Cry” more

Such a simple mind

Fergal, can you explain how yesterday’s conversion was bullish? Thanks

The hypocrisy in this forum 😂 4th Jan a working day for you was it?

Have a great week all.

I don’t follow the NFL ice - but my footy team did just win.

Enjoy!

Yes iceman. Not here to argue. Was justifying my calcs which were laughed at.

The 44k is the total amount sold. Note 5 could’ve given us some more info, but I agree - this is all in the past. I wasn’t the one who kept bringing it up :-)

I couldn’t agree more iceman.

But the topic of this conversation where CFC joked about rangers calcs, then name dropped me, was solely to do with the $44k. Cfc persistently said this was NTVOs half….. it wasn’t. As you have just proven as well.

You’re both clearly not from an audit background so I’ll spell it out simply for you… accounts need to be prepared under IFRS. Got it? Facts. Logic.

Direct from the auditors…

“We reviewed the joint venture and shareholder agreements and confirmed that the Group has sufficient power, control and the right to receive variable returns from Boku to meet the IFRS 10 criteria to be consolidated as a subsidiary.”

Look up how subsidiary revenues are consolidated under IFRS 10.

Got it yet?

Have a fantastic evening.

😂😂 good one. Anything else need correcting here?

Maybe don’t invest in something you clearly haven’t read and understood the annual accounts for….oopsyoudiditagain

Took your time carefree. Have you read the 2024 accounts? It’s like talking to a brick wall 😂

https://www.nativoresources.com/media/1652/nativo-resources-plc-accounts-to-31122024-final-04062025.pdf

Key audit matters

Acquisition of Boku Resources SAC ("Boku")

The Group acquired a 50% interest in Boku in Peru for consideration of $750,000 and has consolidated it as a subsidiary.

Also refer to note 12

Try harder. Facts and logic…….

Dear lord, after reading your comments below, knowing the accounts were 100% consolidated that’s hilarious with you on your high horse asking where the other 22k went 😂😂

Carefree.. why are you splitting the 44k by 50%?

You do realise that the 2024 financial accounts were consolidated and Boku was treated as a 100% subsidiary? You do understand how a subsidiary is treated in consolidated accounts right? Got it?

Facts and logic etc 😂

Considering the sole purpose of the company is to mine gold, you’d think they would they would mention it in their half yearly report but hey ho

https://www.nativoresources.com/media/1675/half-year-report-2025.pdf

3 ore shipments between mining commencing in December 2024 and early 2025 before rain. Got it. Shows what to expect when they resume artisanal mining. Got it.

😂😂 maybe read your own username for some advice. Got it.

So you’re saying that they actually sold more than the 10 tonnes quoted?

Jesus Christ…. You were the one that mentioned last years sales, and banged on about figures.

As far as we were told, Boku processed the sale. Of the total batch, 10 tonnes related to NTVOs Bonanza. As far as I’m aware, NTVO are only currently planning on mining Bonanza. The rest was at Boku’s disposal for which there is no longer a JV.

Still no idea what is trying to be achieved below. All I know is:

10 tonnes from bonanza were sold at an average of 63.6g/t.

Total 636 grams (approx 22oz).

Gold price at the time approx $2,600 give or take. Minus 30% = $1,820 per oz.

≈ 22oz * $1,820 per oz ≈ $40k revenue. Again, give or take for exact gold prices and agreed rates.

Not sure how cost of sales aren’t included in audited accounts but that’s a different story.

Have a good weekend 🍺 time

I have no idea what Ranger was getting at. I’ve told Ranger a few times to put down the whisk(e)y when typing on here 😉 but don’t recall 1,023/t figure or what it even represents.

What I do know is, we were never informed of the Cost of Sales of the sales revenue last year, so pretty much impossible to establish profit per tonne from a one off batch.

I’ve provided my calcs separately. Funnily enough no one questioned my figures, only got told to do one so I presume most just didn’t like them 🤷🏻‍♂️

All of the below was taken from RNS/webinar:

Revenue = gold price per oz less 30%

Average samples = 10g/t

Expected mining before GOPP = 3 to 5 tonnes

AIC per oz = 1,100 to 1,500

Loan costs 180k plus interest per month, if not diluted into shares. Directors fees, again if not diluted for PIK, over 200k* per annum (*not double checked this)

Apply your own maths.

Too much waffle there for a Friday evening 🍺

Have a great weekend.

End of a busy week 💰 💰

Any contractor yet? When’s the first loan repayment due, or will we have 180k dilution from YA soon? I’m sure with some military background they can avoid that 😂

No idea what figures you’re on about below. Not seen rangers calcs, so some context appreciated.