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As stated in the 15/3 RNS:
Outline terms agreed with Sheffield to contribute funding to support the Project into production in exchange for up to a 50% interest in the Project subject to, inter alia, due diligence over a 60-day period
· Continued positive engagement with LB Group in parallel with Sheffield - either party may individually conclude a funding transaction with the Company within 60 days.
Should there be a material change to that statement, the nomad would make them RNS the change. I think the statements made in the interview were meant to reassure investors that progress is being made and that there are no known reasons to be concerned et al.
Really interesting aspect - thank you for sharing.
I had wondered if there was a sequencing challenge underway; JV before further allocation of resource from GSMB, or the other way around. I would imagine that as the contributing partner [SR/LB or combo] that you would appreciate the extra licences before you committed your cash contribution!
Hopefully this will provoke a laugh!
I’ve got a new laptop, which I set up last night. I’d imported all of my cached data and came and opened this page this morning. For some reason it opened up on the conversation from April 2023 where we were having something of a meltdown over the licences being pulled! Same familiar names so it completely threw me. My heart nearly stopped as it was all talk about the GSMB and their d*ckheadery - I thought ‘not again!!!!’
Thankfully we’re past all of that now. And breathe!
Amazing interview for better context.
I love this point - drilling mostly averaging undertaken to 3m due to hitting the water table in places. We know in some areas the HMC is down to 14m. More exploration capable now due to more money available.
So LSE has just published a piece on YouTube about mineral sands…
https://youtu.be/-ZVD5uaWcxE
A maximal 19 days until Sheffield Resources, Lomon Billions, or a combination of the both have to conclude a funding transaction.
From the 15 March RNS -
Highlights:
· Sheffield Investment of £1.25 million for 10% of the Company's issued share capital at 3.623p per share
· 12-month option for Sheffield to invest a further £0.844 million at 4.891p per share
· Outline terms agreed with Sheffield to contribute funding to support the Project into production in exchange for up to a 50% interest in the Project subject to, inter alia, due diligence over a 60-day period
· Continued positive engagement with LB Group in parallel with Sheffield - either party may individually conclude a funding transaction with the Company within 60 days
From company website
Name - percentage - date last notified:
Sheffield Resources Limited 10% 21 March 2024
Bart Properties Pty Limited 9.5% 3 January 2024
Brent Holdings Limited 8% 3 January 2024
Roman Resource pty Ltd. 4.7% 3 January 2024
Spreadex Limited 4.5% 25 March 2024
Cantor Fitzgerald Europe 4.5% 11 April 2024
Stanton Investment Limited. 4.1% 9 January 2024
KL-Kepong International Limited 3.8% 19 December 2023
15/3 RNS stated:
Pursuant to the Sheffield Investment, Capital Metals has granted Sheffield co-exclusivity with LB Group (002601:SHENZHEN) for either party to conclude a transaction within 60 days to provide funding to support the development of the Project into production in exchange for up to a 50% interest in the Project.
I just don’t see Sheffield being satisfied with 10% - so I would think that titanium sands have rather over egged the interpretation of ‘agreed’! In principle maybe, but not signed off and that exclusivity agreement is now fair game. Though if it did value us at £200m, I’ll take the 13x ROI on current sp!
There’s an amazing property conversion taking place where I live, and if this gets to 20pps we might be able to buy it! Exciting times and just a little bit of daydreaming of being back to the EPO days of the twenties!!!
Just imagine if we got the JV, then additional licences approved and some footage of physical works - it could do multiples very quickly. I think once the JV is in place credibility of that deal will do us huge favours.
We need to start evidencing that our grades (exceptional) and capacity (deeper surveying to come) means we’re actually conservative on our assessed potential. This should be a once in a lifetime opportunity for me and I’m glad In loaded up!