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I didn't finish that.

1958M shares at 0.11p = £2.15M m/cap. 1958M shares at 0.12p = £2.34M m/cap. So every 0.01p movement equals £190,000.

12 million buys is about £15,000. To move the share price from 0.11p to 0.12p would equal a sum of £190,000. Not so crazy after all.

(My sums are: 1958M shares at 0.11p = £2.25M m/cap. 1956

It looks as if this new 'discovery' has rendered the oncoming JORC Exploration target as almost a waste of time.

But then if they discovered copper at Pitfield - as they well might do if they keep digging away for long enough as copper was the original target I believe - then that would probably render the whole 'giant' titanium system a complete waste of time anyway. Just thoughts.

One also wonders why they have only just discovered this 'naturally occurring rutile and anatase within the extensive weathering cap that covers the deeper bedrock titanium deposit'. If it is sitting on the top it might have been better to have discovered this first. Just thoughts.

On

So the JORC Exploration target is still to come, though that does seem to be setting a target for the old - ie pre today's development - titanite-based deposit.

It also sounds like the drill plans for H2 2024 and H1 2025 as set out in the latest presentation might not now be needed though maybe they will be replaced by new drill plans to test the new discovery.

Shaun clearly says in the TMS interview that EEE are NOT LOOKING FOR A JV PARTNER, so that can at least be put to bed.

Also I see that today is the first time since the end of January that the share price has been above the last placing price at 11p. The share price is hardly rocketing!!

Funny how these podcasts were recorded before the official announcement - ie at least yesterday if not before. There was price-sensitive information in the RNS and because of this, the RNS should be announced to the market before the podcasters are allowed to view the content and make their own pre-news purchases. This is a highly dodgy way of going on and quite simply allows and encourages 'insider trading'. Poor show.

Get a life. No one is bashing or undermining the titanium. The fact is that titanium is little known and while on the critical mineral list it is not hugely in demand or in a potential supply crisis like copper.

Besides which my comment was just meant as a joke. It doesn't look like there is any copper there - just trillions and trillions of tons of titanium. Let's just hope the huge quantity doesn't flood the market and tank the price.

Can we assume that the JORC Exploration target is still on its way? ie. that this new discovery doesn't change everything and make it irrelevant or whatever?

Who knows if they keep digging and drilling they might even find some copper! Now that would really be a game changer!!

The other plus on the KON-16 side is that Scott Gilbert is the new CEO. To be honest the board appointed by Karam all look great if this had flowed multi-thousands of bopd from the outset but they are not a very practical bunch and not the sort to get their hands dirty.

Scott Gilbert, on the other hand, was the "co-founder and vendor of APEX in Angola (who in May 2021 were awarded the interest in blocks KON-11, KON-12 and KON-16), and an experienced oil and gas investor and executive" which is just the sort of hands-on approach that will be needed at some stage to drill and test KON-16.

From RNS dated 25th March 2024:

"Preparations:

Concurrently with negotiation of the Transaction, the Company has begun the process of preparing to reassume ownership and operatorship of the Project. This involves, among other things, the recruitment of staff, liaising with the local community, discussions with relevant contractors and suppliers and the obtaining of various permits required for field operations."

"..and the obtaining of various permits required for field operations." With a new owner and new operator it is most likely that they will need fresh permits, as they allude to in the RNS.

The over-confident management have made themselves look very silly here with their 'premium placing' and that ridiculous 'Put Offer'. They can pick those same shares up today for 5 times less.

If there was any hope of KUN-16 getting to drill-ready status in the foreseeable future this might be worth a punt but I fear that is still a long way off.

As for taking on another acquisition, in say Brazil, with a m/cap of a couple of million and precious little cash they are not likely to acquire anything of note and anything they did acquire would no doubt need money spent on it so taking a punt on KUN-16 would still seem to be the best option.

I repeat, it is very unlikely that OMI can apply for drill permits when they do not even have full ownership. Permitting cannot even start until the ownership agreement is finalised and approved.

Brad George is just saying things to keep the market sweet. Resuming ownership is going to take longer, then approval is needed, then drill permits can be applied for. At the moment this is all just words from Brad George. April has already become May and now June and, no doubt, this will soon become July, August and September.

I don't think there is any doubt that this will all get done eventually but assuming full ownership and getting drilling certainly isn't going to happen very soon.

"Discussions are progressing and negotiations and the finalisation of definitive documentation will extend into June. The Acquisition is subject to approval by the TSXV and compliance with certain Canadian securities laws, including Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), given that one of the parties is Newmont which is a 14% shareholder in Orosur (and therefore a related party under the rules for both the TSXV, AIM and MI 61-101).

Logistics and Planning

While final negotiations continue, the Company's technical and commercial teams have, over the last month, been undertaking the necessary planning and community consultation to allow it to reassume operatorship of the Project as quickly as possible after completion of the Acquisition."

"Extend into June" or July. Then approval is required by the TSXV - so maybe add another month or so, at least - and there is no mention of when drilling might start - just resuming ownership - so probably another month or so for permits once the deal has been finalised, as they can hardly apply for drill permits when they don't even have ownership. In other getting this finalised and getting back to drilling is still several months away in the real world.

And obviously they won't have much trouble raising more cash. They can do the same as they did last time except this time the placing, heavily subscribed by EXT and the directors, can be set at a premium of maybe 3 times the current share price.

If anyone still has any shares here - and I certainly don't - then maybe if they ask EXT nicely they will buy them at 2 or 3 or even 4 times the current price. Anything is possible with this management - ask Mr Jennings.

I expect that A Karam and his partner at EXT will pay for all the costs. They obviously have very deep pockets and like to 'splash their cash' around generously.

I mean it is quite simple really. All of the oil in the block has been extracted and sold a long time ago, just leaving water and a few oil shows for the partners to squabble over.

Also as I have pointed out several times before, 9 months of drilling and testing must have cost a fair packet and all for absolutely nothing. It would have been better to have done a quick 2-week drill and 10-day test at each location rather than string this out over such a long period. Sonangol have proved themselves to be very amateurish for a state-owned oil company.