Member Info for Bannor

Hmmm a rogue comma ... did you lose one MD?

Give em a chance .... Mrs Padovsky will have been busy clearing away the Mugs & empty Chocolate hob nob wrappers after the long Easter weekend before, getting the boys up & dressed for school so she can sit down and write an RNS in her best England.

.....listing RNS :

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02653033-6A1144623?access_token=83ff96335c2d45a094df02a206a39ff4

Initial directors interests & M Woods significant holder ....

....makes me sad as one of my friends used to sell ice creams..... they found him one day slumped on the floor of his van covered in hundreds of thousands and raspberry sauce ..... the police said he topped himself...

OK it's old and I've used it before but it makes me chuckle .... I'll get my coat as I've got things to do in the garden.... Laterz :-))

...want a flake with yours?

Nope you've got me ..... what relevance does Horizon have to KDNC?

...maybe we should just agree to differ @TC but I don't think it's all as black & white as you do ... for a start the $24M for the 22% (after our 27% vested) wasn't cast in stone IMO .... Kiran on several occasions has stated that it could be anywhere between $24M & $30M ... and from what I recall in the recent presentation inferred that bringing in someone else to fund the DFS & partner with us would be subject to negotiation & could increase the book value.

Regardless hopefully it'll all be sorted & over sooner rather than later

...sorry extract from original loan RNS:

· Cadence has agreed to fund initial working capital via a bridging loan to DEV Mineração S.A., owner of the Amapá iron ore project ("DEV") and has funded this via a placing of new ordinary shares to raise £525,000

This wasn't a loan from PBA to DEV this was a loan directly from Cadence to DEV (as stipulated below) ....presumably because INDO didn't want/couldn't fund it themselves .... also presumably because at that time our interest in PBA hadn't vested so we & INDO couldn't proportionately put money into PBA to make a loan to DEV because we didn't own any of PBA at the time.

The only way it works IMO is that INDO has released to KDNC 3% equity in PBA in exchange for the monies loaned, interest, management services & cash as stated with the loan debt written off in DEV's books.

Not sure how you've come to that conclusion @TC ... the loan was 'converted' along with other debt into equity of PBA by agreement with INDO ..... what would be the point of INDO agreeing to convert the debt into equity of PBA and effectively permit KDNC to retain 30% of it through our ownership of PBA .....

INDO hold and the balance of shares in PBA with the stated intention to 'possibly' (not guaranteed) now releasing up to another 19.9% of it as negotiated.

PBA owns 99.9% of DEV so what would be the benefit of effectively holding debt on itself ....all that's happened IMO is that for the loan, interest, management fees & cash INDO have simply released another 3% of the 73% of PBA they owned to KDNC...... debt settled, loan closed....

Not sure what you mean @MD .... Cadence lent DEV funds with an 18% interest rate . .. that loan plus the interest on it, plus fees for services provided by Kiran plus cash was rolled together to pay for the increase in our holding in the JV from 27% to 30%. i.e. the loan is no longer & nor is any interest being accrued on it as it has been exchanged for equity in the JV co.

For someone who is a cleaner, cook, carer, housekeeper & taxi driver you seem to have a lot of free time currently LoL.

MD .... KDNC get nothing from handling shipments ...DEV do & they've got their own expenses, overheads & salaries to deal with until the bank creditors are paid off, the mines up & running etc there won't be any income (& indeed a share of any net profits) for Cadence to take at all for years ...there's much work to do yet (unless someone else steps in/up) we've already been told it'll be 18minths ish minimum for the DFS then it needs financing, then it need reinstatement & recommissioning work etc ...... 2025 earliest to start mining, maybe the train will be up & running & getting some income earlier, maybe not ..... the interest on loans was all rolled up with cash & services provided for our additional 3% .... how long do you think a couple of £mill lasts for an AIM co & the overheads & salaries our boys chew through!!

Pre quotation disclosure statement below - the rest of them you can find for yourselves if desired:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02652042-6A1144230?access_token=83ff96335c2d45a094df02a206a39ff4

..... the last raise was in Feb 2022 ... since then there's been all the overheads/salaries to pay & continue paying, we've also upped our stake in Amapa to 30% ...where do you think the money's gone?

The PFS is already completed sometime ago......it's the DFS that still requires finalising as to the who's going to do it for how much, in what timeframes from when ..... regardless..... whether we mine Amapa or not remains to be seen however if sold it should now reflect the NPV more so than our cost I would hope.

KM indicated that we needed to bring in a JV partner to fund the DFS because he was unwilling to 'raise' at this level ... therefore by deduction we are cash restricted ... although a DFS is a relatively high cost element.

It has also though turned out very VERY different to the HoT issued in May 2019 as per extract below & people wonder why there's no trust & faith in anything said .... even when it's documented sometimes.... FACTS are what matter here now not talk of potential timeframes or values.
===============
• Potential for the mine and existing infrastructure to be brought to market swiftly with mining and processing anticipated to restart in 2021 subject to the grant of the necessary permits, regulatory consents and project financing.
================
No mention of PFS/DFS requirements 5 (yes 5!!) Years ago.... now looking at 2025 earliest if the DFS is required to secure funding .... shame they didn't understand the full implications of timeframes at the outset .... doesn't seem much quicker from starting from scratch IMO other than a reduction in the cap costs.

.... Top shareholders list:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02652041-6A1144229?access_token=83ff96335c2d45a094df02a206a39ff4

@ Johnston

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02650743-6A1143720?access_token=83ff96335c2d45a094df02a206a39ff4

What's needed is some really positive news regarding Amapa or Sonora .... If talking us up was going to achieve anything it'd have done it by now..... our SP is for the greater part made up of our direct holding component parts, there's not much trust or sentiment going round & unsurprisingly so IMO.

...beat me to it MrsB