Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
If EUA BOD are there to say to the world "come invest in Russia", as it stands we have sold MT/Flanks to the Buyer, and currently don't own any of the JV licenses - so we've got nothing for the world to invest in unless Nyud transfer/JORC is released!
I thought the same Roger, with it being a favour for the BOD to appear in return for the Rosgeo JV.
However, it would have made more sense for EUA to appear at the Sova organised "Precious Metals" event in early October, they didn't......but NN did.
When was that updated?
"analysis of the initial data provided by the Customer for performing & geological and economic assessment;"
Customer being EUA?
Looks like a completed Feasibility Study on POAZ
Remember that the "Buyer" only surfaced when the JV was announced. So my view is that the Buyer is going to take WK/MT plus some of the JV upfront.
Putting a value of one of the nine JV assets will re-rate the view on the rest of them hopefully. I do think the EUA2.0 deal (maybe with the Japanese) will take a bit longer.
WA could knock a prospectus together like that for EUA in a matter of days. Fancy slide deck means nothing in terms of a valuation.
I'd be surprised if there wasn't one produced for the sale process, just never made public. That's probably the Russian way of going about business.
Chalice has proven up the resources in the ground, however monetising that is a long way off either by sale or mining. Years in either case.
EUA has a 'buyer' that has successfully completed due diligence!
Crazy difference in the valuations.
Agreed. I have believed for a while now that we're looking at an initial lump sum disposal of MT+Flanks for the dividend, then an income stream in EUA2.0 from the JV.
"Several transactions" RNS backed up this theory.
It is the annual Norlisk Nickel capital markets day on 29th November. If it is NN as the other party, you'd think they'd want something done by that date so they can talk about it.
NN have been one of the pioneers of blockchain technology asset backed securities. Dmitry is very interested in this area and in the 2019 interview he talks about EUA being able to make a company attractive for "exposure to" PGM. I think he could move onto leading the asset backed securities after the deal.
We might not see the JORC announced until the sale is announced.
IMO the "May-21 Buyer" is buying MT+Flanks+some JV assets.
The "separate transactions" referred to will be IMO:
1) Sale of MT+Flanks. Status: Due Diligence DONE. Waiting for formal offer: within a month(?)
2) Finance/supply agreement of remaining JV. Status: JORC DONE. Waiting for license transfer, then moving to offer stage.
First sale will fund the dividend. Second transaction will create a valuable EUA2.0 with an upfront fe and a dividend stream.
Even though a completed deal might be a little way off (due to multiple parties), a formal offer could be a matter of days away now that DD is complete. Usual the contract for sale is worked on at the same time as the DD. If the company RNS the offer that's when things will rerate, so could be sooner rather than later.
Roger, the BOD are the biggest holders in the company, they haven't sold anything, so what possible benefit would they get from a "pump and dump"?
Yes the shares are life changing for pis, but also for the BOD, they could join the oligarchy.