Member Info for breaktwister

Just imagine what we would be worth if MMA hadnt shafted us, the past two years spent on drilling, plus cash payments to keep us afloat under P2. We would be north of 20p imo and that was what most of us had based our investment decision on. Just depressing to have backed a donkey in a bull market. Could it all turn around? Brad needs to reconfirm the drill plan imo, and tell the market why they cannot do it while waiting for TSX approval. Usually, an SPA is good enough to provide rational for moving ahead with other activities.

And yet OMI is ignored. What does that tell us?

Wolfie, I would suggest googling "SPA in mergers and acquisitions". It is a legal document and RNS worthly that the terms have now been finally agreed with MMA, as is evidenced by the content of the RNS. The closure details will include things like that formal transfer of shares which will need TSX approval, but the key is NO further negotiation of terms with MMA.

Mikey, after Newmonts merger with Newcrest they publically stated that they were consolidating their projects and only keeping on the largest, the biggest mines in the world. As a greenfield project, and with no other interests in the region, Anza did not make the cut. Ok, it may not be a 10m oz+ project, but I am many others think its 5m+. If OMI can start proving reserves we are looking at an exciting time, after a horrible 2 years.

Micky, the contract (Exploration Agreement) was released via Canada RNS (Sedar). I have posted the link before, Sep 2018 was when it was posted on Sedar. Sorry bud, but no time to hunt for it again. I know it well and I am a lawyer so ask if you have any particular questions. Mostly my response will be "the contract allows for X but OMI have done Y".

impec, your message suggests that you have heard from brad and can confirm (ii) that the letter of intent that he so publicly trumpted has been resurfaced by mma for further demands? if so, that is certainly not "good faith" on their part and thus the rns statement "all parties are acting in good faith" is clearly lies. at what point does he tell them to f off? never? just watch the shareprice fall and get bought out for $5m? lt holders here will surely remember his statement "if they mess around we can just tell them to bugger off".

what i cannot wrap my head around is this: he strikes me as a no-nonsense guy, i cannot picture him as a complete *****/doormat in the way he has been handling this situation - which makes me think there is something in it for him to be putting up 0 resistence to unreasonable demands and completely unacceptable timelines from mma. do mma have a nice retirement "consultancy" position for him to pick up in a few years time once the dust settles? we will all have lost our investment but he will be rich and comfortable.

Wolf, you are asking the correct questions. It is yet another detrement to shareholders while Dumb and Dumber cry "it's out of our control". Well, quite frankly, they have full control, they can set a deadline, put financial penalities around delay, press ahead with drilling while we wait, set a deadline for a deal or force P2 to start. They had no Plan B in case the purhcase of MMA turned up some stinkers e.g. MMA hidden liabilities. WHo is paying for all the due diligence costs? Has Brad or Louis ever completed a Merger or acquisition, if not then how can Brad say honestly "purchasing MMA is the quickest and easiest path". As I have said before, the management here is so bad I cannot put it down to pure ineptitude, nobody is that bad and we have two of them!

I agree with Stoneo, he had to issue RNSs monthly as they keep missing the previously RNS'd deadline. Now, they have set no deadline so we are not "due an RNS". I would like to know what the reason for delay is.

Impec: "no, they're not reassuring at all. Having a CEO who depicts himself as the prisoner of circumstance is alarming, rather than reassuring." Exactly right mate. People forget that OMI should be in the driving seat here, MMA are being offered a deal when they are legally due nothing, if they start to play hardball OMI need to tell them to f off. Prisoner of circumstance? NO, more like prisoner of low management ability, or something even worse as the management here is so bad you have to question whether it is something else at play.

Correction below, rights can be waived, not obligations. Too busy multi-tasking today.

And to add to the latter, an important point, this whole debacle smells so suspicious to me I would not be surprised if Newmont or Agnico put a bid in for $10m to purchase OMI outright, which would come with a side sweetner for Dumb and Dumber for allowing the price to be driven into the floor. makes good business sense, right, why would they pay another $20m to get 75% ownership when they can crush OMI without resistence and buy it for $10m?

Why the need to buy MMA? Rights and obligations can be waived via a simple letter. So no not "out of our hands", unless one accepts that OMI is a harshly treated conquest of MMA.

Sorry Wolf, but at risk of sounding like a broken record, I cannot let comments slide like "totally out of OMIs hands". I have proposed a large number of actions that could, and should, have been taken by OMI to protect shareholder interests. OMI own the Anza licences, OMI have a rock solid contract with MMA that states P2 must start 90 days after P1 ends, if not, then MMA lose their option to progress. OMI could do many things here so no, I cannot accept the nonsense of "out of our hands".

I ask you this then Dr - if they are so confident that "parties are acting in good faith to exit the Exploration Agreement" then why don't OMI press ahead with the small amount of drilling needed to take Pepas and Apta forward toward resource definition? There is nothing legally stopping them, OMI hold the licences. It seems to be the least MMA could do, given Newmont own a chunk of OMI anyway. Why wouldn't MMA say, sorry for dragging it out chaps - why don't you press ahead while we wrap up the exit?

Why don't you ask Brad this since you are the one with most contact it seems?

Raising funds on the back of a contract and then not enforcing the contract while sitting there collecting salary and diluting shareholders to so is is not "misleading" - it is outright fraud and breach of duty of office of a publicly listed company.

ST kid, I will flatten you in every way possible only I don't need to, we can all see you are an imbecile with the brain of a pancake. This statement here referring to me as an idiot for complaining that OMI shareholders have been defrauded - you think we should expect to be defrauded on AIM? "when some idiot claims they are reporting Brad to AIM for misleading shareholders you don't call it out as pointless and a waste of time which we all know it is. We all know AIM is renowned for it's lack of regulation".

ST now blocked from me.

DrR, do you think the shareprice would be lower than 2.7p if OMI had simply RNSd "we are parting ways with MMA" and then proceeded to drill this time last year? Nope, we would be over 10p.

I am blocking Moo now. Utter tripe.

DrR, yes, I think OMI should have told MMA that the Exploration Agreement has ended with no rights or obligations remaining on either party. They should have done this back in early 2023. As the 100% licence holder we would have been able to press ahead with drilling, leaving MMA to consider their position. I think there is a very high chance that they would do nothing here is why 1) the contract is clear they have nothing unless the progress to P2 which they don't want to do - that is their problem 2) frivolous and vexatious legal action (bullying) against a tiddler would be huge reputational damage for these companies that rely on junior explorers for their pipeline. Very very damaging for them if they sue and lose. So yes, OMI should have told them to F OFF.

They still might be forced to do this OR to force MMA into P2, if it turns out the purchase deal is dead (for example if they have uncovered hidden MMA liabilities).

Why don't you share with us what insights's Brad has given you that makes you so confident? What is the delay in the deal and when are they targetting? Is there any compensation for delay? They don't reply to me anymore because I reported them to the FCA for fraud (raising money from markets on the back of a contract they then choose not to enforce).