Member Info for breaktwister

Laughable ST. Shareholders got screwed here. Anyone who invested in Brad's assurances that this (poor) exit deal would be completed by April are now down 50%. I would have let them off with the poor deal if they hadda finally got rid of MMA but this further delay is a kick in the balls. And clowns like you have the cheek to say you "believe in Brad to do the right thing?" wow, just wow. Laughable.

My comment is based on fact of OMI being doormats during this whole process, yours is wild speculation that they will somehow do the right thing for OMI shareholders. So don't tell me to "get it right".

ST you are the one wildly speculating that there may be a clause for compensation due to delay.

I can guarantee you there isn't ST. OMI have been doormats from day 1, they are not going to turn round now and suddenly demand compensation. Completely mismanaged all the way through, every single major decision has been the wrong one for OMI shareholders.

Moo, fair enough, but there should be some time limits set by OMI, if the time limit isnt met then cash payment as compensation becomes due.

Moo "Going in all guns blazing was never going to do Omi any favours. Working amicably with your biggest shareholder and partner is a much sounder strategy long term.". How da hell is enforcing a contract that all parties willingly entered into "all guns blazing"? All that was needed is for OMI to simply state "we are a publicly listed company who raised significant capital based on our Exploration Agreement, we have a legal and fiduciary duty to enforce it - please progress to P2 by January 2023 or we will consider you have completely exited the Agreement with all rights and obligations extinguished"

That is how easy it was to deal with this nearly two years ago P1 ended and OMI are burning through cash while making no progress on anything it seems.

A nice little thought to leave you for the weekend, but if the original contract had have anticipated a 2 year or longer exit period, there would have been a significant exit fee included payable to OMI. The contract did not include this of course as the exit period is 90 days. MMA are in breach of contract, as per the letter of the the contract, but who knows what stupid agreements Dumb and Dumber have made with them.

Stoneo, they won't be able to say anything until the MMA deal is fully complete as at present they are still under Exploration Agreement with MMA. They shouldn't be, they should have made MMA walk 18 months ago, but here we are. If, and it is a big if, and I think extremely unlikely, they have a JV lined up you are looking at a instant bagger. I have said many times before that this is an asymetic opportunity, hence why I am still here, makes no sense to sell when I have already put up with the worst management I have ever seen.

IW, regarding ancillary agreements, you ask how this could be seen in a negative light, one possibility and I admit this is speculation, but what if MMA owe a debt elsewhere and there is a dispute about it? I note that they recently existed another JV - was it a clean break? OMI could very easily find themselves taking on issues, have they uncovered something in their (expensive) due diligence? Purchasing another entity you take on their rights and obligations which is why I have said multiple times that it was a dumb idea when a separate agreement to wind down the existing Exploration Agreement could be done in a few pages and rubber stamped inside a week.

Moo, hardly speculation without evidence. The 90 day period was IGNORED to the great detriment of OMI shareholders. This is a fact. The reasons should have been RNSd if, as Louis claimed in webinar, it was a force majeure event relating to the Colombian govt. Instead, they tried to sweep it under the carpet, now why would they do that? There are only two reasons I can see 1) They mistakenly agreed in writing to give MMA more time, perhaps unlimited time 2) They simply do as MMA tell them them to do regardless of impact on OMI shareprice.

Isleworth, to your lengthly comment about RNS, I will clearly state that an external and unexpected hurdle that leads to a listed company being unable to meet a critical contractual timeline is very obviously market sensitive information. Do you disagree? They tried to sweep the 90 day period under the carpet, I believe we only got any comment on it at all was because of my ranting on this board and questions I sent in to webinars. The reason why it was being set aside , and the remediation plan, should have been RNSd.

Seingred - you have hit the nail on the head "we do not know what Brad (or Louis) may have signed to get his mits on $2m". I have a very strong suspicion that they waived the 90 term for some reason, who knows why, but the reason why the contractual period was impossible should have been RNSed which they didn't do. Instead we got a mumbling from Louis on a webinar about "change in tax law and govt rules for setting up new companies means it was not possible".

Who knows what other management shambles Dumb and Dumber are up to. I would like Louis sacked, Brad demoted to Chief Geo and a real CEO to take over that can deal with the legal side including putting MMA back in line.

Furthermore Dr, you state "They’ll be no renewed JV with worse terms for Orosur." How do you know this? OMI have backed themselves into a corner by letting this drag on for 18months requiring a raise just to stay afloat this year on director salaries. Every single time MMA have said "jump" OMI have said "how high". They are lapdogs at this point and it all could have been avoided by putting their foot down 18 months ago. If they have discovered a hidden MMA liability for example which could scupper the purchase deal, it is not wild speculation that MMA could turn around say, ok, we want to progress Anza but rip up that other agreement, it is dead now, here are our terms for a new one. OMI will bend over and take what they are given (wrongly in my view but it is clear that Dumb and Dumber simply do what MMA tell them).

Your the one that started discussing it DrR "If the deal falls through, which means they want to stick to the contractual agreement, then they are obviously going to financially back Orosur to lead exploration again, they’ve some spending to do to catch up with the terms of the agreement." When you say "terms of the agreement" that means setting up a new JV vehicle to progress P2.

ST - maybe we are talking about two different JVs? My comments were regarding, if the MMA purchase deal falls through, reverting to the Exploration Agreement Phase 2 JV with MMA.

ST - who are you kidding, the new JV requires a whole host of documentation, to create a new company and a brand new contract regarding ownership of the Anza licences. They were meant to be working on this from Sep'22 (end of Phase 1) and I don't think they had made much (any) progress in 8 months to May '23 (C&M). So no, if the MMA purchase deal does not go ahead, it will not be a quick process to enter into P2 to progress the project. OMI have show clearly that they are unwilling to put any time pressures onto MMA, which is a slap in the face to OMI shareholders and I would argue breach of their duties as directors, hence my offer to try and oust them via shareholder action.

It could take 6-12 months (im my estimate) to get the new JV up and running. Agnico remember did not like the terms specified for this which could perhaps explain why they are dragging OMI down this very nasty path of delay. Then after P2 starts, MMA have already contributed most of the contribution to Year 1 - so that is a further two years delay without anything happening a Anza. Only then in Year 2 would drilling commence. OMI would be raising money to pay director salaries only in the meantime.

This is why I was banging the table so hard at the time of the C&M RNS that OMI need to put a clock on all of these actions - the contract says P2 must start 90 days after P1 ends!

Now we are getting somewhere Wolfman, all valid points. At the risk of sounding like a broken record, Dumb and Dumber have NO CLUE what they are doing and they are also getting bad legal and commercial advise. Brad based his timings on a Letter of Intent which is high level stuff, it is clear that something stinky has been found in the weeds of due diligence. OMI should explain to shareholders why they think that purchasing MMA is "the quickest and easiest" way to resolve when it is clear that all that was required was an email/letter from MMA stating that they will extinguish their rights to enter into the new JV unpon the following conditions: (future payment + NSR). ONE LETTER was all it would take but instead we are stuck in months of nonsense - are MMA paying for OMI lawyers and accountants on this purchase deal - if so that is a conflict of interest, if not we shareholders are getting shafted. Whatever way you look at it it is a series of terrible management decisions - purchasing MMA a really really bad idea.

Imagine stating, which Brad did in one of the C&M webinars "we are too small to defend our shareholders interests in a legal dispute" but then spending god knows how much on lawyers and accountants on a hair-brained idea to buy the other party. It beggars belief it really does. Right, that is my rant over for today.

Seingred - no, the $2m was part of the progression to P2 but then MMA backed out and did not complete. That is their problem but simply paying $2m in itself does not give MMA any special rights to take 51% ownership without entering into P2. OMI were FAR from defenceless, they had, and still have in fact, a very strong case to force MMA to start P2 or exit the agreement completely with nothing. If this deal, a very good deal for MMA, does not go through a good management team would tell MMA to f off then. What I expect has happened here, I cannot prove this just a suspicion, is that MMA have other obligations that OMI was not aware of and that they will inherit as part of the very bad idea to purchase MMA.

If Dumb and Dumber the movie was set in the mining industry this would be it. Or maybe they are corrupt and simply in MMAs pocket personally. It is one of the other.