Member Info for breaktwister

Why do you expect a partner Dr? I'd that was the case surely we would have had a tweet saying "some positive conversations" at the mining conference?

Nearly two years of doing nothing now. "Pens poised" in April, really?

If there is an amicable partnig of ways why not let OMI proceed with the Pepas drilling while the agreement for future payment/royalty is sorted? In my view the whole "purchasing MMA" is a farce, all that was needed is a letter from MMA stating they are not progressing to Phase 2. MMA lawyers have run rings around OMI, I regret not selling here tbh. The only thing keeping me in at this point is sods law, I sell then the RNS comes next day followed shortly after by new funding/JV and we all know what price can do then.

AGEOS, your query on APTA "So why is this not the top priority for OMI when the MMA deal is concluded? Why is it not even mentioned in the MDA filing and why has all the previously detailed data and maps relating to it been removed from the “Project” section of the Company website?". My answer to that is that Pepas is from surface and is a candidate for an open pit mine whereas APTA high grade is much deeper, over 500m and significantly higher Capex requirements. With regard to APTA maps being removed Brad has stated in the past that they shouldn't have gave out maps as that encourages illegal mining. Finally, just because APTA was not mentioned in recent RNS and interview does not mean it has been forgotten, or there is an issue, simply that the focus has changed to Pepas.

However, I do note with interest your suggestion that there may be environmental permit issues at APTA. DrR replied that full mining licences have already been granted. I would love to hear from the company what the position is on this (but they no longer reply to my emails!) - if the licences are full mining licences when are they due for renewal?

I had emailed OMI at one point asking for more detail on Brads background, no response. I thought his response to Rick's question was terrible, he really has achieved nothing that he could have spoke about in his career? Nothing, not one project he was involved in turned in a producing mine or profitable company? How da hell is he is CEO then?

TJ, you are hitting on the reason why I and many others have held through painful downturn, I have added all the way down and bought a good chunk under 3p. OMI is not noticed yet outside of AIM bargain hunters and when they can start proving up resources Canada TSXV investors will sit up and take notice. There are companies on TSXV that have very small gold prospects but valued at 5x OMI currently, the value here really is insane at under 10m mcap.

"Can move to resource definement in weeks at Pepas", this is huge imo, I posed the question many times previously, what would it take to start defining resources, and here we have it. Pinch of salt on "weeks" as we all know Brad's timelines are wonky to say the least.

ST, I don't agree. Brad could have, and should have, called the most senior rep of MMA into his office as soon as they said "C&M" to tell them it was not acceptable and to make a decision by end of the week. At that point, the contractual deadline for beginning Phase 2 was already exceeded by 6 full months! That is a very long time for a junior with no revenue.

Harry, no that is for a single zone called Apta. There are at least 5 zones where we know there is mineralisation. Have a look at ther last drill results from Pepas, there is gold from surface which means a very economical mine to get up and running providing cash-flow for the underground mining needed at Apta.

Vosgi - OMI have been kept afloat in recent years by cash payments made by MMA (a JV company between Newmont and Agnico). The JV relationship with MMA is in the process of ending, apartly Newmont have narrowed their global approach to only the top 10 projects in the world and Anza did not make the cut. Now, OMI has to fend for themselves in terms of funding.

There will be further raises, or a new JV, just the same as any small explorer who needs to fund project advancement. OMI's elevator pitch is that it has a highly prospective large land package (200km2), with multple hits already as you can see from past drill results. The potential is significant, "elephant country", I and many others believe there to be at least 5m oz, multiple targets, not all have been drilled yet.

Hopefully Pepas is as big as we think as that would be an ideal starter pit mine. That is the immediate focus for OMI, to get drilling again at Pepas, then raise or JV to move towards formal resource estimates.

"often drawn out" is some statement... Phase 1 ended in Sep'22.

They need to force some kind of positive outcome prior to the Mining Journal show. It cannot be understated how important such a platform is for a tiddler like OMI who nobody has ever heard of (outside of us AIM bargain hunters).

Imagine if Rick himself was convinced to take a position he has the most media exposure of any mining analyst/investor on the planet. Never mind 40p, OMI could be testing all time highs with that kind of exposure BUT their need their ducks in a row - if Brad can do this I expect a bidding war from potential JV partners.

impec, we can speculate all we like but will never know. omi turned their cards over with 72o when they failed to take any action against the breach of contract in delay of entering into phase 2. for far too long they did nothing thus showing themselves as toothless in matters of contract enforcement and thus negotiation. mma should have been told to do one as soon as they said "c&m" while already months past the contractual date for entering p2.

a f'ing **** show, my reason for adding was 2p was too cheap (highly asymetrical at that point) but really i should have just walked away from this mf, my other miners have make significant returns this year.

Remember the webinar where he said "buying MMA is the quickest easiest resolution" which is obviously nonsense. Purchasing another company is a much more complicated matter than making an "exit with terms" from an existing Exploration contract. Now the line after yet more broken deadlines is "complex commerical matter". FFS.

Opportunity cost is starting to bug me here. OMI is my biggest position, there is a PM bull market in flight and the share price does not move. I expect a goddamn rocket to make up for it.

We are in a non-contractual period whereby MMA have agreed to pay for minimal run costs until the exit is finalised. You are correct Karl, this would not extend to new drilling. If OMI is ready to start drilling immediately then they should do the exit deal asap as the market does not like overhang of old agreements. Lets exit asap and hopefully prospective new JV partners are already knocking at the door, and why wouldn't they be with gold at all time highs.

I guess MMA paid for the donkeys as part of the sale agreement, while their execs get to travel by heli :)

Impec, until pen is put to paper on the purchase of MMA, they continue to paying for all Anza costs ( licence and camp costs). We have a high cash burnrate as it is with directors salaries plus costs into other projects. My fear was that, once the MMA sale is signed-off that we need to move very quickly to progress Pepas in preparation for another raise or JV before OMI burn-out of cash. Given the various tweets/pics of activity onsite my fears are alleviated somewhat.

My point being the higher costs for Anza camp/personel do not kick in until after MMA exit/sale agreement signing.

Lack of mgt ownership is a red-flag to many investors, especially in the junior mining space. it is simply not credible that a BoD would try to sell an investment opportunity where they themselves do not put their money where their mouth is.

If the opportunity was so good, the BoD would be doing whatever it takes to free up funds to invest. Simply saying "I am too poor to invest" is a red-flag in itself.

TJ, there will not be any snag, MMA have achieved their objective which as to claw back some of their investment, the royality is extremely generous. The deal will go ahead, as if it doesnt OMI MUST tell MMA to f off with NOTHING which they have a very strong contractual basis to do, as I covered in many lengthly posts previously.

Ofc, this does not guarantee a timeline, it could be delayed, but 100% will go through or MMA walk with nothing. Remember, OMI hold the licences 100%, we dont need MMA permission to press ahead with Pepas drilling.

Impec, if we are to go down the very risky path of option 1, I would want to see a plan as to what is needed to get some formal resource estimates onto the board. Surely, having spent $20m on the project in recent years they have a LOT of data that could be used to formally estimate resources? I know that they have enough for their own internal estimates but how far away are we from making it formal? The formalisation of resource estimates is that will drive the BIG revalution here, the sooner OMI can make that happen the better.