Member Info for breaktwister

This talk of buying MMA for X $ millions makes me very nervous. I have no confidence in our Board to resolve this in favour of OMI shareholders. I think OMI are going to vastly overpay, with MMA trying to recoup every penny they spent on Phase 1, which is NOT part of the Agreement. The Agreement is clear, if MMA do not progress to P2 they OWN NOTHING and they walk away with nothing. At best, I think OMI should pay $2m and MMA should just leave, not this bizarre "buying MMA" approach. I have written yet another formal complaint which is necessary prior to raising an FCA complaint, but I expect I will be ignored.

OMI have backed themselves into a corner by failing to address the lack of progression to P2 in a timely manner, which would have been from Sep22-Jan23, the C&M nonsense should have been the trigger for OMI to get aggressive for resolution. I told them this at the time and was told "it is legally complex and we do not wish to have a legal dispute with our largest shareholder (Newmont)".

Very poor management, the worst I have ever encountered, and I believe breach of fiduciary duty to be talking about buying MMA for $ millions.

I have spent many years consulting to C-suite execs and have seen all styles of management, but this is the absolute worst I have ever seen.

Going back to last months RNS they claim that MMA "have earned 51% of Anza" but this is WRONG as I have stated repeatedly, MMA only had an option and if they do not want to progress to P2 then they leave with nothing. I am afraid these clowns are going to sign away millions in future value, or worse, a free percentage ownership, in buying out a shell company (MMA) that is worth nothing. I am furious, but no longer shocked, that shareholders cannot do anything about this and if I had any energy left to waste on this steaming pile of turd I would submit, yet another, complaint to the FCA.

As it is, I am resigned that the clowns will vastly overpay for MMA, a transaction which is certainly not the "quickest and easiest way to resolve the matter" as Brad put it in the last interview.

Smart guys imo

Webb's, thank you for sharing that, I do not have time to go digging through NewMont reports for commentary but this report confirming focus on 10 core assets only alleviates my fears as to why MMA are exiting the JV with OMI, if is as Brad described, a business prioritisation rather than anything found lacking at Anza.

I am terrified at the thought of Brad and Louis trying to manage multiple JVs at once. Absolutely terrified.

Newmont own 15% of OMI which was arranged as part of the JV, what are they going to do with that now? Hopefully OMI include it in the "buying MMA" deal, but quite frankly I have absolutely zero confidence that these clowns will have even though about it let alone factor it into negotiations.

Karl, the opposite view is that they are holding themselves out as doormats. Any new JV partners will be licking their lips knowing that OMI will never seek to enforce any contract term.

At what price to remain on good terms? Shareholders have paid the price with loss of 90% or more.

Now, it seems we are on the verge of agreeing to future payment of millions for an entity that owns nothing apart from a few applications in the area.

Chicken, I agree with your comments regarding the huge delay. I have said it many times before, MMA needed to start P2 within 90 days of P1 ending. After this 90 days MMA lose their option.

OMI never issued an RNS to state any reason for a force majeure of this contract term, after around 8 months delay Brad verbally blamed it on "new laws that meant the JV company couldnt be formed in a tax advantagous manner". Utter BS imo.

This should NEVER have been allowed to drag on and it is clear evidence of dereliction of duty. I DGAF if MMA take a long time to make decisions, this harms OMI and the obligation was on Brad to collar the most senior decision-maker at MMA and tell them we are taking the 100% and walking if they do not start P2 within X days or come up with an acceptable exit plan.

Brad and Louis are either terrified of standing up for shareholders rights, or something worse.

With all due respect Chicken you shouldn't be interpreting contracts if you are not qualified to do so. "feeling they have done enough" is irrelevant, the facts are that MMA own nothing until they formally start P2 which comes with obligation to spend another $20m drilling Anza.

Shareholders have been shafted here and my finger is on the sell button today. The only thing stopping me is my anger, investment decisions should not be made when experiencing strong emotions.

CHicken, yes, and I was basically ignored. "we have various legal opinions on this and it is complex" was the paraphrased response. I also reported it to the FCA but they do not provide any updates or any information about action they may or may not take. AIM is for all intents and purposes unregulated.

I don't like it one bit but I am trapped and not selling at sub 3p. Buying MMA is the quickest resolution? Sorry but that is utter bs. All it takes is one letter to end the Exploration Agreement "MMA have choosen to not progress to P2".

It seems OMI have incorrectly accepted that MMA now own 51% of Anza, if not then what exactly are they buying and at what price? A few applications in the region? So what. No, this will cost us further millions as MMA pretend they own 51% of Anza and OMI accept it. In short, OMI shareholders are shafted from every direction.

The more I think about it, the more it becomes clear that the whole thrust of the Exploration Agreement was a $50m investment towards PEA. However, it was broken into Phases so that MMA did not have the full liability from the very start, which makes sense before any drilling took place. Thus the Agreement gives them the right to walk away after P1, which it appears there is evidence, as per bhargav, that Ignacio confirmed this in previous annual meetings. Quite how MMA have now been able to convince our new BoD that completion of P1 grants them 51% equity is beyond me, I have advised Brad otherwise and been ignored. It is either incompetence or corruption.

I guess the $16m is the cost of drilling so far, $20m minus the $4m cash payments to OMI. But that is the risk that MMA took, they don't get that back just because they do not want to progress!

Bhargav, I also do not think it is coming soon, if it was, why the raise now? P1 ended in Sept'22, and 17months later these clowns still cannot enforce the contract terms which are very clearly MMA either progress to P2 or leave with nothing. MMA do NOT own 51% of Anza, and they have NOT earned 51% of Anza.

Once again, the Exploration Agreement was designed for funded drilling to PEA, the contract is clear, if MMA do not wish to progress to P2 the contract ends with no rights or obligations on either party, OMI does not owe them a penny, yet our BoD are in conversations to give away millions in future value/equity. As I said before, I already made a report to the FCA that OMI secured funding from the AIM market on the back of a contract that they are now ignoring. If these clowns give up millions when MMA have no right to it I will submit another complaint.

I am so angry and exasperated our BoD have been walked all over by MMA and have shown absolute disdain for shareholders in letting MMA drag this out while our funds deplete leading to a raise at low price.

It has been a real eye-opener just how unregulated this market is and I wish I had never f*$ng heard of Anza to be honest.

But I am stuck now, I have invested so much, including time, effort, emotion, anger, complaints to regulators, that I cannot sell at the bottom and then have these clowns appear with a Anza resolution and new JV, which is the minimum expectation, if they do not have a new JV ready to go wdf have they been doing, they know they do not have the funds to drill Anza themselves.

They put out a tweet saying "small placing as we move towards completion on the Anza claw-back". The agreement MUST be firm at this point otherwise they surely would not be mentioning it again and again and setting themselves up for what would be a terminal failure.

Jackbal, I did not expect it either, but it is only 500k. They will need to raise more of course, hopefully at a much higer share price once Anza is resolved and there is a plan for drilling it. This will be a huge year for OMI, hopefully in the right direction otherwise I will have wasted significant effort, time and money. Do I regret it at this point? Yes, because Brad/Louis do not fill me with confidence, but lets see what happens.

3.16

Couldnt get a quote for more than 50k on ii. Took the 50.

How do they complete these placings BEFORE telling the market? Down 20% on this.

No reason to disbelieve you Bhargav, I am sure there are many 7 figure holders here, especially after fall to 2.5p or whatever it was, I added a lot myself sub 3p as even though I have been furious with Brad and Louis is the past 12 months, that was too cheap given that there MUST be some resolution of Anza in the near future.