Member Info for breaktwister

He also keeps harping on about "MMA are big companies it takes a long time for them to make decisions". Does he think none of us know how big corps work? When a critical deadline is on the table the decisions are made much more quickly, Brad's lack of deadlines is the main reason that they are taking so long.

The fact that the shareprice has been hammered gives him all the ammo he needs to say to MMA "sorry chaps, the market does not like this limbo, I need your response to X, Y, Z in two weeks time, and ultimately we need to set a target for next phase to begin". How is this diffcult to do? Furious thinking about how badly this has been managed.

drr, no, there would be no need to actually go to court. the fact is that omi own the licences and mma breached both the spirit and the letter of the exploration agreement. in addition, omi did not notify the market of a force majeure event, this "change in the law that means the new jv could not be formed within 90 days", i do not fully believe this, as they would have had to rns. instead we got "mma care and maintenance" which is clearly the truth of the matter.

i have said many times that all brad had to do was say c&m is not acceptable, put a new timeline in place to begin phase 2, somthing that still is not in place, and threaten to walk if they do not adhere. omi does not need to go to court to do this. i can nearly guarantee this would have been addressed months ago if mma were told they would lose it all if they do agree a new plan to begin p2. our ceo thinks it is "suicidal" to stick up for shareholders, because he is afraid of jv partners who have breached the agreement? he would rather we lose 95% of our investment than take simple action like placing deadlines. ******* joke.

I do not agree with management approach regarding Anza JV, yet, mcap is now so low it is priced as if we have given Anza away. This could go bananas to the upside if new JV for Anza is announced alongwith a drill plan. I would like to see a timely arbitration clause so a third party can determine if any future messing around from MMA is acceptable, anything would be better than Brads "let them do what they like" attitude.

i do not share brad's views about conflict resolution. as i said many many times, all he has to do is give mma deadlines for making decisions, this does not mean you need to go to court, it means you stick up for your and your shareholders rights under the terms of a time-boxed contract. fine, the law changed, force majeure on part of the contract, but you need to put a new timeframe in place, why is he is afraid to put simple timeframe demands on mma? he is a ceo and he will be dealing with lower level managers from mma, he should be telling them to have decisions made and back to him as per a timeframe he sets, not this ***** cat waiting.

Interesting comments, Brad expects to have management control of the project and it sounds like the new JV for Phase 2 and 3 has progressed substantially, which means MMA is still interested in progressing this rather than an exit or indeed OMI walking away due to lack of progress. I'll not hold my breath as I decided at 6p that my holding was going in the bottom drawer, painful to lose another 2/3rd from there but if a plan for Anza with MMA financial backing and OMI in control is annouced what price per share then?

I don't expect any news on Anza tomorrow, they are just going to say "we are confident it will be resolved" but they have been saying this for a long time without any plan being presented. Phase 1 finished over one year ago and Phase 2 was due to start in January. This is the single most significant activity driving the share price so why is nothing being done, and if something is being done why are we not being told the plan?

I mean do I need to google myself how to form a LTD company in Columbia? In the UK a company can be formed for £15 with paperwork done in an hour so what stage is the new JV company formation at? Are Agnico still refusing to progress unless terms are changed in their favor and if so where do OMI draw the line and tell them, in Brads own words to "bugger off"?

Shareholders are being treated with contempt and this Nigera project is fuel on the fire.

What kind of dilution will this require and at what price given their complete mis-management of the Anza Exploration JV? My view, and this is pure speculation, is that this cannot be a decision taken solely by OMI, they are not in a position to commit $5m to a new project. Newmont must have given their blessing and confirmed that they would provide funding which raises the question if OMI is somehow acting as a small offshoot of Newmont - taking instructions from them directly - which would explain why OMI refuse to take any action to enforce the Anza JV terms upon MMA.

If the above is correct the lack of transparancy is an afront to market rules, and quite possibly illegal, as it would require Newmont to take a formal controlling stake in OMI and a seat on the BoD.

Thoughts?

If they try to raise money without a plan for Anza the board will be voted out, I will be demanding votes are counted, I have included lack of voting rights in complaint to FCA and I will follow-up on that.

And no, "waiting to see what MMA want to do" is not a plan.

I have been thinking about Brads comment "we are confident we will get that back". This implies ownership or at least management. I am concluding from this that OMI have started to take a harder stance against MMA's stalling of progression in Phase 2.

Firstly there is no option for "care and maintenance" in the contract, so OMI has every right to force some action. The hardest stance would be to simply walk away with 100% due to MMA material breach and breach of spirit of the Exploration Agreement (the clue is in the title, it is not a "care and maintenance" Agreement). This would be an excellent outcome for OMI shareholders as we could seek new JV partners.

Alternatively, OMI might seek to enforce entry into Phase 2 by X date, lets say end of this year. Given MMA stance this year OMI would be entitled to trigger the management clauses of the Agreement which permits them to take control of the new JV which includes progressing exploration and have MMA pay the bills of up to $4m per year.

What else could he mean when he says "confident we will get that back"? Maybe it is dumb of me to believe him yet again but I think it is likely that one of the two actions above are in progress. If I was him I would have taken one of these actions at the beginning of the year. As it is, OMI have been very lenient with MMA and that has not worked so a change of tact is neccesary. I have added today, against my new investment rule not to buy if there are doubts over management quality.

So the flagship asset is in limbo with no enforcement of JV yet these clowns think getting involved in yet another project is going to add value? Market says NO. I am feeling very aggrieved that I invested here on the basis of proving up Anza , junior resource investing is already difficult enough without having to factor in contract non-performance and bizarre apathy of the licence holder towards it.

Karl: "Newmont clearly want out, Brad has said as much. Could newmont be negotiating with a third party to sell their entire stake?" If you wanted to sell would you take actions to destroy the price? No, I think the opposite is much more likely, they know the value of Anza and Agnico wants to take full ownership.

But you are correct that OMI can tell MMA to take a hike. I have been banging the table on this point since teh "care and maintenance" RNS. Time is up for our JV partners and the contract is on OMI side on this. We can easily walk away and retain our 100% of the Anza licences due to MMA failure to execute the contract. The fact that OMI are not even considering this while share price is hammered and cash dwindles away tell us that something is going on behind the scenes that we are not being informed of. I have postulated previously about what this might be. Whatever it is is clearly NOT in the interested of OMI shareholders.

Karl, the Exploration Agreement is with MMA which is itself a 50/50 JV between Newmont and Agnico. The evidence, if we believe what Brad has been saying in interviews, is that Agnico has been driving the project on the ground, and it is Agnico that is seeking to change terms for the new JV which must be entered into to begin Phase 2. Newmont are seemingly taking a back-seat but of course we will never know the details of the internal decisions within MMA.

Who cares what potential an asset might have if the company outright refuses to enforce an exploration agreement to progress towards proving it up? At least with my report to the FCA, and I was close to reporting to the Serious Fraud Office but decided not to at this time, I am happy that any takeover bid by Agnico will drop a massive red flag on the Regulators table.

Everyoneawinner, no, everything would be fine here if Brad was left to deal with drilling. It is having him in charge of contract execution that has been the downfall.

I cannot find the RNS now that included the link to the agreement. I believe it was Sept 2018 but maybe they did not RNS it immediately? Somebody on here provided the link ages ago but I don't see any way to search this chat history for keywords.

If I was advising Agnico one of the options would be to drag this out as far as possible until OMI have burned through their cash (nearly there), stock price cannot rise while this is being dragged out, then Agnico can buy out OMI for a song and end up with 100% of Anza. I am furious that OMI are just sitting there allowing this to happen, it is either gross mis-management or outright fraud.

Winner, the problem here is not the exploration agreement, it is OMIs total disinterest in enforcing the agreement. Upon completion of Phase 1 Phase 2 must start within 90 days. Here we are one year later. Very close to fraudulent if you ask me, OMI must take action to enforce the contract, my suspicion is that they have agreed not to and failed to inform the market which is yet another breach of market rules.

Which is why Brad should walk. Playing silly buggers now will not be the end of it. You do not want to be in business with a partner that screws you the way OMI has been screwed. I would very much prefer the toxic relationship to end and get new JV partners.