Member Info for breaktwister

DrR, if this is what Brad said it just shows how out of his depth he is as CEO. The RNS should have said "MMA refusing to commit to timeline to begin Phase 2" and the resolution for that problem is simply, OMI give them an ultimatum which if it is not met we walk.

drr "like to hope" really? and what if nothing transpires from such hope - just give them another month, then another month etc?

what the market demands is for him to grow a pair and instruct mma that they must agree a outgoing deal, or start p2 by a reasonable date, the end of june would have been reasonable which is today. we should either have a deal, p2 start, or omi walk away with 100% and look for other partners. "like to hope" for a deal at some unspecificed date in the future is bull****.

I see Brad or Louise is buying again this morning. Must be big news coming "any week now".

Bandit "let’s not get carried away until we establish the facts over the change in majority ownership with the JV. If there is any evidence of wrong doing then that is the time to take action is it not?". The time is now Bandit, the agreement was clearly timeboxed with 90days for transition from P1 to P2. That 90days was up in December and to rub salt into the wounds we get C&M RNS with still no date for P2 to formally start. Time is not on our side as we have no revenue, so this abandonment of the 90day period amounts to dereliction of duty from OMI management. OK fine, maybe it was an optimistic target but here we are 9 months later with no alternative date set.

Why "next few weeks"? OMI are willing to let MMA drag this out. It could be 2024 before Phase 2 formally starts which would mean 2025 at the earliest for any further drilling. Best case at this point is for MMA to bugger off, although when it comes to the crunch Brad has buggered his shareholders instead.

Perhaps change the mission statement to "We aim to set ourselves apart by ignoring critical terms in commercial agreements and allowing our partners to do the same, even when it is of significant detriment to our shareholders".

He is either following orders from Newmont, or they are getting bad legal advice, or they have made mistakes and trying to cover their tracks. OMI are 100% owners of the licences at present, so it is quite within our power to put the foot down and end this limbo. Shocking management to not do so. When do shareholders get to vote for replacement of the Board/CEO?

Jackbal, OMI had no choice but to accept the $2m payment as MMA had completed Phase 1. However, it should NOT have been accepted without a new completion date for the transition to Phase 2.

Where does the "goodwill and everyone acting in good faith" end? I asked this very question to Brad via email but the response showed no desire to set a date for MMA decision. We are 100% owners of the licences at present yet we are acting like MMA already have control. Extremely frustrating, so frustrating in fact that I considering dumping all my stock just so I don't have to think about the horrendous management here any more.

Jackbal, only P1 spend can be counted against P2. So they cannot rack up C&M costs and count them against P2 spend, although our current management seem to allow MMA to have reign and do as they please so I don't think it matters anymore what the contract terms are.

Yela, you are mostly correct, although I am not sure it is clear that any one party is responsible for the transition delay - it must have been agreed by both parties.

If MMA want to stall because of political risk this is exactly what they would do. They keep their option without any timelimits and without triggering the significant commitment to further spends. Even more nefariously it could be a bargaining chip ploy by Agnico to put the screws on OMI for a new deal.

Either way, this limbo is clearly terrible for OMI which beggers belief that our management would agree to it. Shocking.

Impec, prima facie OMI is in a very strong position to force a Phase 2 start or walk away with 100%, unless management have done something daft like agree to an unlimited transition period (I suspect they might have done so and are too embarrased at their idiocy to admit it). Somebody would have had to agree on a set aside of the 90 day term, I am assuming that we set it aside and did not set any other term as if there was a new term set we would have been told.

However, regardless of the strength of contractual position, such a case including lawyers fees could end OMI before a case is settled. So legal action is to be avoided as far as possible of course, but that does not mean one approaches the situation like a neutered poodle. My view, set a timeline for MMA decision or we walk and if MMA take legal action so be it.

Jacbal, MMA own nothing at present, apart from an option to enter into a new JV which expired back in December. Which is why when MMA mentioned C&M the correct response from OMI should have been "absolutely not, we need a partner to progress drilling to PEA, if you do not want to do that then we will take our project elsewhere".

Brad and Louis must be trading this morning

DrR, OMI do not have to go to Court as possession of the assets sits with us at present. "Possession is 90% of the law" which means that OMI have a very strong position to force MMA to make a decision. I have been banging the table about this since the bad news RNS and via emails to OMI also. OMI simply have to send a letter says that Phase 2 must be started by X date or it will be assumed that MMA are forgoing their option thus the agreement will be terminated. We then look for other partners.

Karl, MMA is not going to simply walk away with nothing after paying a $2m Phase 2 fee just a few months ago. MMA total spend to date is approx $16m including the overspend and fees paid to OMI, this essentially gave them an option to progress to 51% ownership plus further obligations. Their exit fee is likely to be in the range of $2m to $10m or perhaps a percentage free carry, hopefully small depending on how good OMI negotiating skills are, which I do not place any high hopes on tbh. Interested to hear that DrR is upbeat about the current limbo ending soon.

jackbal, i share your anger, even a junior project manager knows that timeline is everything. the agreement is fully timeboxed into phases including transition phase of 90 days between p1 and p2. ok, fine, timelines can slip but when that happens you set a new target, it does not mean you leave an undefined timeline, especially when dealing with a 3rd party vendor/partner. you ******* set a new timeline immediately and you make sure your partner understands the consequences of further slippage.

when louis made flippant webinar comment that the "90 days is irrelevant" or suchlike i was gobsmacked. these jokers do not even have basic project management skills never mind ceo and commerical director of publicly traded company.

when do we get a chance to vote for replacement of the board?

There is nothing nuclear about saying to business partners that something is unacceptable, or putting a reasonable timeframe on a decision which is already 6 months overdue. In fact it is perfectly understandable.

Anything to report DrR? We have exchanged emails but no call, despite my offer. They (Brad/Louis) seem to be extremely averse to putting any type of pressure on MMA whereas I have the opposite view.

I wonder if Brad sleeps all day while waiting for MMA to make a decision. I have stopped checking here every day at this point and have given up on OMI setting a deadline. Snoozefest.

Jeb, that is a big assumption that a P2 agreement will be reached. P2 is for an exploration venture which requires expenditure and commitment from the JV manager, which is intended to be MMA with 51% control and $20m spend. If MMA do not want to do that then according to the agreement OMI should walk away with 100%. The friction is because MMA do not want to walk away with nothing. The question is what do they want which OMI should be setting a deadline for their response, otherwise we walk away with 100% of Anza.