Member Info for breaktwister

I have to say that I was surprised at the burn rate of funds accompanied by rather flipant statment of "over $4m". Quite why they thought this was a good statement I do not know. I guess that any increase in cashburn if for laywers for the JVA?

Regardless, I topped up and with continue to do so. $20m is guaraunteed. Imagine so a second that the JVA is structured differently and rather than MMA paying $20m for drilling they sent the $20m to OMI who would pay for drilling. $20m in bank mcap £15m so our 49% ownership of Anza is valued at NOTHING!! Hilarious, I will take the other side of traders selling here thank you very much.

Jackbal, the RNS says "over $4m". We will need to wait for the official statement I guess.

It would be lovely for existing holders for price to take off and never come back down, but realistically I think many of us have multi-year timeframe here to prove up Anza as a T1 asset, and more importantly see proper valuation on that basis. Ok, so there is no drilling right now that means impatient investors may pass, but they could find themselves having to chase price if they are not in when the drill program RNS drops.

Wolfy, I understand. Decisions are a function of investing timeframe. I am here for the drill program and I am delighted to get opprtunities to buy at 15M mcap. I don't care what happens in the next few months tbh. Some traders DO care a lot, taking the view that they can buy in lower later, good look to them, and congrats if extra profit can be made from that.

What do you think the gap up will be upon RNS of JVA signed and $20m drill plan commensing? You think you will get back in at 8.5p? I am locked and loaded, if "traders" in their wisdom want to keep selling at 8.5p and below I will take the other side and laugh.

Nice de-ramping attempt Wolfy, I have topped up on this dip today, I believe we will see drilling this year, JVA is a done deal, if you want to wait for the drill plan details you will be paying a MUCH higher price imo.

bhargav, I agree, these guys need to up their stake. No more excuses "we cannot due to material knowledge" and "I am only a poor geo". Put money in if you believe in the project.

Bhargav, why do you say we "shall" see directors buys? have you been told as much or just personal expectation?

PP and other long-term holders, my thinking is very much aligned. A gift at $15m mcap. I have broken my usual investment rules to continue adding here, classic value investing where is it OK to have only a few eggs if the chance of growing into monsters in high.

Cheap as chips, £300m? Silly, I am topping up

12.86% spread isn't going to encourage much trading. Bid has dropped to 7 from 7.5 yesterday for no apparant reason. They must be trying to scare a few lettuce hands into selling? I personally have no idea why anyone would sell now unless they desparately need the cash.

Should give Brad a bit of a boost in negotiations if we are still ironing out details, which in my view we are not. MMA are not walking from this and we should have a favourable buyout clause. 7p here is a gift.

Visibility from Newmont and Agnico reporting is what will drive price in Phase 2. I cannot see a situation whereby monster drill results are reported via Newmont/Agnico with 49% of the asset valued at £15m? No, folks will be piling in.

Jackbal, of course the buyout option will be for ANZA only. I cannot see any figure under $100m being agreed to and that would be stupid cheap IMO. OMI would be fighting for 200m plus , as Brad has said many times the longer we stay in the game the better as more ounces are discovered at Anza therefore pushing the value of the project up. I cannot see any agreement for a cheap buyout figure based on minimal drilling so far.

What would be very interesting, if, a set figure was put in the contract for a a buy-out options, lets say two options, one based on gold in the ground, the other a set figure of say $200m, or $300m, it does not matter it could even be higher as it is only an option after-all. As a thought experiment how would the market react? Surely it would realise how f'ing dumb the current valuation is if the buy-out clause is stated in black and white to be 10x higher?

I have been thinking about this recently. Once Phase 2 starts we will only have a 49% share so no decision-making power. It will be difficult to sell our 49% on the open market which means that MMA, the new entity to be exact, will have full pricing power. The only way to protect OMI is via contract so there MUST be a buy-out clause in there to state what will be acceptable. Brad mentioned that protecting OMI into Phase 3 and beyond is paramount so I am assuming that the clause will be per ounce in the ground at an above average multiple (market price divided by some figure in the teens?). Does anyone here know what is usual for such clauses ? We will not get a 43-101 until the end of Phase 3, do we hold for the ride or allow buy-out based on internal models of gold in the ground?

The highest bidder will set the price.

The higelhest bidder will set the price.

I like Brad too and would like him even more if he bought some goddamn shares.

Back to the old chestnut about lack of Director buys. Has anyone asked asked recently, not if they are going to buy, but simply if there is anything stopping them from buying once the new company is formed and Phase 2 is formally started? Surely once the contracts are all signed there is nothing to stop these guys buying?