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Thanks for keeping us updated Fun_d_mental.

AValueInvestor… “some analysts c consider that 80% of the retrievable gold in the world may already have been mined.”

It’s a bit like the peak oil argument that has been running since the 1970’s. Has it? Hasn’t it? The truth is, that given that these materials are hidden in the ground, no one really honestly knows. These opinions often circulate from motivations of an agenda that suits the narrative.

Just my humble opinion, for what it’s worth.

Isas…

We’ve not got the finance in place to fund the construction of the plant to extract the materials. Furthermore, we have no permit to mine the materials as yet. It’s very likely someone like Trafigura would want to see at least these three things (finance, plant, permit) to see that they stood any real prospect of getting the materials out that they have already paid for in a certain timescale. PXC is far too speculative at this stage for an offtake agreement.

Andrew4444

… And breathe…

Chid, thanks for sharing your post, and I’m sorry to hear about the experience this has been for you. You’re in good company, my friend… (is it me, or is this BB sounding more like AA???)

By the way, I wish this puppy was EEE, and not AEX. YTD EEE is up 618%. I’d have taken that alright!!

Andrew4444, you are free to assume that if everything remains the same with PXC, we will get a different result somewhere down the road. I’m interested though. How is that working out for us so far?

And sure, feel free to carry on assuming that the result that all of us want is going to just land in our lap, just like that. It doesn’t offend me you believing this will be the most likely way this pans out, in the same way as it seems to offend you, the notion that I have offered here, that there’s a good chance that it might not be quite as straightforward as that.

Either way, it bothers me not how PXC takes the route to the top. What really matters is that we get there at all, still with a shirt on our backs. Can we at least agree on that?

We are on the same side as each other, chap!!!

Have a great weekend everyone.

3p or lower would be a proper kick in the shins, but it wouldn’t surprise me if that is how this plays out.

World Economic Forum agenda to make O & G exploration a dirty painful business to investors is what I believe is at play and has been for years now.

I can only speak for myself Andrew4444.

With the greatest of respect to you, you have no basis to assume that anyone commenting on this thread considers that the funding will not happen. I will say that it is my opinion, that funding is unlikely to happen, should everything remain the same as it is today. I stand by that.

“If you can keep your head when all about you

Are losing theirs and blaming it on you,

If you can trust yourself when all men doubt you,

But make allowance for their doubting too;

If you can wait and not be tired by waiting,

Or being lied about, don't deal in lies,

Or being hated, don't give way to hating,

And yet don't look too good, nor talk too wise:”

Multiplier, HarChris, MTSparky, Andrew4444… IF, IF, IF, IF, IF…

Well Isas, I’m not sure whether we actually know if these are CALL or PUT warrants, do we?

If these were call warrants, what would be the point of exercising the warrants now when the market price is below the strike price of 4p? It wouldn’t make any sense would it? A put warrant is profitable when the market price is below the strike price, which is the case we currently have. Either way, the company pumped the price last week, knowing these shares were going to hit the market, increasing the free float, as a damage limitation exercise on the sp. At some point the average share price will come into play in any deal it looks to settle with EXG and/or Mystery Investor (or as was alluded in the update RNS last week, Mystery Investors).

One thing is for sure, there is little, if anything this management does that is transparent. It’s all smoke and mirrors.

Louise 82… this is your place to pump GEX stock, not on other BB’s.

Please kindly respect that.

All that said, I wish you and your fellow GEX well with your investment here. Nice bit of movement for you guys today.

Isas

Maybe also, so we can’t see when, how much and at what level these warrants are getting converted at.

I presume that the timing of the pump last week, the timing of yesterday’s block listing and today’s sp slump all points to one thing. Someone (Riverfort?) is offloading some risk.

Well, if there is a silver lining in all of that, it should take care of the minuscule free-float that Stan was telling us about last week, and add some liquidity back into the pot. Should probably see this drop even lower next week… maybe sub 2.5p?

GLA

Time will as always be the arbiter…

Meanwhile, some musings arising from what has already been said by the people that put themselves up as the experts (on here at least)…

1. Assume that the acquirer of the remaining AEX shares has to do so in a predatory manner

It is possible to consider that there could be an infinite number ways that an acquirer of a company can behave. This wouldn’t necessarily have to be in a predatory manner as some have suggested is the only way. It could involve the age-old process of a sweetener to get the BOD’s on-board and also the main shareholders… ah yeah, that’s ARA/Eclipse…

2. Why not acquire the remaining shares in AEX two years ago, quietly and cheaply?

Because the pipeline still remained a speculative bet at that point in time, and ARA already had what it needed to give it supreme control over this venture, knowing that there were going to be a few years’ worth of liability to swallow before first gas. Since then, AEX has swallowed more expense waiting for the TPDC pipeline proposal to materialise. It’s a cost/benefit analysis that brought ARA to make the decision to stick, not twist, at that point in time. Nobody here has actually given me a good reason why ARA won’t twist at some point to suit ARA. All I have heard is why people don’t believe that ARA would.

3. Why do it now, on the eve of the delivery of a major value event like CH-1?

There is a bold assumption that we are on the eve of CH-1 delivery, and even if we were, it is completely in the hands of ARA, and out of the hands of AEX as to when that value event could be delivered. Nobody on here has been able to produce anything to suggest that ARA is contractually bound to deliver first gas, let alone spud CH-1 by a certain date down the line. Nobody here has been able to confirm or otherwise whether AEX (and in turn, ARA) has an obligation to TPDC to produce first gas, let alone, to spud CH-1. All the while, AEX continues to burn cash as the days tick by, which doesn’t rule out further dilution at some point , yet-to- be-determined, somewhere, who knows, further down the line.

4. “trust in Omani and Tanzanian organisations, law, investability and conduct.”

God forbid this is all that we have to rely upon, but I agree with the fact that we are a long way away from what we invested in all those years ago.

5. ARA offer of 10p per share to take out the remainder of AEX.

Absolute pie in the sky. At best we might see an offer at half of that, given the favourable position that ARA finds itself in.

I’ll take that all day long if it were tabled.

Have a great weekend everyone.

Watchhouse, it’s highly likely in my opinion. Some of the other posters on here have said to me to not worry about it if ARA does acquire AEX, because if that happens, ARA will have to pay good money to get the AEX shareholders on board to do so. I hope that they are right, but I’m not quite as optimistic as they are. The BOD’s and main holders will get a nice touch out of it, but that is about all that needs to happen for ARA to get this over the line.

Yes, there are the old chestnuts that will, as always, come out of the cupboard to defend the position that “if ARA wanted to acquire AEX it would have done it when we were at 0.5p.” I would argue, that when we were at 0.5p, there was no pipeline commitment from TPDC at that time, and no clear signal that there ever would be.

Aye, there will be more twists and turns in this story yet.

Isas…

This is the explanation from the RNS:

“These shares will be block listed pursuant to the Company's existing application which was filed to enable holders of the Company's warrants to continue to voluntarily exercise them without the need for the issue of a separate RNS and admissions filing each time this occurs.”

What we can remember or what we have forgotten is largely irrelevant. To me, it does not really matter whether the share price holds at, above or below the placing price right now, or even for the coming months.

What is of real consequence as I see it, is news from ARA regarding progress at Ntorya. What makes me nervous about AEX more than anything, is that the delivery of this project and the timing of it is completely out of AEX’s hands. Nothing AEX can do about it, whether it’s action or inaction on the part of ARA. I am sure there are “best endeavours” clauses in the Carry Agreement between AEX and ARA, but has the AEX board got anywhere to go if it is called upon to have to enforce non-performance against the party holding all of the cards in its hand (ARA)?

With that in mind, what (if any) contractual commitments does AEX have to the Tanzanian Govt to deliver first gas, and thereafter min volumes, and by when, and have those specific performance obligations been passed on to ARA?

Does anyone know the answer to this?

Interesting Stan, considering that the “recent” Dec 2024 revised Carry Agreement was meant to simplify the relationship between PXC and EXG, not as you say, add more complexity to it. Yes, it reduced PXC’s ongoing cash requirements to service the original Carry Agreement between PXC and EXG, but in return, it gave EXG ultimate say over the terms upon which PXC could secure financing terms going forward. It placed the future of the project completely in the hands of EXG.

As a result of that, it places the renegotiation of the relationship between PXC and EXG, to bring about the exit of EXG, as an immediate and urgent priority. The saving grace as I see it, is that there is a deal to be done, and EXG has left the door open to an exit, with its proposed merger with MTB Resources, contingent on settlement between PXC and EXG, which, reading in between the lines, will require an offer of cash on the table, plus PXC shares and a net smelter royalty agreement from PXC to make this happen. A deal with EXG will need to be lined-up before PXC is able to go to the market to raise sufficient capital to complete the deal. Yes, it will be messy, yes, it will be painful on existing shareholders, but yes, it is absolutely necessary. In addition, if the free float on the shares is as small as you say it is, coupled with the backdrop of the improving asset valuation, depending on the size of the settlement with EXG of course, dilution isn’t that much of an issue, when it’s measured against the level of uncertainty that exists with EXG still at the table under the existing Carry Agreement.

AIMHO

GLA

Fowler the Prowler: “ I have a lot of shares in Aminex and would have preferred opportunity to get more on these terms rather than it going to Eclipse who have got an absolute steal.”

I don’t think it takes a rocket scientist to work out that the reason you (and other PI’s) weren’t offered these shares at such a favourable deal, is because ARA (Eclipse) is in complete control. AEX had no choice to do anything other than what it has just done.

Furthermore, ARA (Eclipse) is also in control of when and how it chooses to commercialise this project. It seems to me this project, in every conceivable way, is completely out of AEX’s hands.

GLA.

Stan

Fascinating stuff.

If everything was as unfettered and straightforward as you make it sound like it is, then how is it that this venture, with its most favourable sample of technical data, operating in possibly the most favourable mining market that we have seen in generations, in possibly the world’s most favourable jurisdiction in which to operate, is struggling to find a funder that is capable of funding this on the Board’s terms, not on those of the investor?

And whilst you’re on, given how close you are to the coalface, as it were, tell us how you see the relationship under the Carry Agreement between AEX and EXG.

I think Riverfort hold the cards on forming a proxy, Isas, if that’s what you’re thinking 😂