Member Info for BritishPeculeum

Ear…

“Zero chance of ARA bidding for AEX. Zero chance of anyone else bidding for AEX prior to the results of CH-1 because nobody will take the risk of it turning out as a white elephant.”

You’ve hit the nail on the head. That’s precisely the reason why Zubair/ARA hasn’t taken the whole lot out yet.

Meanwhile, your contrary statement that the reason that Zubair/ARA hasn’t purchased the remainder of the shares in AEX is “because they want AEX to continue as a PARTNER in Tanzania”… partly true… AEX brings nothing to the table for ARA in Tanzania, other than (a) the convenience of AEX shareholders continuing to get diluted and diluted as time goes on, and all the while the asset remains in the ground, ready for exploitation as/when Zubair/ARA is ready, and (b) a relevant enough insurance policy for roughly a quarter of the value of the enterprise, on what is likely to be a long list of performance guarantees based on the data/optics that AEX disclosed (sold) Zubair/ARA on the project.

“ARA are… respectable businessmen that respect others ownership of assets and, partnerships to share risk, costs and knowledge.”

I don’t doubt that Zubairs/ARA are ‘respectable’ businessmen, but like Trump, they are businessmen. Personally, I really don’t consider Zubairs/ARA’s acquisition of the remainder of the AEX shares further down the line, on its own terms and in its own time, to change my opinion of whether they are “respectable” or not. I’d call it ‘good business’ on their part.

Nothing baseless or conspiracy theorist about any of what I am saying, but I always find it interesting how those emotionally aswell as financially overbought in a position don’t half get uptight when someone challenges their illusion of things.

And just for the avoidance of doubt, there’s only one party that will/are in a position to take over AEX, and it’s Zubairs/ARA. They will “look after” the Board at the appropriate time, to pick up the remainder of this enterprise.

UFO…

“ Independent Committee: Still required.

Fairness Opinion: Still required.

Voting Arithmetic: ARA still cannot vote on their own Scheme of Arrangement; it still requires a majority of independent shareholders.”

You say all of this as though these rules will guarantee that fair play will be the order of the day in future corporate dealings for AEX.

These rules and “protections” have been there for ever and a day, and yet companies are constantly the subject of corruption and greed at boardroom level, that when the BOD’s are being properly “looked after” by the acquiring party, as they invariably are, all that governance stuff you think will be your saviour isn’t anywhere to be seen. When the political will at Boardroom level is such that “the deal makes sense”, none of what you’re pointing at as your saviour will save you. The Board will have it covered.

Prospero… “Execution phase now. Value will be set by the drill, not the rumour mill.”

…assuming we get that far. Zubairs fully in control of when or if a drill bit gets anywhere close to turning on this project.

John2015 you’re right. Anyone remember AMER? Similar story of how the fortunes of the company would change on completion of pipeline construction (sound familiar?) then only to have the Board agree to a sale of the company at a ridiculous knock-down price… but the BOD’s had a nice touch out if it, at shareholders’ expense.

I3E, a similar unfortunate story, more of being sold-out by the BOD’s than getting sold out.

Zubairs have plenty of points of leverage to lift the balance of shares when they see fit, at whatever price they see fit.

That is a very good question, Alan.

Major4legs, you are so BBC mainstream conditioned in your mindset, you could be Dame Melanie Dawes’ private secretary.

Oh Dear Alan there is definitely a case to be argued of incompetence from the BOD’s to not foresee this latest blunder. But I think that the Board actually know what they are doing.

The thought did cross my mind that why would professional investors, family offices etc deal in shares for PXC from Indigo, if the sp in the market drops sufficiently to leave Indigo with little or no margin to profit from it? If they wanted to invest in PXC, why wouldn’t they just pick up shares from the market instead?

Could be a smart thing the BOD’s are doing to push the sp down, as a hedge against Indigo dropping a load of cheap shares onto the market. If the BOD’s keep dropping bad news to keep the sp depressed, it at least keeps the supply of shares in circulation relatively low. This strategy only works in the case that the new mystery investor gets his finger out and the BOD’s secure the new funding in fairly short order, and some of the bond funds are used to redeem the Indigo CLN’s early.

Short term pain; long term gain. I’m ok with that, because I’m so underwater, I’m going nowhere fast in any case. If my theory is correct then we could be thanking the BOD’s for such incompetence. Keep the sp as low as possible until “James” gets his feet under the table… that’s James, with the Bond, by the way.

GLA.

Tree shake, I would say, Alan. Un necessary to make that comment. I thought exactly the same when I read it.

GLA

RBC cuts Central Asia Metals to 'sector perform' (outperform). Today.

Heather Small…

We’re moving on up,

Moving on up.

It’s time to break free.

Nothing can stop us…

A JV has never been mooted Trek. This BOD’s strategy has always been focussed on securing a Bond placement.

Gibdog 101

CAML Operational Update RNS dated 8th January 2026…

“CAML, via its wholly-owned subsidiary CAML XD, has also assessed a number of more advanced projects in Kazakhstan for potential acquisition. Negotiations are under way to acquire interests in certain of these projects.

The Group's 2026 exploration programme in Kazakhstan will include 5,500 metres of drill testing, over two or three projects.”

Schlum the rise and rise of metal prices one would have thought would also make this proposition more and more attractive from a funding perspective, would it not? And here we are over a year after NIU ran for the hills, and one solitary undisclosed lead to fund this proposition reported since, and complete radio silence from the BOD’s in terms of progress, or otherwise. Really poor management IMO.

Solid full-year results from STCM today. Significant improvement in profitability, significant Board changes, and positive capex programme to increase capacity and EBITDA by $8m by 2027. Dividend policy remains the same as per last year. Congratulations to the STCM Board and management team.

Schlum… therein lies the problem. PXC are sitting on the asset and not doing anything with it. They have been in control of this asset for what? Ten years now, and have produced and sold not one pound of copper in that time. If that doesn’t tell you something about the sheer incompetence of the management team then I don’t know what will.

Trek, great perspective on the fundamentals underpinning copper price, but if you’ve got a whole set of circumstances where the confidence of the management team having the ability of getting the copper out of the ground has all but evaporated, then it all becomes largely academic, doesn’t it?

MTSparky… “once agreed between the parties…”

MTSparky

With the greatest of respect, none of us know whether there are step-in rights in favour of EXG in an insolvency event being triggered in PXC. Bear in mind though that it was EXG that originally sold an 80% stake in Konnex Resources to PXC. It would be totally reasonable to consider that EXG retained some rights to step-in in an insolvency event being triggered by PXC, in order to protect its residual 20% investment in Konnex.

On what basis do you consider that a material change in EXG gives PXC the right to reduce/eliminate EXG’s shareholding in Konnex Resources?

It will be the creditors of PXC that will be the final arbiter of an insolvency event in PXC, not PXC itself. “Parking” PXC costs the company $1.5m per annum, which will serve to worsen the state of affairs of PXC, and drive it further towards insolvency. If PXC sells its stake in Konnex, it does so, with the condition that EXG is the final arbiter over any funding of the stake in Konnex that PXC is disposing. It still leaves EXG in the position that the holder of the 80% stake in Konnex is ultimately at the mercy of EXG, leaving EXG being the only realistic purchaser of the 80% Konnex stake for pennies on the dollar.

AIMHO

GLA

DYOR

Good Luck Trek. Fortune favours the brave!