Member Info for CarefreeCarry

CK - Did you mean quiet?

Lee - Just added 100,583 for £5k. I can remember adding 1m shares for £5k back in March 2019. I guess in another 6 years £5k will only get you 10,000 shares.

IIRC the previous BoD were working on $1500/oz PoG back in 2007 for the Malilibeg target. I did state that it was something that I personally thought could happen, I was not meaning to deceive anybody. I was assuming that PoG would be in excess of $3000/oz by then which should then hopefully make it economically viable.

The Production Fee Deed is part of the agreement entered into when RHL were gotten rid of. The initial term lasts 5 years and if there is no mining taking place in the Runruno contract area during the last year of the term then the agreement terminates. The deed is mentioned in the Buy Back RNS's but the term details were buried in an RNS that I'm struggling to find again now. I have referred to the term details in previous posts.

Adamsmithfreethi - Detailed geological mapping, soil geochemistry, followed by geophysical surveys to determine favourable areas for drill testing were undertaken but there was also historical knowledge from earlier exploration and mining in the area.

The company was planning way back in 2007 to mine and transport ore to Runruno for processing from the Dupax tenement once the Runruno ore had been depleted. One of the EP's covered a nickel deposit about 40km from Runruno.

The current Dupax target isn't large enough to support the construction of a new processing plant which makes it ideal to extend the life of the processing plant at Runruno.

I personally think that the access roads to the south will also serve the Malilibeg target that is only about a mile away from the Runruno mine. This contains 330k oz's of gold which could provide a further 4 years of operating life for the Runruno plant. Once the 5 year term of the RHL Production Fee Deed has expired in 2029 then there would be no need to pay out $54m for mining the Malilibeg target in the Runruno FTAA area.

The existing plant just needs an extension to the floatation circuit as we already have some capability to process the sulphide ore that we are currently mining but at lower levels than the ore identified at the Dupax target.

You also asked about the 40/60 split and how that works in practice. MTL will probably purchase the remaining 60% of Woggle Corp in the same way they did with FCF Minerals.

Adamsmithfreethi - The term of an EP is two years from the date of issuance by the Philippine Department of Environment and Natural Resources (DENR) (the DENR Secretary through the MGB director). It may be renewed for another two years, but the total term of the permit shall not exceed eight years for metallic mineral exploration. In certain cases, the EP may be further renewed by the DENR Secretary for another term of two years. EPs are automatically renewed without the need for filing applications for renewal. However, permit holders must submit the requirements enumerated under DENR Administrative Order No. 2021-12 (DAO 2021-12) to the MGB, including the payment of a renewal fee. If the case of failure to file, the declaration of mining project feasibility (DMPF) during the eight-year period, the permittee may apply for further renewal of the EP, subject to the approval of the DENR Secretary. If the permit expires before the DMPF is approved and the MA or FTAA is filed, it is automatically extended until the MA or FTAA application is approved. In the event of a failure to file the application or to secure the approval of the DMPF within the prescribed period, the EP is relinquished and shall be immediately open to new mining applications.

Woggle Corp and Cupati Holdings Corp were investments of MTL in 2013 and were transferred to Metals Exploration Pte Ltd in 2015

8 years later the exploration permit is automatically relinquished due to the EP term limits. Additionally the company was focused on paying down the debt so no exploration work was allowed to be undertaken other than necessary infill drilling at Runruno. So there has been no change of mind, just a change of circumstance from having no money to having $25m / quarter in fcf.

The plant being repurposed was covered in the RNS "Current plant at Runruno to be repurposed if the opportunity proves to be environmentally and economically feasible." and the mixed metal concentrates may well sell for less but if it is environmentally and economically feasible MTL will still be generating fcf.

Access roads are already under construction.

I hope this helps.

Bertmonkey - We mine the ore and then process it to produce a metal concentrate. At Runruno we currently produce gold Dore which can vary in purity.

Fulmar29 - The term used is mixed metal concentrates.

These are then sold and they will go to a refinery for further processing in the same way our gold Dore is.

Thank you Darren for confirming my confirmation ;-D

Simms45 - We're 50% in market cap above the £100m fcf that you're predicting for this year.

So after enduring 1/3rd dilution and a £20m cash payout (20% of market cap) the market cap has increased by 50%. Thanks Slippery1, I've corrected it.

As LMA has already pointed out, after enduring 1/3rd dilution the market cap has increased by 50%.

The Dupax site is outside of the FTAA coverage area for the Runruno site so as there will be no mining operations in the Runruno contract site for the last one year of the initial term then the agreement terminates.

It's HMRC that does not allow CVRs to be held in an ISA account. CVRs are deemed to be non-qualifying investments.

HMRC considers Warrants to be non-qualifying investments unless, exceptionally, they are attached to shares in an investment trust which are purchased by an ISA manager in the course of a public offer.

Rights, such as Contingent Value Rights (CVR), which have been issued as part of a re-organisation/merger/takeover, are a form of option and are therefore non-qualifying investments.

To confirm, Rights allocated via a traditional Rights Issue – whereby existing shareholders are given the opportunity to buy a set number of new shares – are qualifying investments as the original shares to which they are linked meet HMRC’s qualifying investment criteria.

Please don't shoot the messenger.

He believes that the deal appears a win - win for both sets of shareholders and states that former CNR holders can achieve the 97p SP Angel target.

Kind of explains why the vast majority of the 800m new MTL shares are being held tightly.

AIM producing mining company taking over an AIM exploration miner.

Corrected it for you.

Apparently we're where CNR were 7 years ago.

So CNR were debt free, generating $25m / qtr free cash, acquiring companies with huge assets were they?

In some alternate reality maybe.

It was a long wait to get debt free, just under 4 years, but they did it and the SP still increased during that time.

Lee - Yoove know kneed two apologise four knot proof reeding you're posts.

The content is always correct and accurate.

We've both posted things on here that Darren has then confirmed later in an interview. It's almost like we are his script writers lol.

800m new shares issued.

842k sells today.

0.1% of new shares sold today. Maybe less if some existing MTL holders sold.

Time to panic? Only if you want to buy cheap shares.

$9m fcf per month roughly. Bridging loan paid by end of month.

Correct. Roughly 2.5b shares @ 6p = £150m