RE: Fraud23 Jan 2024 16:51
I'm not going to pretend I'm an expert but I can't imagine we will owe Newmont $2 million. End of day they elected to move to phase 2 but have not followed through. I think their commitment covers them for a year and if they negate on that commitment then they would be entitled to give Omi the cash to cover that year but they over spent in phase 1 therefore i don't think Omi would be due compensation. I do however think Omi would already have controlling stake. It states this in the agreement. My understanding would be that Omi would default to the controlling stake anyway. End of day it's all ifs and buts, nothing has transpired that Newmont are walking?
• Initial Ownership Interests. The initial ownership interest of Newmont in the Mining Company shall be 51% and the initial ownership interest of Minera Anzá in the Mining Company shall be 49%; provided, however, that If Newmont does not elect to exercise the Phase 2 Earn-In Right, or does so but does not complete such exercise during the Phase 2 Earn-In Period, as it may have been extended, the initial ownership interest of Newmont in the Mining Company shall be 49% and the initial ownership interest of Minera Anzá in the Mining Company shall be 51%
But maybe I'm wrong :)