Member Info for Chickenlegs

We certainly are all on the same side but whatever games have been played by the trident, and for what reason the only people who have suffered are the Orosur shareholder. Some forward momentum and positivity from next update would not go amiss.

Definitely a strong possibility and one that the majority of the market would agree with Wolfy. Mind you, you just never know what has been going on behind the scenes. Not that currently I have much faith (if any) in the board and their ability to make this stock an attractive investment case for the wider community, and not focus solely on keeping our major overlords happy, whilst stuffing "free hits" in their pockets. A positive resolution would really stir though...not that anyone realistically can say that is highly probable. It would certainly catch people out mind you. I don't think Brad and Louis have it in them though, such is my confidence in them...

Yes Wolfy a nice buy also with confidence. Perhaps tide about to turn?

Get your knock off Omi's at discount. The Omi directors have played a blinder here and given everyone an opportunity to load up on the cheap. That omi "shareholder value" :)

Yes Hall I also believe there will be a Colombia update in the next while. Thought this week or next.

good point ****y. if you go through the mission statement etc orosur are failing their shareholders (excluding newmont)? seemingly majors don't want to process wholeheartedly but also don't want to let go which i think boils down to it is all to do with colombia itself. quite a few of the major miners are making a stand of unity due to security and taxation issues, obviously buritica issues well documented. doesn't do us any favours at present though. want to believe in the company, but not naive to think there are not dark arts going on behind the scenes. anyhow very rare to see a buy these days orosur. sort it out. i'd be embarrassed if i was a director currently. most share holders are angry and confused and confidence at all time low.

I think it's clear that we are going to 51/49 (49 Omi) and then it will be taken from there (image portrayed to market). Realistically though they can't update market of the majors decision moving forward until the downstream merger is complete legally. It would not surprise me however if a decision has probably already been made, just not put on paper, and the verbal "considering our position" and moving into "care and maintenance" is just a way of beating the price down. Completely sceptical of the rationale. I just don't buy that these business men are doing the "good Samaritan" act by telling us their struggles, when the price was crashed on the basis of a discussion, not one that has been officially made? Of course everything could be face value, or is it though?

Suppose we will soon see how much the majors like them or not as the case may be. Can't imagine we are far off from getting an update anyhow. Next week or week after perhaps. Always a worry though that when Brad opens his mouth there are always more questions than answers and the price drops again. Maybe this time it will be different? Maybe that's wishful thinking?...the Omi team do currently look distinctively amateur and out their depth, so for me I need to see evidence that there is progress or some kind of operational win. Do the Orosur team have it in them to deliver something positive for a change?

Tuesday RNS you say? Tax reasons you say?

Courtesy of LSE

"Brad indicated that the preferred option would be to take back control of the Anza asset

Louis explained that the 90 days option in the contract is fairly meaningless as Colombian law has changed since the JV was signed and that complex tax implications for Orosur need to be addressed. The route through this is to continue to create a JV company and this solution is currently being progressed.

 The JV is governed by instructions in writing, and to date Orosur have only had verbal instructions re care and maintenance. Orosur are pushing as hard as possible for clarity and a strategic decision to be taken quickly.

 Louis makes the point that care and maintenance is expensive and costs around $700,000 per annum. Even for Agnico/Newmont this is not a situation which they will allow to continue forever"

If it wasn't in writing, it makes you wonder why "care and maintenance" was RNS'd, you know if it isn't technically official.

It will be interesting to see what pans out here. As I said I am optimistic we will get a win. I believe there is a drag due partly to the security and taxation issues. I understand major mining companies are pulling back from Colombia. Not entirely sure if this is a facade to get Colombian government to act.

I note that Vice Foreign Minister Francisco Coy met with the vice president of Zijin Mining Group yesterday.

"We committed ourselves to greater articulation in order to find a sustainable solution to the situation, with a view to the opportunities of this sector for the development of communities and the country.

Colombia is a country of opportunities for large-scale investments".

At least there are talks at government level on security aspects and I hope to see stiffer control mechanisms put in place. Governmental actions and the mining code are paramount for us and majors staying I'd say I believe.

I also understand at a higher level, at the of this month China are sending a delegation to meet the Colombian government, headed by Qiu Xiaoqi, the adviser to the Chinese president, Xi Jinping, for Latin America. The Chinese want to have an answer about the entry of Colombia to the initiative of the Highway and the Strip. I am sure there will be discussion around security in China's investment in Colombia.

Anyhow like everyone else I want out this limbo regardless. To be stuck in a rut like we have for the guts of a year has done no-one any favours, most of all the lowly shareholders of Orosur. I do think management have a plan and are preparing for every eventuality. However I have to agree I am flabbergasted at how poorly this has been managed and I am waiting like all for the next update. We need to see movement here one way or another.

Potential is still there and i keep telling myself if Anza was so rubbish the majors would have been long gone by now. But if they truly want to leave then majors just need to bugger off. If they are not buggering off then they need to get the new company over the line and proceed exploration like they are supposed to be doing.

For me it should now all be about how can Omi extract best value for Anza in the shortest possible timeframe. I'd take dilution, or another partner (hi collective.....more results yesterday btw) to get rid of these majors and either go it alone or find a company more aligned into proving up the resource and not having it sit idle gathering dust. The Omi management need to start creating shareholder wealth as is their mission statement and because so far they have sold good hardworking shareholders down the river.

Still mid 3's.... When we got the good Pepas results last September we touched 19p to 20p and we started that adventure from quite a low number, I think mid 6's or something.

I have no doubt if we get a few positive updates and are drilling again, 3s will look stupid. If they attack Pepas again, not a hope in hell that won't hit "bonanza" grades

Jackbal - I'm not defending the board or their actions. I don't think I can top what you have just stated and we should never have got to this stage in the 1st place. We are where we are however and if the Omi board don't get the frustration and anger holders feel at present, they sadly never will. I am though positive that they are trying to put this fiasco right. But we need solid actions and strong leadership.

For all we know Omi are putting on as much pressure as possible, without going the nuclear option as to keep/ maintain relationships. I'm sure there is plenty happening in the background. Of course we all want movement and an update for Colombia, we will get one eventually.

Clearly the team have completed initial works at Argentina and have now moved to Brazil while el pantano closes up for the winter. Seem to be working up to some kind of drill for Argentina post September 2023. During the winter break, works have now commenced at Brazil eg mapping, soil and rock chip sampling and auger drilling of metal bearing drainages (all in last operational update).

I still think though there is not much happening now Q3 onwards will be exciting (with the majors onboard or not). At the end of the day this was always going to be the case.

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One's junk is another one's treasure. At a year low... Time will tell if it's best to sell now or buy.

For the majors to sell they'd need a buyer and I just don't see who that buyer would be. UnTherefore, I feel the only real option is for some kind of amicable agreement to be in place (that is if they do in fact leave). I know most are worried and fear the unknown but I feel like there is a real tangible opportunity for Omi. I can understand volume drying up with all the unknowns currently but I am sure things will start to hot up shortly.

I'm 100pc relaxed. The assets are still there and won't be going away. Majors can walk, stay I actually don't mind. All that is needed is to get away from this limbo status so the company as a whole can start to move forward.

At the end of the day the Orosur camp talked of drill drill drill and phase 2 going ahead etc and very publicly so no wonder LTH are frustrated, and that is putting it very politely indeed. Orosur have a lot of making up to do to instill trust again. At the end of the day looking in from the outside, it looks that the main asset in Orosur's armoury has been poorly managed. I don't think that is entirely all Orosur's doing but the share price doesn't lie. A lot of bridges to be mended and built. Just to add, personally I don't mind if traders are looking to take advantage, can't really see much of that so far, volume is next to nothing.

My opinion - Omi are worth more than 7m mcap for a variety of reasons. Trust the process.

6 to 7p? Not entirely sure what is happening here but if this comes out of care and maintenance and the drills start turning again, I'd be expecting to be in double figures. Seems to be a concerted effort from the multinational drilling companies to put pressure on Colombian government. They are not happy with the red-tape timeframes, taxation and security issues. We are not the only company that this effects Keep an eye on what the government do at Buritica. The Colombian government could see all major companies shutting up shop. Not good for the government as the illegals/ gangs would see this as carte blanche to takeover a very lucrative mining industry. Doing nothing sends out a signal that foreign investment is not wanted. I don't see that happening. As it is, Petro is facing a battle himself with popularity for him on the wain due to failure to secure peace deals with armed rebels and reforms. Two of Gustavo Petro’s closest political allies have resigned in the last couple dats as they were embroiled in a bizarre scandal involving a nanny, illegal wiretaps and a missing briefcase full of cash... See the guardian today for more details.

I'll be adding then too :)

Need more brave souls and your right this is cheaper than most who entered in the last couple years. Alot of negativity and indecision currently but it could be a really tasty addition to ones portfolio, if there is a trickle of positivity that can be built on. Heck I've added at all price points so to not add now in 4s or potentially lower would be stupid. Seems though most have given up. To have added at 35p, 20p, 10p seems a bit strange that all of sudden no one wants to take it at 4p. At these levels there is risk but this is where one can really add to their pot.

I've been helping myself to small amounts over the last week and I done a bigger addition at 4.75 area which was obviously a bit early. My modus operandi is to accumulate at these knock down prices on the basis that I cannot see us going down much further than another 30pc at worst and if there is any positivity then we will rocket from down here.

From what I can see new company formation is still happening and will have to happen for the majors to secure their controlling stake in Anza. Even if they've qualified and are not prepared to form new company then from my understanding Omi will own 100pc of the asset. But since they've qualified with the spends, they will have to eventually form the new company to get the controlling stake of 51pc. In doing this however, they then are bound by phase 2 spends regardless of if we are in care of maintenance. Therefore the project will get moving eventually one way or another, (with them/without them).

It's not just a pickle for us, it is a pickle for the majors, because if they really don't want it, once that company is formed they will be bound by the terms that they have been agreed and spends agreed etc. Therefore I can see an amicable agreement being reached.. Maybe a new partner, maybe Omi leading, maybe it is a cheeky low ball takeout of Anza (I don't know)....what I am saying is there will be light at the end of the tunnel eventually.

Anza is basically a squirrel that has stored an acorn for the winter. That squirrel will eventually go back to the acorn. Just give it a bit of time and take advantage of these prices (if you are brave and believe in the asset).

Good luck all.