Member Info for Chickenlegs

Yes driving. I wonder also if it is all intentional. What is your thoughts?

Breaktwister I disagree. The situation at Buritica does actually help perversely. The government response or lack of will surely be used as part of the majors decision making process. Majors will be watching this with a very keen eye. Remember this is a new government with very different views from the last leader. The response from government and the increasing tension brought by illegals should bring majors decision making to a head. At the end of the day we need out this limbo as quickly as possible. So a strong response to increased tensions by the government could help the majors stay, a weak response might be enough for them to walk and get out. Super important in my opinion. Part of me actually wants the illegals to step up their game and force the governments hand in to action.

Quite a lot of reasons behind why zijin can't handle their mine currently. Buritica directly or indirectly keeps 4200 people in employment in that area so they seem to have good support from the local community for legal sustainable mining. I'm pretty sure if allowed zijin would get them out by force but it's a political tightrope that has to be walked. Hence why they are calling on the ministry of mines and the government to do more. Currently from what I can gather the government have tried to interrupt the power supply to illegals, control explosions and administrative elements have also been put in place. The other headache though is that artisanal miners have legislation that allow them certain privalages to the mining concession and I suspect many of the Illegals are also hiding behind this. Zijin realistically want the government to ok the local police to get them out by force. It's been an on going issue for quite a while which seems to have never been fully rectified or taken seriously by the powers at be. Realistically it makes no sense for the government to turn their back on this type of activity as they run the risk of losing future foreign investment. They need to nip it in the bud, I am sure companies are watching how the government acts on this.

I agree, I don't get the logic of both the RNS and the webinar at that particular time. Looking in from outside the new company is still going to be formed which means the JV for phase 2 will be officially entered and all the trimmings/ spends that entails, even under care and maintenance. So why crash the price and spook everyone before the new company was formed? Good Samaritans? Hence why I just keep coming back to something is a bit fishy here.

Probably all hinges on the timeframe for new company completion. Think once that happens might see more of a plan in place, or things will start to move from limbo status... Next two weeks is very ambitious however. I still think there is more to this than meets the eye but I am at a loss to what will happen next. I have money to add here but I've bought substantially in this range already and as there is a lot of doubt of what will happen next, it's stopping many of us from committing further..... though the share price could also be construed as a bargain with a little bit more clarity but could quite as easily drop further. Judging by the zero trades today everybody is looking for more clarity and to be honest the quicker it comes the better.

Still in limbo. Could be a bargain if the indecision or a proper plan emerges. Time for them to earn their free hits.

Illegal mining is a real issue around buritica and other parts of Colombia and obviously the political system can be corrupt. Your man Eduardo Otoya Rojas a former director of continental gold was arrested apparently for sharing mine plans of buritica and others to the big gangs that operate there. It's like the wild west. Hence why the secrecy around grades, locations of finds etc. The environmental devastation these illegal miners with their mercury and crude explosive devices is not to be underestimated.

I think all Orosur can do is keep pushing for a resolution one way or another. It is pretty clear that there is alot of potential at Anza. I agree with Louis that it could be a mining district in the future but realistically Omi need a partner/partners that will push it on at a steady pace. This indecision, is not helping out share price and nor is the lack of action on the ground. I hope it is not expected that new company formation is going to take another 7 to 8 months from now? Louis alluded to that Omi would not want to be giving cash for Anza and said there would be other means. What is people's thoughts on these other means? The cost of care and maintenance suggests that an amicable solution has to be reached one way or another. I still can't fathom exactly what is happening here but I 100pc believe in the asset, but it's hard to see the how it will be realised with no definitive answers or direction currently. Just in limbo until our pay masters decide it's time to deal with this project. Seem to be far down the list of priorities however.

In this scenario Brad would be scratching his "free hit" vinyl tracks, on the decks, like DJ Tiësto.

Plus say I'm just plucking a figure out of thin air, if Agnico offered 30million for Omi's 49pc do you really think Omi are in a position to play hardball? Money that can then be used to pursue Brad's dreams of a tin utopia and golden Argentinian nuggets, whilst then perhaps taking on a few other areas/JV's in "friendlier" districts. Conjecture obviously.....Of course I like the option of a smaller company eg collective being part of Anza, who have proven experience in Colombia and would be more aligned about shouting from roof tops about drill results etc. Many ways this could go however, I couldn't possibly know what the real strategy is and how this will pan out but still invested, happy to be part of the adventure.

Legalwolf I personally don't think this is a conspiracy theory. If you were Agnico for instance and you did in fact want the project all for yourself what would you actually do? You'd try and keep news flow in the junior company to a minimum, you'd try and slow down drilling, you'd spend your time collecting as much data as possible, you'd not make this data available in the public domain, you wouldn't drill the most fancied targets. When negotiating next phase you'd do enough to keep in the project but use delaying tactics to get next phase over the line, when slow balling everything you'd keep the asset in a good condition to revisit, you wouldn't drill right in to the good grades, just the edges (Pepas 2nd round drill results). Not got time to read over the agreement this morning but is there not something about a 5 year protection? Would this not conclude in September when the JV was signed in September 2018, that would end this year funnily Q3 2023. I know Agnico will bound by the terms of that agreement currently as new company has not been formed yet, as although joining later, no new agreement was ever produced. As you say why would you spend another 20m for another 15pc extra when you could probably offer in the realms of that plus to take an extra 49pc, before drilling the better areas. I just don't buy the slow balling for new company formation reasons and I don't buy that Brad realistically expects to have Anza for himself. Conspiracy theory maybe but for me this is exactly what I would exploit if I were in Agnico's shoes and wanted it for myself.

I did jackbal. Is that a realistic option for Omi or not I don't know. But certainly for me part of having destiny in our own hands does appeal, but at what cost? Would they prove up Apta and start producing eventually? I take what Brad says with a pinch of salt. He does seem genuinely excited by the geology granted but I just don't know if Omi can do it own their own, but i am not discounting the possibility. We are all guessing

Not really sure what is going on here but the call today was basically what was said in the RNS. I don't know why everyone has got their pants in a twist again, felt yesterday after he has added that it would create a bit of a base. I can't imagine that everyone will all of a sudden hit the sell button after that. To me it seems that Brad is creating this illusion that he doesn't really know what is going on but our board are 100pc complicit in whatever is happening. I believe of course that the seeds are being sewed for the project to be taken over. Majors are doing enough to clench their fist on the project and keep it in shape to come back and revisit. Also there has been alot of sampling going on, alot....that we never got to see. I've just had this hunch, won't be now, will be after the mining code is released and sometime nearer September....just in time to get cracking at the new flava of the month Argentina. Probably be a new JV or 2 thrown in the mix also. Brad wants a basket of metals. Do you really think he can go Anza on his own? When apparently the price is just too big for Agnicos boots? Much better than Agnico buy it out now me thinks when their is so much uncertainty. Remember Agnico have JV next door and the analysis suspected that the host source was in the north west of Anza plot. Only Apta and Pepas pretty much drilled which will have proved concept. All the best potential areas not touched? What does that tell you? Perhaps he has went public in the hope that he can spark a bit of interest from other parties? Of course he could be out with the begging bowl to see if he can in fact snatch Anza for Omi? Interesting none the less but I wouldn't be panic selling in a tizzy and alot to play for moving forward.

I agree bankrupty. I'm relaxed about the situation. Let's see what transpires from the webinar. I'm not ruling anything out at thos stage as things for me anyway are not what they seem. Big few weeks, quarters coming up for Omi. It was always going to be the Q3, second half of the year for things to get a bit more exciting. I still expect it will be. White knuckle ride though.

All interesting points and defs needs clarification. Very ambiguous with the overspend and 2 million payment giving the majors wiggle room to in effect halt the project. One thing is certain it's not doing Omi any favours.

My understanding is that as they overspent in phase 1 by 3.65m (which concluded September 2022) that this overspend is being used as the majority of money for phase 2 year 1 (September 2022 to August 2023) and that year 2 of phase 2 would start September 2023 to August 2024. Of course I could be wrong also in which case clarity would be most welcome. I know officially phase 2 doesn't start until new MMA company formed. Though if you are right then that's a long gap for us.

Latest TP note

"As at 31 December 2022, MMA had already incurred some US$3.65 million in excess Qualifying Expenditures for Phase 1 and, as such, this excess may be carried forward and credited toward MMA’s investment obligation of US$4 million for the first year of Phase 2".

Interestingly TP march 2023 states

"Orosur will initially hold a 49% ownership interest and MMA, which will also assume its

management, the remaining 51%. From this point, MMA may earn an additional 14% ownership in the Mining

Company by committing US$20 million in qualifying exploration expenditures to the Project over a maximum

period of four years. (See tabulation overleaf detailing Orosur’s three phase JV with MMA over 12 years to reach

75%.) This in turn implies an absolute base valuation of US$50m for the 35% of the Project that Orosur would retain

at this point".

I'm wondering then if Omi's stake of 49% by end of phase 2/ start of phase 3 holding a base rate of $50 million, does this then put a base figure of value being around $28 to $30 million (US) for our current 49%? (If we take away the earmarked phase 2 spends).

In which case out current mcap is extremely cheap. Currently sitting at £9.24 million as per lse and in that calculation 49% of Anza currently would be just shy of £24 milion.

Food for thought in a TO/sale scenario.

Yes legalw, I don't think timelines have changed on this one, still aiming for Q3. I'm not too concerned, but I don't have the foggiest exactly what is happening. I don't think anyone does, so hopefully the webinar can expand and illuminate in more detail. I assume though that this also means year 2 of phase 2 rolls from September, that is, if they spend the few hundred thousand to qualify for the 2nd year of phase 2. TP was certainly an easier read than the official RNS. I think your right, we are an exploration company where no exploration at our main flagship asset is happening, which is clearly an issue for us as shareholders and for the share price. Time is of the essence but it no doubt should be concluded by the anniversary date of September. High risk investment, high rewards if this can be ironed out. I reckon it will be resolved, in what fashion, that is clearly up for debate. I never expected to see us down at mid 4. But wow the amount of shares that can be gathered at these prices is mighty tasty. 52 week high of 19p and we are sitting at 52 week low of 4.5. A 10k investment today and hitting the 52 week high would yield a near 30k profit. Alot still to play for. Hazard a guess now that most holders are sitting substantially underwater. Hence why a few of us have taken the opportunity to add at these levels.

I feel like the ground work is being laid for something. I won't rule out anything at this point, though I found it strange that the webinar is a good 10 days after the initial operational update. Usually very prompt at these things when it's something to shout about? Perhaps anything on that front would be a bit premature for the 15th mind you. Perhaps it is more about sewing the seed. Though I'm guessing since negotiations started last September it would have been wise for the company to have formulated a few contingency plans, in an event similar to this. Turner Pope suggesting still Q3 to iron out details so I'd imagine one way or another we will know by September at latest. Doesn't seem to be the timeline has changed, only that there is more uncertainty and more permutations of what may or may not happen. I personally just feel and this wont be popular, that Anza has become a noose around the company's neck. If there was a potential TO or buy on then perhaps as a company it has to take it. Break free from this and get Omi's destiny back in their own hands. If it is just Anza sale, trying to retain a small percentage stake, maybe is the way forward, which in turn could help finance Brazil/ Argentina and perhaps add to the metal basket. Operationally for me it would be a sound strategy for the company as I have issues that Omi could make it through the whole of phase 2 anyway. I still don't see any action from majors that they don't like Anza, they are doing the absolute minimal to keep it in their hands, without actually doing anything too constructive. Suggests to me they see value of some sort.

Yea risky for sure. I'm game and brave though and added at these prices cause quite simply all the noise hasn't made Anza a bad asset overnight. See what this webinar brings and if more news is a foot.

And of course it could be absolutely nothing as well but it makes absolutely no sense to drop the operational update and then have webinar 10 days later. So I am cautiously optimistic of something positive here.