Member Info for CHRI5P

Resolutions 3 and 4 are normal to see in AIM companies so this is not an issue.

Shed I don't think Denarius needs to raise that much initially. The first part is $650,000 to get Toral to PFS stage. If that does not happen they would walk anyway. So I don't think finance is the issue. They need to do their due diligence and if they decide not to sign then it does say a lot about Toral. So the deal IMO is extremely important and for me is a game changer.

Shed, GLR was worth under £3 million at the time it bought 31 exploration licenses which were paid for with shares and a small placing and within 4 months the SP had doubled. At the time they had 4 other projects. It really does not cost much to buy licenses it is the time and cost to get them to mining where all the money goes.

Shed I am actually one person who thinks that another project at the right price is good news. I feel this is one of the failings of EUZ. For me both Miles and LR being paid so much for just working on Toral caused excessive administrative cost and they should have had other projects that they were working on. CB bought 31 licenses for GLR in Botswana for around £500,000 and sold 9 to SFR 8 months later for around £4 million with the possibility of £80 million if the there is JORC produced. SFR also have to spend £4 million on the licences witin 2 years while GLR keep the other 22 licences. GLR initially paid for the licenses in shares. The thing is there are deals to be done and are BOD IMO have had the time to do them.

So we had around £270,000 more in the bank end of June (I have converted from Australian dollars) than last year. This is much better than I suspect most people were thinking. We also had to pay off LR. We will also have the third grant payment and $100,000 from Denarius. I
The drilling is still ongoing from the RNS and we are still searching for new projects. The Denarius deal is very important and the signing IMO will cause a re-rate of the SP.

For Newgen not to have offered a rescheduling at this stage the position looks very serious. Quite often it is the company who makes the first move and calls in the administrators to protect the asset. A placement could have been done 2 months ago with a rescheduling of the loan/loan extension etc but that boat might have now sailed away. The administrators will try and keep the mine going and try and find a buyer to pay Newgen off. However, if the Administrators deem this not plausible then it will be a fire sale. I hope RMM can complete a placing and keep Newgen on side and the longer these talks go on the more likely the BOD will be forced to protect the asset and involve an administrator.

Why would I waist money on Prem when GLR have all the possibilities of a 10 bagger!

I would be very surprised if it is Sandfire. They have many interests in licenses with GLR and another one of Colin Bird's companies. They bought a lot off GLR and have first rights on even more GLR kept. All of theses areas are around Sandfire's licences and Cobre's drilling success. Sandfire tend to buy the licence and then take a stake in the business - they own 3% of GLR.

AFRICAN MINERAL RESOURCES LIMITED - now own 4.3% - see RNS! What does people think other than the SP could be squeezed up.

I did suggest a placing would be required a few months ago. BT in an interview said money would be raised through the warrants when the SP was 3p. The warrants are well underwater at the sale price of 1.7 on Friday so BT had no option. I think BT needs to be careful when he commits to future funding. This is good news if you want to keep the lights on and a good drilling result will keep the SP up and might mean you raise money during next year via warrants rather than placings. I am invested in GLR but the good news on drilling for KAV the more investors will be buying the shares of companies with drilling interests in the area. I am already committed to GLR but if I was not, I would now be buying KAV because a big placing is out of the way.

This is a dividend cut but it is similar to what M&G does. They are doing £10 million in buy backs to show they are positive going forward and the dividend is now more sustainable. The guidance was good and I think we might have seen the bottom if markets don't suddenly crash again.

Good to hear from you BrickSA.
To answer your question absolutely no.
We are worth a tenth of Demerius at a mere £2.4 million and we have no more cash to raise until well after option 2 is concluded. At that stage we will own 20% of an area at least twice the size of Toral with a mining license, a possible copper resource and $2,000,000 in the bank. All the risk is with Demerius who have to spend well over $6,000,000 to complete option 2. If they fail to deliver Option 1, they get nothing and if they fail to pay us $2,000,000 within 12 months of Option 1 completing, they do not get their 80%.
I think when/if the deal completes the SP will start to rise and I would not be surprised to see 6p on completion of the deal. Another rise if the outstanding drilling results are inline or better and another rise on the PFS being complete, mining license, exploration license for Antonina and more drilling and results after that. What everyone needs to understand is that this deal if it goes ahead removes the big elephant in the room which is more placings until well past Option 2 is completed. The Finacial risk will now be with Demerius.

The thing is if the deal goes through and we get the money to keep going and get PFS/Mining License/drilling results/exploration licence on Antonina/more drilling and results there are many RNS's to come. However, the SP does not need to rise to get a placing through. The SP will be irrelevant it is all about the data.

What podcast and what potential. Up 0.125 p today already!

I have been in and out of HZM and believe in the company. I have also been in and out of RMM. It seems funny that when I went on the GLR board today which is my largest holding there is an argument comparing HZM with GLR. I sold out of HZM at 9pin old money because even though the mine will happen there is always a massive risk of cost overruns and more placings when you have raised the money to build the mine. This is not the BOD fault and will be happening to most miners in a similar position. I sold out of RMM due to a similar reason that costs might rise, and they still have some pricey debt. GLR is where I have my money because the potential is huge, cost overruns will not be an issue and no debt. They only need one of 5 projects to come good to easily propel them into a new league and all the projects are in the right resources like HZM and RMM.
When exploration companies raise their money after the DFS, wrongly people think that the mine is completely de-risked, and this is shown up in the SP. To me this is the time to sell and take your profits because construction/commodity and finance risk is even worse even if you can tell everyone that you have a project which will be a mine one day. Everyone to their own but for me GLR is risky but at a value of £17 million they are in a quite different league to HZM when you are talking about potential and the SP multi-bagging. All IMO

Myles said that the initial $4,000,000 values Toral at 8-9 p a share at this stage in the exploration. It does suggest They are overpaying but they would have to pay more than 8-9p a share in the open market because too many people want 12p and accumulating shares on the open market would make them go sky high. Additionally, their initial stake is only $650,000. They also want a partner to share the risk until option 2 is completed. A good deal all round but the best thing is it is not contingent on our SP which has been decimated by noise rather than facts.

Denarius is thinking much, much bigger than we were ever contemplating.

MM yes and we will spend $2,000,000 more on drilling Toral and Myles in the RNS said he was pleased the exploration is taking a new route. Speculation I know but copper might well be in the mix now.

Shed I think adding Antonina must be a big deal and I would not be surprised that the authorities are already in the loop and an exploration license will be more of a formality than an issue.

Shed, I think you are over worrying there is always get out clauses. If after the PFS we don't get an exploration license for Antonina, then yes Denarius can walk away but with no share of Toral and we will have a PFS and Minning license on the cheap.