Member Info for Dave85

4/4

POG relevance

RR on why gold prices are important for Co’s like omi even tho they are far from production – it matters what producers are valued at in terms of what they will pay from 16mins - https://www.youtube.com/watch?v=C5jD1DHaTYY

voting

“If you do not complete and return the materials in accordance with such instructions, you may lose the right to vote at the Meeting” – don’t know how it works, but voting twice/attempting to, seems likely to be a potential scupperer similar if try to vote in person when already voted online etc - https://wp-orosur-mining-2021.s3.eu-west-2.amazonaws.com/media/2024/11/Annual-and-Special-Meeting-Notice-and-Management-Information-Circular-2024-081124-OG.pdf

Request letter of authorisation, turn up, vote, seems votes will be counted – imo.

By Laws (controlling document re voting rights – my understanding) - 10.11 persons entitled to be present

https://wp-orosur-mining-2021.s3.eu-west-2.amazonaws.com/media/2022/03/By-Laws.pdf

https://www.londonstockexchange.com/news-article/OMI/agm-results-investor-q-a-session/16809642

“At the AGM, a total of 49,022,607 common shares of the 235,620,423 shares outstanding as at the record date of November 4th 2024, were voted at the meeting, representing approximately 20.8% of the then issued and outstanding common shares of the Company”. Even if that included Newmont? that seems multiple other shareholders who hold uk listed shares who voted – “aim dominates by about 95%” – from 15secs - https://www.youtube.com/watch?v=rGT-XfbYzHs&t=339s (mj vid)

Roughly (235,620,423/100) x 5 = 11,781,021 & 49,022,607 – 11,781,021 = 37,241,585 shares, so if uk investors can’t vote and aim is the uk listing and the aim dominates by 95% and 5% of soi is under 12m shares, how were three times that many shares voted at this years meeting?

From 31:54 https://www.youtube.com/watch?v=iturUv0d3HM&t=2234s – confirmation that uk investors can vote just that has to be thru a nominee if the shares are held within a nominee account – just like the rest of aim Co’s etc.

All just collection of omi related thoughts on various aspects, just layman opinions in case of interest and record personal thoughts at particular time, can easily be wrong some/all.

AIMO ATB

3/4

Economics

For context on the potential economics of such a hill top/side high grade from surface oxidised (unknown) open pit gold deposit if developed into a mine I found the following interesting to review –

https://www.barrick.com/English/news/news-details/2002/Barrick-Reports-Operating-Results-For-2001/default.aspx

“The Pierina Mine reported record production of 911,076 ounces of gold in 2001, at the lowest costs in the Mine's history of $40 per ounce. In 2000, Pierina's production totaled 821,614 ounces at a total cash cost of $43 per ounce.” “For the year, the Company produced 6.1 million ounces of gold at total cash costs of $162 per ounce, with the recently acquired Homestake mines contributing 2.4 million ounces at $167 per ounce to the 2001 total”. So the pierina cash costs were c.25% of barricks average including the pierina ounces – absolute cash cow. This is at large scale, major Co tonnages/a and 300m usd capex but for e.g. Cabral gold’s recent pfs has a starter mine (to fund district exploration with reduced tapping of capital markets) with sub 40m usd capex and a payback c.1yr. Extra crushing likely at pepas and metallurgy not confirmed but plant scale far less, their grade is sub 0.5g/t (saprolite), we likely have lots of tonnage 6 to 10x that at pepas.

Pep01 context

https://www.youtube.com/watch?v=n72_O4Dy4rw

34:30 lsx.asx ceo discussing opinions of gold price dynamics uses hypothetical (in his apparent opinion - uncontentious) discovery intercept of 100m at 3g/t & suggests even those type of things not being a dampener in relation to increased supply citing his assertion that after such a drill hole actual gold coming out the ground is likely between 10 and 15 yrs away. One large reason for this around world is permitting and scale of funding for big capex.

Permits

AS (cnl) From 14:30 – “permitting mines very fast right now” - https://www.youtube.com/watch?v=u_18XIq16Ew

& from 16:35 “Colombia buy law is 10 months you’re going to get, on you’re environmental permit you’re going to get a yes or no in 10 months.” Snowden report 2010 pg 32/116 ( https://wp-orosur-mining-2021.s3.eu-west-2.amazonaws.com/media/2021/09/30133331/May-2010-Anza-Technical-Report.pdf ) exploitation permit incl gold for area 1139 under 1988 decree format of rules (grandfathering applies), as IS refers in my post 06/12/24.

AIMO

2/4

Similar discussion included within - https://www.youtube.com/watch?v=chSvB9r0wvI&t=3907s - from 37:55 and with further interrogation from 1:08:53 where the original stipulation seems to defended via the apparent (my understanding) suggestion that the brittle deformation is dominantly a porosity increase with less meaningful increase in permeability and the broad increase in permeability is materially affected via the relatively pervasive mylonitic fabric in the applicable orientation.

Ven pg26/114 “The depth of oxidation reaches up to 100 meters along specific structures where permeability is best developed. In general, the depth of oxidation ranges between 10 and 30 meters and is irregular in outline as it is principally controlled by fracture density and subsequent permeability. The degree of oxidation is variable as fine sulphides protected by silica remain intact even at the surface” We have been told of “minor sulpides” at pepas in rns 02/12/24 – “Multiple fractures, veining, minor sulphides, and pervasive silicification and alteration were mapped for a considerable length”. Considering they logged pep1 yrs ago (geos from major and omi inhouse etc), have been in two tunnels observing the fresh rock and have now geo logged several diamond holes this snippet and specifically “alteration” seems unsubtly vague imo, - from 50:30 “no idea what pepas is” surely team had hypothesised the so far available evidence? https://www.youtube.com/watch?v=lb8T4Q3LasI

Leaching/remobilisation of gold

From “pepas drilling” rns 23/12/24 it seems the term used within main prose “unmineralized” is apparently incorporating the scope of results defined towards the bottom of the rns “Gold intersections are reported using a lower cut-off of 0.3g/t Au over 3m” because from looking at the section view (fig3) it seems that gold mineralisation (sub cut off) is present and therefore some strata are actually gold mineralised (using a different basis such as anomalous gold cf. background levels). Potentially suggesting leaching of this low grade strata now described as saprolite, likely suggestive of oxidation.

AIMO

1/4

pepas g-m discovery

following snippets from ventana gold via sedar posted 23/06/10 the ni43101 tech report on their la bodega project which was backed by ross beaty and run by stephen orr recently known for gatos silver.

http://www.tischendorf.com/2009/10/10/ventana-gold-ven-tsx-billionaire-buying-more-stock/

https://seekingalpha.com/article/4017229-next-ventana-gold

ven pg25/114 “the first hole drilled on the project, ddh-06-lb-001, was sited within a few meters of the angostura property boundary and intercepted 106.45 meters of 7.81 gram per tonne gold utilizing a 0.5 gram per tonne gold lower cut-off grade and no upper cut-off grade.” (106.45 x 7.81 = 831g-m)

this puts into a colombian context the >600g-m pep14 as, whilst being somewhat globally exceptional, not unprecedented in colombia – why prospectors are active after all, however this was a nearology play as they simply hoped/expected the neighbouring companies discovered mineralised trend to continue on to they own property and fortunately for them, in the end, away from the paramo areas. pepas’ pep1 at 453g-m is more correctly referred to, imo, as a true discovery hole certainly if referred to as a “grass roots discovery” as bg recently referred to it.

geol thoughts

ven pg25/114 - “the isotropic, ****genous, quartzofeldspathic lithologies may have deformed in a more brittle manner than the anisotropic, banded, biotite and amphibole-rich gneiss and provided greater permeability for the mineralizing fluids” we can see mylonites on the geological map (pg 9/18 from december 2022 presentation, however from rns 21/11/24 it would a appear some remapping has been undertaken unless it is to be assumed that some of the lapilli tuff is mylonised lapilli tuff and any intrastrata textural distinction is not mapped? (or im misinterpreting/understanding – v possible). tuff is inherently relatively high porosity but perhaps dynamic recrystallisation (mylonite) reduced (some pep1/15sections) and brittle deformation increased on a relative basis? (pep12/13/14 intercepted rocks) perhaps closer to the topo ridge leaching of gold from now existent saprolite with gold remobilisation via cooler later meteoric flows to deeper level of deposit?

at barricks pierina - https://www.sciencedirect.com/science/article/abs/pii/s0009254104004073 “this assemblage was almost entirely obliterated during stage iii, when oxidation by low-temperature meteoric waters generated botryoidal hematite–goethite assemblages, which are now the main precious-metal hosts”

aimo

..first impression/thoughs.

https://idata.fundata.com/MutualFunds/FundSnapshot.aspx?IID=553#:~:text=Dynamic%20Precious%20Metals%20Fund%20seeks%20to%20achieve%20long-term,Fund%2C%20the%20prior%20approval%20of%20unitholders%20is%20required.

1982 - Bought founders metals - September 2023 at 0.40c/share now over 10x

Sedar mcr submitted 05/09/23 CP(fdr) said – paraphrased - closing this equity only financing adds a new long term strategic investor. This investment was unsolicited and at the time the financing terms were negotiated, the price was set at a premium to the market price with no offered warrants.

See pg 5 - https://www.fdrmetals.com/_resources/presentations/corporate-presentation.pdf?v=121608

Their top 10 holdings reads as a veritable whos who of the cream of global precious metals juniors, Rupert resources, spartan resources (Gascoyne rebrand 28/08/23), snowline, Bellevue gold, Alamos, northern star, and k92. Future improved reach/pr via Ovais Habib or similar scotia notes? Emily Griffiths (17/469 link below) seems to be the decision maker to add omi (ex meridian min’s – unsure if mno connected?)

https://dynamic.ca/content/dam/docs/regulatory/simplified-prospectus/dynamic-funds_en.pdf

from 11:40 “had a few phone calls already” https://www.youtube.com/watch?v=EsFuRjlcsDM

Another example spr.asx, 1832 were sharp to buy spr.asx - ann dated 24/10/23 taking c.5% in the 35-40c aud range over 5/6 weeks period & in before bigger funds delphi etc, currently c.1.40aud

https://clients3.weblink.com.au/pdf/SPR/02753780.pdf

Basically all above is just first impression and to broadly suggest this entity has a good track record and imo adds a certain level of confirmation to my position, obvs past performance is commonly stated to be no assurance of future preformance but on a relative basis to not knowing who fellow holders were beyond nem and bod and with the exit on a spike of continental IP the news is a positive overall imo.

Https://mcusercontent.com/d9ebd7c1aa0f3dbc5fab42eca/files/6b86c32f-ecad-cad0-ed7c-8dfcdbf251fa/OrosurMiningInc._Research_Update_16December2024__FINAL_BG.03.pdf

Above TP rn appears to include a typo - aum of fund is c.608m not c.680m still big tho!

AIMO ATB

..for 3.9p as imo this location and deposit looks favourable under trump, seems copper out of favour currently but think reshoring / electrification macro theme wins out eventually and ali and copper go higher just to incorporate inflation for starters, US based assets more investable for me after US election and seen high volume sell off for my highland copper (hi.tsxv) too yesterday so unsure what immediate dynamics at play but maybe anticipation of massive recession. Have considered buying at mcaps much higher than 7m so lucky for me on a relative basis. Wonder what if anything will transpire to justify such a rapid sell off.

AIMO ATB

Would be suprised if there is not another rns before trading because looks to me like pep14 grade is estimatable from the tweet, obvs not official but strange behavior, imo.

AIMO

Today was barc - a phone was required atb

Bit of a top up for me this morning now they got it tradable under nfm.l, liked the involovment of dr munlu fu over at aldoro but hesitated due to funds in a specific account then took eye of the ball for a few days and now hesitant for different reasons. Asx seems bullish on harts range and had to resort to limit buy this am for what thats worth. Watched wa1 sail away and hopes of some rhondonia Nb exposure (perhaps unjustified) turned to nought so next try is here as pre-existing holding was pre harts addition.

AIMO ATB

Cheers for that 28jaczar01 – had missed that tweet.

V happy to have my expectations blown away this morning.

Higher grade tunnel https://www.google.co.uk/maps/@6.3763376,-75.8733404,45m/data=!3m1!1e3?entry=ttu&g_ep=EgoyMDI0MTIwNC4wIKXMDSoASAFQAw%3D%3D

Pep11 – only one hole - collared c.150m east side of pep12 and c.50m to the north drilled to wsw at c50deg. Think its shown in bottom half of slide 13 discussed at 24mins in investor meet vid https://www.youtube.com/watch?v=zvWkpsRM9m8&t=3126s and on pg 10 of may 2023 pres – here - https://wp-orosur-mining-2021.s3.eu-west-2.amazonaws.com/media/2023/05/Investor-presentation-may-2023.pdf but not seen much talk of it, has been a niggle for me but maybe this fault meant poor continuity, good to here they seemingly have a handle on the fault orientation “very close” to expected in pep13, also uniformity of the plans for next holes suggests?? They think they are close to true width?

“Subsequent analysis and interpretation of drill core from these and previous holes has now suggested three distinct phases of structurally controlled veining, with the youngest phase being the polymetallic sheeted veining that produced the thick intersections of high-grade gold intersected at Pepas in earlier holes. It is also likely that these various vein systems have different orientations, with the most important potentially dipping away from hole PEP008. As a result, hole PEP008, being drilled from the west, may have drilled under this important later structure.”

https://www.lse.co.uk/rns/OMI/colombia-update-7ntlortp9bsq9kl.html

“Gold-silver mineralization at Marmato is hosted by a sheeted pyrite veinlet system associated with intermediate argillic and propylitic alteration in dacite and andesite porphyry intrusions of Late Miocene age. Mineralization occurs in parallel, sheeted and anastomosing veinlets with a regional structural control. Gold is associated with sulfides and is mostly free gold. Mineralization that is potentially bulk mineable is developed in with a sufficiently high veinlet density” medoro resources psfp 16/11/09 pg9/30.

Again just for fun, to see how good financing can get under certain circumstances & in current climate (better in raging au bulls), B2 – a jv partner at Gramalote Colombia recently supported fdr in suriname with https://www.fdrmetals.com/news/founders-metals-closes-c121m-financing-with-b2gold “Additionally, B2Gold has agreed to acquire 1,170,000 Common Shares in the market over a 12-month period following closing” in the context of 88m soi”

From 3mins on buritica bmz could pepas be a, from surface example? “Minor sulphides” mentioned for pep12, and minimal detail on type of alteration - near surface highly faulted, and broken ground common, in hot wet climate - how deep does oxidised zone stretch? https://www.bing.com/videos/riverview/relatedvideo?q=continental+gold&mid=C238FEB7FE68B0E306BDC238FEB7FE68B0E306BD&FORM=VIRE

AIMO AT

2/2

Overall pep12 exceeded my expectations as interpreted - start in high grade and end in high grade directors hole literally and didn’t expect quite the extent of mineralised intercept, hopefully 13 beats my expectation too.

Feels like been long week and tired so all above could be mistaken - if so please correct, also I only skim this bb so if all this already discussed apologies for repetition of subject matter.

Putting their best guess as to the orientation of the plane of this “major fault” that is seemingly truncating the mineralisation onto that 3D see through hillside would be helpful soon as they can - quite a big deal seemingly, did they see similar evidence in cores from pep 2,5 and 7 for instance some difficult drilling conditions but that was deeper than mineralised section.

Titling the news releases more uniquely would be nice, market attention grabbing headlining of big hits aside, just put hole numbers or something other than another update, guess they only want serious people who would file, rename, print and inwardly digest/process the contents via there own systems, if so, fair enough but just seems weird like looking thru sedar at “news release”. Easy win if they really want to give the sp a boost.

Just for fun – and to show what can happen in certain circumstances, not suggesting there is currently in any way a justifiable comparison to ‘payback hill’ but still some vague similarities at minimum do exist. Met being possible biggest/most significant difference so far? - they had oxides. (Md&a sedar 17/10/16“At the Company’s high grade Anzá Project in Colombia, initial preliminary metallurgy and density test work has been completed, with average gold recoveries ranging from 95.9 – 96.1% utilizing a combination of gravity concentration, flotation and cyanidation processing, which is in line with the metallurgical recoveries of the development projects and producing mines in the region”) that was apta I think, don’t remember reading about pepas mineralogy yet? – from 33mins

https://www.youtube.com/watch?v=Bx4-aIEwkWs&t=2060s

quick reads re same topic

https://onetunnel.org/documents/the-pierina-project-from-acquisition-to-production

https://republicofmining.com/2008/12/31/the-northern-miner%E2%80%99s-1999-%E2%80%9Cmining-man-of-the-year%E2%80%9D-david-lowell-and-catherine-mcleod-seltzer-by-vivian-danielson/

IS from a while back - Mining licence for gold too - from 4:30?? Not at pepas licence tho but still…

https://www.youtube.com/watch?v=CrYyIemwFko&t=5s

Interesting times for omi, personally still expecting the unexpected at any moment - not been a very comfortable few years holding it for sure.

AIMO ATB

1/2

https://www.lse.co.uk/rns/OMI/colombia-update-3owfjl2d39x2r64.html

in above omi rns in fig3, examine the morphology and grade distributions of tunnel A and tunnel B they are quite easily distinguishable from each other, imo?

Then look at fig4 (labelled tunnel A) and fig5 (labelled tunnel B) again check the grade distribution (just glance at the pattern of colours) and the shape of tunnel route – they have switched.

I noted this on first reading and dismissed as a admin error (plausible), but today reading how some expectation for pep13 maybe being influenced on this bb (13:57) by this possible confusion between the tunnel locations/identifications, provoked this post.

Maybe just be me but something defo looks wrong, likely just the mislabelling, looking at the tweet of the 3d geo data in software the lower grade tunnel is slightly above the higher grade tunnel in elevation.

rns 02/12/24 - in figs 3, 4 and 5 tunnel A is consistently the higher grade one, fig4 shows quite definitively that pep13 heads vaguely towards (trend wise not literally) the lower grade tunnel not the higher grade one, basically seems that figs 4 and 5 on 22/10/24 rns are mislabelled as A and B respectively when they should B and A respectively?

Personally based on the omi stated expectation that pep13 will likely be more orthogonal (but not orthogonal – (design or uncertainty weighting of “more” - unclear)) to mineralisation (even back in pep1 days they said “06/09/22 - surface exposures of vein development suggest an east-west strike, with a moderate to steep southerly dip” that made pep1 oblique and likely same for pep12, Im not expecting as good a hit as pep12, likely to start well as pad is by higher grade tunnel, but more grade variability could occur, higher and lower grades potentially with more barren material too seems an increasing likelihood on a relative basis but mineralisation does seem quite pervasive.

No mention of silver assays from recent hole but was for pep1, was it assayed, if not why not, if so why no mention of grade even if insignificant seems consistent to at least state 0.x g/t etc like previous peps, MAP series too? Saving money – low expectations?

“ICP-MS Ultra-Trace level multi-element four-acid digest analyses may also undertaken” may not were?

1st placing this year - 1 warrant for every placing share

2nd placing this year - 1 warrant for every *two* placing shares

Info flow Bylaw 2.07, business corp act section 132 and way I found out about the tunnels via video of some previous presentation – was made aware of pres by omi tweet tbf, just interesting when reading not suggesting anything and probably my misunderstanding but did feel at time that those tunnels being found was pretty big deal.

AIMO

Noted renewed aplomb in eur.asx following purchase of tm1 Leinster Lithium Project recently apparently followed gbml tussle for some licences, when ark got interest in a Leinster Lithium Projects my interest at time spiked as followed ilc for a good while, arks land is relatively small, relatively unexplored and with far fewer encouragements on a sampling/prospectively front but as a bit part to sub 1.5m mcap – the nearology was attention grabbing catalyst interested me enough to av down yesterday, previously I was stonepark focused and the bots Li brine was the recent blue sky, but he is a big name and if the Leinster pegmatites play out even in a small way it could be highly impactful for arkle. https://wcsecure.weblink.com.au/pdf/EUR/02884938.pdf Ark areas broadly stretch SSW of eur’s N block and NNE of and discontiguous with their S block and alignment is similar to the northern section of eur’s S block in relation the solid red EC def zone lineament marked on fig1 in link, basically from bunclody (mr south) up to ballinclash (Aug north) in the centre of 415 ( https://dcenr.maps.arcgis.com/apps/webappviewer/index.html?id=0f4c7a107e7240b395c9e0db06e569d3 ) which in the far nw seems to clip an inferred structure running into eur’s 3030 (one of the contested ones). These licences from tm1 were demonstrably highly sought after and even the guys on the ‘losing side’ got shares worth c.mcap exclu their optioned cu and ipi adjacent li prospects where Hopkins/BM rode his Indian to the limit and beyond - salt pan Li theme there, tm1 got crml shares over mcap too, with eur seeing a big name step in and a v positive mcap/sp/sentiment swing so it seems a hot area at the mo. Maybe they update the 2024 presentation to clearly show current land holding vs recently valued adj land. Either way SP and MSP news – anticipated.

AIMO ATB

Remember watching the interview with JB after rto and thinking should watch developments here, was lucky to make a bit in argo after watching it after losing in blu based on satoshi pay spec years before, dont really understand this tech stuff but didnt either with arb and worked out ok, crdl is my other ai focused exposure as saw that as a bit of hedge against being replaced, also see this a potential sml hedge from a certain angle flow wise form connected parties, but mainly here due what happened to arb and sector strength of late combined with liquidity on aim ticking up. In just under 3.5p this am just in case lightning strikes twice.

AIMO ATB

I looked at what happened to emerita (emo) when sprott and others noticed, rock not got the scale quite but the timing and starter mcap look spot on, maybe someone will approach as cash is the key now. Ever since they announced molaoi Ive liked the look of it, tinka is my other major zinc oriented stock, 20m oz of silver here too, savage cr discounts but if they could lower their cost of capital perhaps helped by macro events - could see much more pleasing sp moves. Volumes building by the looks of it.

AIMO ATB

Bought in this morning after awaiting resumption each day for a while, seems very derisked and been struggling to buy companies designated as royalty companies - for example groy nyse, guy from ii said due to new mifid terms to protect retail from high risk of these co's, on a relative basis I see other co structures that appear riskier, anyway the july deal reads well to me and means a decent chunk of value is royalty based whilst increasing my cashflowing energy and coal exposure as tartgeted.

AIMO ATB

Valuations of resources around the world are wierd at the mo, zioc is up there

AIMO ATB

Bought in this morning – luckily, considered buying at multiples, this week aim/ukx ratio came within 0.8% of the GFC low dec 08 after which axx bottomed mar 09, 2010 was a good year to hold aim, budget in few weeks likely bad but people have had it on radar for a while and octopus don’t hold tiny miners so deeper lows for aim possible and likely drag most down too but after could be a bounce, the assets here look very interesting and seems likely that most of this cr could hold for a while, not sure if I buy the - for sale about face move, but have seen worse, looking forward to hearing what he has to say next week.

Once / twice in investing lifetime moves on commodity markets (jva – coffee, silver eg) are on the brink / in play meanwhile many feel aim miners are uninvestable.

AIMO ATB

Off topic (my ref)....

01/10/24 14:24:14 0.85 1,050,000 892.50 seemed quite an ‘alien’ trade.

Seems this may have run its course and some want a reversal - will need lots of comods for sure, ai/robotics don’t change that, only add to it even accounting for depopulation. Some personal incredulity with world/local events/decisions is proving sticky (goal posts movement).

https://www.youtube.com/watch?v=wwmOkaKh3-s

Just a thought/opinion but maybe some money here still had/has knowledge of, attachment to, and interest in pedra branca? https://www.valoremetals.com/news-media/news-releases/valore-metals-announces-non-brokered-private-placement-to-raise-cad-3-point-5-million

ATB

Calcatreu permit progess maybe have been enough to convince a few, as price has had a bit of movement up recently, 2 / 10 yield curve seems uninverting from biggest inversion in my time, trump/musk making noises that they would attempt something much closer to the Rule gold bear case - but if they get chance would still take a good while. RB came for ventana last time, FG came for libero this time, maybe someone comes for anza. Anyway 22 month ihs seems on cusp here one of my similar looking ones just had ex osino guys join team - kry maybe this could move well too already got CT from local cn sale 2010 and argintine gentry onboard (not helping much at agd tho?) so happy to tag along for now. Bottom line is xua/gold has some observing significant break - ive bad history with putting things like that as meaningful so just sticking to basics but maybe good time to own gold assets for a while. Filo buy shows smart ones like Milei's moves - place to be indeed! - trailblazer i hope.

AIMO ATB