- look when you do a relatively basic volumetric calculation on Havieron taking into account grade zonations, you can get a broad brush understanding of a 20 million ounce full body and that's worth pausing … on a 20 million ounce ore body
- but what we have is the area long strike to that northwest at our 100% owned Scallywag in particular and then it goes on to that JURI JV ground that you mentioned
- it's rare something like a Havieron of that scale is an orphan so again it's a cracking place to be looking, we have a drill rig spinning as we speak, RC rig that's doing effectively the pre-collars getting through the Permian layer which is a cheaper quicker and more efficient way to get that in place and then we're going to come back in with the diamond drill rig to bring out core
- and we also have other parties talking to us about exploration or strategic partnerships in in the Paterson and I think that's been a hard won reputation obviously helped from the discovery of Havieron but also from the systematic and structured way we go through our portfolio and of course understanding all the nuances around the geology of Havieron only enhances our understanding of what we're looking for
- we're also looking at some of the exploration opportunities on the mining lease, so stepping outside of Havieron proper, that's very good again finding brecciated areas, you know it makes us think that that brecciation zone is maybe bigger than we originally understood, which gives us an opportunity for satellite ore bodies
- and Charlie you mentioned before around you know having that critical scale, what you see with a lot of developments is once you have that major asset you can then bring in those satellite deposits, so whether that's up on our, on a 100% Scallywag or Rudall or on the JURI JV or on this mining lease, it certainly lowers the economic hurdle when you actually already have the success of Havieron in situ
- and then the other one we should talk about is the decline, you know that that continues to progress, we've always articulated that as you get with depth there that Permian layer is not homogeneous, it becomes better firmer ground with depth and I think shareholders should continue to have that expectation
These are Bamp's posts on the new forum, he's been busy posting about EG, Bromus etc.
HUGE Thanks to Nitram64 on Telegram/GGPChat for posting :-))
@OB - The AGM text I pasted was from the RNS but in your link you're right it is Gasson's reapoointemt listed as Rs. 05 not Summers.
BUT this*** notice of AGM from PFP web site indicates they got it wrong and indeed it is Summers under Re. 05 as per the AGM results.
***Further to the announcement of 6 June 2022 notifying shareholders of the posting of a notice convening an annual general meeting (the "Notice"), Pathfinder wishes to notify shareholders that the explanatory notes in paragraph 2 of the letter from the chairman which accompanied the Notice contained a typographical error. The explanatory notes should have stated:
· Resolution 4 - Reappointment of Director - To reappoint as a director, Mark Richard Gasson
· Resolution 5 - Reappointment of Director - To reappoint as a director, Jonathan William Summers
The resolutions were correctly stated both within the Notice itself and the proxy form.
This is their own AGM Results notice from PFP website - says Res 05 not passed and Summers resigned.
As a result of resolution 5 not having been passed (which related to the reappoint of Jonathan Summers as a director), Mr Summers retired as a director of the Company today, upon the conclusion of the Annual General Meeting. The Board had consulted with the Company's substantial shareholder who voted against Mr Summers' reappointment ahead of the meeting, and is aware of the reasons given for the votes against the resolution. The Board is, however, disappointed by the outcome, and wishes to thank Mr Summers for his valued contribution during his time with the Company.
The directors also consulted with the Company's substantial shareholder ahead of the meeting with regards to special resolutions numbered 10 and 11, and have been informed that their continuing policy in respect of all their investments, is to vote against any resolution to disapply pre-emption rights, irrespective of whether the proposed authority is general or limited.
-- A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes "For" and "Against"
-- Votes "For" and "Against" are expressed as a percentage of votes validly cast for that resolution at the AGM
-- Votes "For" include those giving discretion to the Chair or a third party
-- "% of ISC" denotes the votes validly cast for each resolution as a percentage of the issued share capital of Ordinary shares as at the voting entitlement date.
Fair point - not a done deal yet BUT interesting consultant fee structure, someone was very confident of striking a successful deal I think and negotiated hard to get a long-term benefit from it if completed vs one time payment.
Good to see some criticism has been taken onboard about getting in some expertise or perhaps just self generated realisation......but hey PC - bargain a bit harder on their fees lol
I am wondering about Dividend expectations in future from Han**** niche operation guys as I know some have expectations for those given that free cash flow should be quickly achieved but we'll have a lot of ongoing exploration at EH, MM, Brockman, Vivash Gorge and the 3 Mexican projects to fund and Bill mentions they might look to add to the portfolio in future?
Otherwise, as you would expect as there is a clear company strategy under Bill now, the rest seemed to reiterate what we know, thoughts? :-))
* Long term plan and vision for the business?
- Core strategy is project development, picking up projects with great potential at a great price point and adding significant value
- With Han**** now looking to go into a mining scenario because of the project dynamics, the fact that it's incredibly low capex to get into product and the high interest already had from several parties on obtaining the product
- Vision of UFO in 12-18 months’ time is we’re producing our own iron ore and producing significant cash flow, even at present iron prices the project is not too sensitive to price volatility so would be able to continue mining and making a profit and then plough back in projects like MM
- And would then be self-funded to undertake such significant projects as MM and EH but also have the opportunity to look for the next Han**** or the next MM.
* Main reasons for investing in UFO in the future?
- The team, diverse and experienced BOD
- On technical side, really good team in Australia now where key field work programs currently ongoing with Lloyd and Arun leading the charge for development work there and Bradley joining as the new exploration mgr. in Perth whose experience already making a great difference in quality of work and reporting etc.
- All key commodities for the future even inc. metals such as Palladium which is still required for Catalytic Convertors in traditional cars that will still be manufactured for a few years and with future global supply chain forecasts in general
- Silver has a solid manufacturing and PPE (Personal Protective Equipment?) type products
- Australia is a great mining/exploration jurisdiction as is Mexico despite recent discussions/coverage still a prime jurisdiction in his opinion.
Link to register for UFO presentation on 30 June:
* Focus on flexibility given volatility for Junior Explorers, what are the main challenges for the sector and your strategies to navigate these?
- Challenging times due to fiscal and geopolitical issues such as Ukraine but have confidence in the projects, commodities and jurisdictions
- Sometimes not as visible as people want us to be in updating quickly on results (referring to lab delays etc. in W.A)
- Such as having DSO grade iron ore which is a key commodity for now and into future irrespective of market volatility
- And at MM with its platinum, Palladium, Gold and other PGM’s from the historical 2.5 MoZ proven resource pre-2012 JORC compliance
- Sort of commodities that are part of the green future we’re living in and working towards and silver of course, an incredibly undervalued and misunderstood metal used in some many different key industries and products that also have increased demand going forward
- Focused on correct areas, commodities and not going gung ho without fiscal and ROI responsibility in mind.
* Besides the major milestone of commencing production at Han****, what else would you point out for investors to keep an on in the next 12 months?
- Han**** iron ore is the most advanced with exploration, scoping study leading to an MRE, next phase towards development of niche operation and production through obtaining a mining license
- But also have Brockman iron ore tenement to the west of Han**** being drilled in next few months and is completely undrilled historically but we feel has potential for HG iron material and just acquired Vivash Gorge (VG) iron ore project just SE of Brockman which also has on its boundary a Fortescue deposit of approx.. 20 MT of 58-59% iron ore also potentially running into the VG tenement
- Huge amount of work to be done at MM and EH in terms of updating the historic MM resource and working up to reopening the mine and getting underground, expecting the new headframe to be put in place on the main shaft in the next fortnight so EH mine can be dewatered and team can get down there to understand the potential
- Quite strong indications of a larger and lower grade but larger volume nickel and copper mineralisation associated with the MM intrusion mostly unexplored to date in that area
- Early maiden drilling in Mexican projects has been completed and waiting on results, hoping to get those soon and plan next phase of work, plenty there in pipeline, have to be cognisant to keep working but keep an eye on markets and funding so we don’t get into a position of being cash strapped, which we’re not at all at this stage
- Maximise spend towards time in field to move all the projects to the next level.
Download here: https://www.mediafire.com/file/fze65hgv7gb2c55/Notes_from_UK_INVESTOR_MAGAZINE_interview_-_28_Jun_2022.pdf/file
Notes from UK INVESTOR MAGAZINE interview - 28 Jun 2022
* General overview of UFO?
- AIM listed junior explorer, picks up early stage projects which team and expertise can develop in prime and secure jurisdictions
- Key 3 areas are:
- The iron projects in W.Aus in Pilbara
- Also in the same region the Munni Munni (MM) PGM and Elisabeth Hill (EH) Silver Mine which is historically the highest grade underground silver mine of its time
- And in Mexico 2 the silver traditional epithermal very HG (High Grade) systems and Donovan 2, mainly copper/gold project all in the core silver belt of Mexico
* Reasons for operating within Australia and Mexico?
- Mexican assets were already in the portfolio from previous company and this silver belt area is the largest silver producing area in the world
- Mexico despite what might be seen in the media of late (becoming less friendly jurisdiction) is a mining country, great people, workforce and lots of geological information to draw
- More recently focused on projects in Australia which is one of the key mining jurisdictions in the planet and now have two key projects there as very low risk jurisdiction and again a huge skilled workforce, contractors and consultants to be able to advance these projects.
* How do you fund such a diverse and large portfolio and your divestment and partnering strategy?
- Get these projects into company with careful consideration and technical Due Diligence
- Very successful fund raise last year and been very careful with funds focusing on channelling most of the funds into the ground as such through exploration etc.
- Utilising a focus on desktop research for areas like MM with a huge historical data set to enable better planning
- On the funding side and especially iron ore which is usually considered a very expensive commodity to bring into production, we’re always open to finding best option for shareholders such as asset sales or JV’s on a financial and/or technical basis for each project as it gets to a certain level
- Such as being open minded with the planned Han**** iron ore project pegged for production in 2023, also speaking to certain parties to support that both financially and from an off-take POV to secure funding by having agreements in place beforehand
- Have to be flexible, look at who is looking at the company and projects etc. to get the right mix of support and funding to remain fiscally responsible for each stage.
Just some lazy copy pasting of an old job advert for new advert by a HR employee Aqua ....... and a potential takeover will always be on the table when you have a major partner, now and into the years ahead during production too with such a huge discovery.
Let's hope so Barnard :-)
Here's the text I used if anyone else wants to tweak and write in:
Dear Chris & Alan,
Firstly, having been a shareholder now for over 2.5 years, I am so pleased with the growth and expansion that the company has experienced, very much beyond what I thought possible given the challenges presented by the pandemic.
I completely understand the issues presented by the Veative takeover and the FCA requiring an updated prospectus along with the potential Social Media related deal under NDA currently.
However, having been suspended for so many months beyond the stated timeline for relisting by early 2022, and also having the accounts held up beyond Mid-June is understandably frustrating many of your retail investors.
I wondered if it would be possible to obtain some kind of update in the near future to allay concerns and perhaps some idea of when the company may return to being listed again?
The more that contact, the more the need to update will be realised - just doubt anyone from company is checking.
More proactive than just posting constantly how frustrated you are mate.......spend 5 mins to email instead I say :-)