Member Info for Dip666

Conditional placing - The conditional placing announced on 2 July 2021 was successfully completed in October at a significantly expanded level through the issuance of 356,250,000 new AAA shares at 80p per share to acquire 95,000 AAQUA B.V. (‘AAQUA’) ordinary shares.

AAQUA update, further acquisitions of AAQUA equity and new option:-
The AAQUA business continues to develop at pace with meaningful organisational presence now in Australia, Singapore, France, Belgium, Netherlands, United Kingdom, Canada, and the US. The internal minimum viable product (‘MVP’) was delivered on 1st December 2021, the same date that Maria Bista joined as Group COO, running the AAQUA business end-to- end. Prior to AAQUA, Maria was in a senior leadership position at Barclays Investment Bank and before that worked at Sky and Electronic Arts. In addition, it is anticipated Colin McQuade, currently a non-executive director of AAA, will be appointed to the AAQUA Board in early 2022.

In addition to the conditional placing, AAA acquired a further 50,000 new and 16,667 existing AAQUA shares by way of a share-for-************** for the issue of 187,500,000 new AAA share1 at 80p each and the cashless conversion of 100,000,000 AAA warrants at 50p per AAA share.

In total, AAA now owns 185,917 AAQUA shares, or 32.5% of AAQUA’s existing issued share capital. The AAQUA shareholding is anticipated to reduce to c.25% following AAQUA’s completion of a material equity partner funding round, currently anticipated to be in Q1 2022. AAA will not be participating in that proposed funding round. Assuming the proposed AAQUA partner funding round completes, AAA will become party to an AAQUA shareholder governance arrangement whereby AAA can hold at any point in time a maximum 30% of AAQUA’s equity (its ‘Economic Interest’) however AAA will only be able to utilise a maximum of 19.9% of its aggregate voting rights at any time. This arrangement would last for an initial ten year period, unless agreed differently between the various new parties expected to sign up to the proposed governance agreement. The Economic Interest would not affect AAA’s other shareholder rights such as receipt of dividends or ability to participate in, for example, a rights issue on a pro-rata basis.

The Company currently has 1,804,662,999 shares in issue, with a further 187,500,000 new shares to be issued following the creation of the SPV described in the footnote. (1)

In addition, AAA has secured a €240 million primary investment option allowing it to subscribe for up to an additional 60,000 AAQUA shares at €4,000 per ordinary share. This investment option can be exercised in whole or in part at any time over the next two years. The option contains no provisions to accelerate the exercise if AAQUA completes certain follow-up transactions and could, under certain circumstances, be assigned to third parties if approved under the proposed governance agreement.

**** continued****

Yes I know - I beat Max to it!
Seriously though - it's looking promising as Artemis have had some good progress on their other projects so very likely to want to offload as stated in RNS :-)

Artemis have divested a license to focus on its 100%-owned projects at Paterson Central, Greater Carlow and the Radio Hill Processing Plant.
https://hotcopper.com.au/threads/ann-agreement-to-sell-70-munni-munni-jv-for-a-4-9m-cash-shares.6503465/?source=email

Agreement to Sell 70% Interest in Munni Munni Joint Venture for
A$4.90m in Shares and Cash.
https://hotcopper.com.au/threads/ann-agreement-to-sell-70-munni-munni-jv-for-a-4-9m-cash-shares.6503465/?source=email

@JB - I also don't know of any business that wants to sell for less than it has to for an asset - also life,
NCM can't just low ball on the FMV as if more than a 10% disparity between both parties - it goes to an independent assessor to pick the FMV from both valuations, if we have valued more realistically - ours get's the nod.
Then even if NCM want to try for the entire 30% m surely they need to use THAT valuation x 6.

p.s Get a better accountant to help with the tax man :-)

@JB - both GGP and NCM will look for the best price they can get away with mate - it's normal business and takeovers, divesting of assets etc. are always part of the risk in explorers, we should all have accounted for it when we invested surely :-)
The 10% disparity element is a very interesting twist, I think it might encourage a certain equanimity to enter negotiations and help assist a fairer outcome for both parties, we will see.
I'd rather this had happened after growth drilling, resource update, MRE and FS and had thought Newcrest might take a more measured approach but as said earlier, hopefully it is promising early signs at Zipa/Hav North have enticed them to push for this now.

@Poopy, a couple of things I am fairly certain of after today's RNS are:

1/ Newcrest wouldn't be buying 5% more of something they don't intend to proceed forward with.
2/ The expect to pay more if they wait until nearer to the end of the option p[period on 12th December next year.
3/ If Newcrest proceed with exercising their option, we are in a much more financially strong position to pay our share of development costs and also gain further funding in future.
4/ We will have begun to monetise Havieron if they exercise their option, even if we're not 100% happy about the timing of this.

That's interesting Droverman, certainly Shaun was indicating in November that he very much thought an amenable more informal process would take place to come to an agreement on assessing a FMV, guess we're about to find out!
Also....looks like I was utterly wrong in my assumption that this was coming in 12 months, but the advantages in terms of our funding, validation to the general market about Havieron and further evidence of their intention to go into production are more than enough for my bruised ego lol
Like many, I am wondering if this is a further sign that we have hit at the new targets and this has played a part in undertaking the option so quickly, again........ guess we will find out at some point ;-))

Just a small correction SB - that will only occur in the eventuality that:

1/ Both parties can't come to a mutual agreement by mid Feb 2022, they then each put forward an official assessment value
2/ If there is less than 10% disparity between each parties assessment of FMV, then the average becomes the value for Newcrest to consider, if greater than 10% disparity then
3/ An independent expert is required to determine which of the two valuations are considered FMV and this then becomes the price for Newcrest to consider

You have to look at Newcrest across it's portfolio of projects around the world when considering it for investment purposes, if I was considering investing in NCM, it wouldn't be just on the basis of their JV's with GGP :-)
The entire sector looks quite attractive at any level for those of us who think sentiment will return to miners and PM's.

This is my breakdown of the process being outlined in the RNS?

1) Newcrest want to agree the option exercise price by mid feb 2022,
3) If Newcrest/GGP do not mutually agree on a Fair Market Value by this date then both parties put forward their own valuations
4) If both valuations are within 10% of each other, then the average will be considered the valuation for Newcrest to exercise their 5% option.
5) If there is a greater than 10% disparity, an independent expert is brought in to choose which one of the estimates is fair market value, so I assume that is the price that needs to be paid by Newcrest.
6) Newcrest then has 30 business days to exercise its option to acquire the additional 5%.
7) Should they choose to go ahead, then proceeds from the exercise will be used to repay the outstanding balance of the existing loan we have from Newcrest.

I think we'll be very glad on how rapidly Shaun has been adding skilled and knowledgable staff to protect our interestsgiven how soon Newcrest have elected to exercise their 5% option.

Also - here were his thoughts on being asked about the 5% option in early November in the Proactive Form Q&A:-

*How will the FMV (Fair Market Value) price of the 5% option Newcrest holds be calculated, given that the option terminates by 12 December 2022 - before the full value of Havieron can be determined?
- Should Newcrest choose to exercise that option it does bring funds into GGP, which has its advantages.
- In terms of the process there is a negotiation period, ultimately then at some point an independent expert is involved to settle the value between the parties.
- Likes to think that the relationship with Newcrest is such that we would both want to make an agreement without going into the details of the JV agreements and final determination’s and thinks the relationship is such that you would typically try to reach common ground.

I should add Silver - at any major event (good or bad) - I do a thorough evaluation of any holding as you have to be flexible and diligent - especially explorers - but I do feel GGP and UFO are the rarity of explorers building up actual assets vs promises.

I'm holding GGP and UFO long term silver with no need for any of the funds fortunately - no plans on an exit on either company unless taken out of our hands such as takeovers etc. :-)

We've been rock solid since day 1 mate on Dev, focusing on value over share price has always served me well - Dev is still on the beginning of a journey towards becoming a leading global player - plenty more to play out here :-)

This is the allure of this sector silver - can't remember anyone predicting that RNS today and will be same here, lots of unexpected twists and turns no one see's coming, most important thing I always come back too is that the company should start having tangible assets not indefinite 'potential' - UFO is certainly are more than just potential IMO.

I just posted something in Telegram as a similar comment there had me look back at Shaun's recent comments in the last fortnight in regards to Scallywag.****

1/ From 9th December Proactive interview after Newcrest Interim Exploration report:
*Newcrest beginning to test some new targets now, including Havieron North?
- Yes, these are proximal targets sitting on the existing mining lease about 2km north and 1km to the west, separate magnetic and gravity anomalies.
- Really keen to test these, something we’ve wanted to do for the last 3 years, can’t wait to punch into those.
- Could be absolutely transformational, Havieron is already a ginormous ore body, but to have these opportunities in such close proximity is exciting.
****And there are some structures that we want to follow at length in terms of this regional exploration opportunity and that of course flows into our 100% owned Scallywag ground.****
- Lots of opportunity here, going to see us invest in the drill bit and run these to ground, I think it’s exciting and with the capital raise lately we have the ability to pursue these.

2/ From the AGM on14th December:
*In an interview last week, you briefly mentioned scallywag and the growth drilling at the NW of the main ore body at Havieron?
****- Couple of rigs looking at the Hav North and Zipa targets still within the Hav mining lease, GGP incredibly optimistic about them as typically a North-West (NW) trend running through the Paterson region.
- Scallywag sits to the NW, but hitting some of the anomalies still in the Hav mining lease but slightly to the north of Hav proper gives tremendous option value and opportunity to be successful.*****
- Newcrest are equally interested in those targets, they represent genuine opportunities and those opportunities continue to flow straight onto our scallywag targets.
- Systematic process, area is under cover, don’t believe in expensive pattern drilling. Believe in drilling a hole, understanding that, reflecting on it, recalibrating understanding of the region and then going back in.
- Very much exploration built up from 1st principles and careful analysis, thinks over time this is the best way to create value for shareholders.

@DH - As i told Freddie many of us get drawn into arguments (especially him and he doesn't really post any research but I do realise he is voicing what many others feel), but it really is best to focus on the two points below than worrying about low bid takeover scenario's unless/until they occur as then the best recourse is we use our votes to have our say :

1/ What is GGP doing in terms of activity (hiring staff, acquisitions/divestment, etc), strategical direction (often communicated in webinars/presentations), financials, exploration results etc. and try and map a few outcomes ahead for GGP and see which become more likely over time - basically a flow chart and decide YOUR strategy on each outcome.

2/ Do the same for Newcrest for obvious reasons, they own 70% of the only asset currently that will in time provide revenue, so need to study them as much as GGP. A few of us do and relay our thoughts on their corporate strategy and potential direction with how they may treat us in the future in regard to such matters as you are concerned about as well as others.

I wrote what I think MIGHT occur in 2022 and why I'll stay invested here last week in a few posts - that was as much for me as anyone else and I didn't spend hours drafting them, just pen to paper and flow my thoughts out, it's a useful technique to come to a decision you have been pondering for a while in my experience but also something I use if researching market sectors, spend a while researching/reading up and then just flow out some thoughts that I then build on for whatever purpose I am researching, such as for a new product or service going to market.

They were highly optimistic posts (perhaps rampy!) but that is how I feel about the prospects here. Of course there are the usual risks at this stage such as issues during development, financing etc. but presently looks good to me and in the case of the former, we have a very experienced partner and contractors working on developing Hav and people in the GGP team now in place to help augment Newcrest's already impressive abilities. Plenty of geo's and those with decades of mining experience posting here and telegram too to help us understand anything like that.

I think newer posters like yourself and JoeBloggs (I remember saying you know him) could do more of the above than just falling out with other posters, constantly focusing on a low bid takeover and will help appease you. Neither of you posts many thoughts on any of the above really, just worry about takeovers and more so for JoeB how other posters annoy him. Not having a go as never had any cross words with either of you - but respectfully do feel it is the wrong focus. :-)

One advantage GGP & EUA had though IMO was that through most of 2020 the sentiment for the sector and PM's seemed better than at present - it was hard to not make gains if you picked decent explorers.
EUA has stayed more resilient compared to GGP running up to EOY , but most of us are expecting we'll see a return of money flowing back to this sector but unfortunately, hard to look forward to it as it won't be due to 'enjoyable' circumstances as will be caused by difficult economic circumstances for all.
Quality of stocks is going to matter much more next time around so UFO will hopefully be seen as a great place for anyone looking for exposure to iron ore, copper, silver and PGM's :-)

I recall him saying he'd banked some of his gains from the sector late 2020 as expected a retrace for a while, he called that one well so I keep an eye on his analysis now, he also a few really insightful interviews on YouTube via MiningStockEducation.com worth listening too :-)