Member Info for Edhellas

Https://youtu.be/F6AyA4L_49w?si=-NzVhltjIOzBJTjw&start=461

"I've held a number of meetings with the various government representatives and we're encouraged by the response. The government representatives want a resolution as well, they want the jobs, they want the investment. It would be helpful if we had a local partner and everything needs to come together at the same time. And we're well advanced in identifying several potential partners and at the moment our focus is to take all that information and those building blocks and put together a roadmap that all parties including the government of India and a potential new joint venture partner and ourselves will be happy with.

Separate to what we call the 'amicable resolution' approach we're also investigating a potential arbitration route. I should point out Faskens (our lawyers) have been very supportive over the last 18 months while we've pursued this initiative. They've concluded that a claim under the Australian BIT has very strong legal merit. Whilst an arbitration case under the BIT could be an end in itself, in other words with a finding and a potential award, that award in our opinion would be based on the market value of our investment that we've lost. And in our view a resource of potential of this size would have considerable value. In orders of magnitude compared to our market cap. We don't view the arbitration as an end in itself. Obviously if there's no resolution it is, but we view it as a mechanism to focus attention by all parties so a resolution can be fast tracked."

"We think 2023 will be the turning point for India"

Let us remember that the LCM funding is primarily to help get a deal across. LCM know there's a decent chance of a deal, otherwise they wouldn't have amended the terms of our partnership to cover that scenario. Either way, expect this to multi bag over the next few years

Mark specifically said "arbitration" so I very much doubt he means GGP. He probably means Green X given the size of their claim, and the fact they're in the mining industry and using the Australian BIT, and have the same funding source.

White Industries Australia Limited also fought under the same BIT and won, though a different industry and much smaller case. They were the first to use the BIT I believe.

Some others that come to mind:

Bechtel

Standard Chartered Bank

Offshore Power

Erste Bank

Credit Suisse

Credit Lyonnaise

BNP Paribas

Anzef

Devas

Loop telecom

Deutsche Telekom

Vodaphone

Nissan

Pioneer Gas Power Plant Limited

Maxis and Global Communications

GPIX

Earlyguard

Mark specifically said "arbitration" so I very much doubt he means GGP. He probably means Green X given the size of their claim, and the fact they're in the mining industry and using the Australian BIT, and have the same funding source.

White Industries Australia Limited also fought under the same BIT and won, though a different industry and much smaller case. They were the first to use the BIT I believe.

Some others that come to mind:

Bechtel

Standard Chartered Bank

Offshore Power

Erste Bank

Credit Suisse

Credit Lyonnaise

BNP Paribas

Anzef

Devas

Loop telecom

Deutsche Telekom

Vodaphone

Nissan

Pioneer Gas Power Plant Limited

Maxis and Global Communications

GPIX

Earlyguard

The money goes to whoever owns the options. Options are offered by the exchange, so they make the profits on it

The only time that options are beneficial to us are when the company announces they've given options to board members, because it indicates the company is bullish on the stock.

Warrants are issued by the company and can benefit us directly.

Mark never does talk about the specific hearings really. There are some on this board who put too much emphasis on them in my opinion. Each new date there's somebody with a theory that it'll be "the one", or that there's some deep meaning behind the delays.

From the October 2022 research:

"Our sum-of-the parts valuation of 28.5p/share We continue to value Panthera on a risked sum-of-the-parts basis. The key metric for this task is enterprise value per ounce of gold benchmarked against comparable junior stocks with operations in West Africa. Our valuation estimate is US$42.2 m or £37.3m"

"The absolute valuation has risen from US$35.4m to US$42.2m mainly due to a reassessment of the Cascades valuation in the light of the encouraging progress on development. We have now based the valuation on 2.0m oz Au gross resources rather than 1.00m oz Au previously but have applied a lower subjective probability of success at 80% rather than 85% previously."

Given the gravity of the LCM announcement, we are likely to get another research update from Allenby soon. Unless a deal is close, in which case it would be delayed.

282,000 shares at average 10.4p here, stated with 38,000 shares at 33p and averaged down.

@Pk73

A compensation payout would be best for the gov't if their only considering money. But the Indian gov't have mentioned several times that they want to improve their intentional relations and get more foreign investment, especially with Australia. India also has limited expertise in gold mining and would benefit from external talent pools. There's a decent chance we will get a deal. Remember that Mark has a history of getting through legal issues in India.

If not, we have a very high chance of compensation. Either is fine with me!

The true amount is likely 12-20moz, but as far as the arbitration is concerned I believe our claim would be based on 6.6moz

A BIT claim would mean that the gov't need to prove they've tried to reach an agreement.

Article 12, point 1-4 of the BIT:

"Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the Parties to the dispute. 2. Any such dispute which has not been amicably settled may, if both Parties agree, be submitted; (a) for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial or administrative bodies; or (b) to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. 3. Should the Parties fail to agree on a dispute settlement procedure provided under paragraph 2 of this article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration."

Market value is calculated based on the market value of when the asset was seized. So in our case it should be based on 6.6moz of gold in ground. PAT was offered a deal many years ago where we retain 49% ownership which we declined. I do not believe that offer would satisfy the BIT, but can't say for certain. Mark's current attempt at reaching a deal would satisfy the BIT. If they don't give us a good deal, we invoke the arbitration.

From the BIT:

"The compensation referred to in paragraph 1 of this Article shall be computed on the basis of the market value of the investment immediately before the expropriation or impending expropriation became public knowledge. Where that value cannot be readily ascertained, the compensation shall be determined in accordance with generally recognised principles of valuation and equitable principles taking into account the capital invested, depreciation, capital already repatriated, replacement value, and other relevant factors. "

I.e based on the market value of at least 6.6moz gold and 160,000t copper. We have a good chance of getting a deal now that we have funding for Fasken.

Yes I would assume the long term investors would know and new investors may take it out of context.

Any new mines may be considered on a case by case evaluation, but there's no guarantee that PAT would be eligible (almost one third the companies were turned down if I remember correctly). So far it's mostly being used for coal mines to help with electricity generation to battle frequent blackouts.

It's not impossible that we get the license and also get fast tracked but I would not recommend investing based on both of those playing out. I'd suggest investing with the view of the arbitration likely going in our favour. Cascades being a potential mine, and the LCM funding being a strong negotiation tool for a potential deal.

The 3 month fast track doesn't apply to gold mines, for any investors new to this board.

If we get the license granted, then PAT will go somewhere in the pounds yes. Over $12b gold and $1b copper in ground. It would take a few years to start mining though.

@waldo

"Been thinking.Maybe MB isn’t allowed to do Proactive Interview till after court case"

Mark only does interviews when there is something worth announcing or discussing. Very good chance we get an interview soon. He may possibly wait if he knows a deal is close. Or He may wait for the Cascades results to come in. Either way I think we'll see some interviews flowing in during the next 3 months.

For greater visibility of the stock I've posted a small DD on the pennystocks subreddit. It's unlikely to move the share price at all, but I want to spread the good news to other platforms for the company's visibility.

This rns is huge news, hope we get an interview from Mark soon

Just clarify that's not meant as disrespect to proff, just banter

We all agree on the future result on PAT, we can enjoy a little bicker on timelines until India comes good and we're rich

No Opinion

"RE: LET US NOT FORGETToday 10:18

I don't usually, take too much on board by others when they write their views on this site...

But boy do I excited 😊 🤗 when Professor1 posts 📫"

Wasn't it professor who kept insisting we'd get a deal before the funding was announced?

@Roxi

This is completely different from Churchill.

1. It's India, who have a streak of losses under the BIT

2. Pats license was not rejected due to environmental concerns (orangutans)

3. This isn't a claim in Indian courts, it's a claim in international court.

4. Panthera isn't paying anything in legal fees unless they win. This allows our other projects to continue to progress.

As a former CPS consultant my opinion is 95%+ change of a settlement or winning claim under the BIT.

I suggest any investors new to this board perform their due diligence and include BIT arbitration in India. LCM and Fasken are both experienced in this matter, and the Indian government have a habit of losing these cases in recent years.

Separately, Mark is still seeking an amicable agreement and this backing acts as a strong negotiation tool.

Separately to that even, we have cascades fully funded for a couple more years. Our MRE should be updated in the next 6 months to indicate whether the project is economically feasible.

PATs in the strongest position it's been in for years and deserves a re-rate. Plenty of reason to be optimistic.

RE: timelines that people have mentioned, typically 2-3 years under the BIT. There are provisions in the BIT which limit the government's ability to derail/delay the arbitration compared to their own courts.