Member Info for ejt7777

This is the link I was thinking of:

https://mines.rajasthan.gov.in/dmgcms/Static/files/Revised%20timeline%20of%20gold%20blocks%20floated%20for%20auction%20vide%20NIT%20dated%2006-03-2024_1711294329641.pdf

PK's link on the Ministry of Mines website shows the revised 'tentative auction date' for Bhukia being June-July. Someone also posted a link a while back regarding the process to announce the successful party following conclusion of the auction - it won't be an immediate '...and the winner is...' when the clock runs out. Please can someone repost, as I can't seem to find it.

Thanks

Clearly there's some reason(s) as to why the notice of arbitration hasn't been issued already (especially since the end of Q1 was the original target), and it's frustrating that we don't know what that is. Gut reaction is it's down to one of the following (given the election has now passed in India):

1. Negotiations ongoing for settlement

2. Waiting for the auction to demonstrate that all reasonable efforts for dialogue towards an amicable solution have been exhausted, as the state has sold the asset to someone else

3. Administrative delays and not all ducks are in a row on the legal side yet

However, given the 'bread today, jam tomorrow' approach to the African assets at the moment, I agree that Mark must see an uplift in fortunes in the short(ish) term to delay raising funds.

A bit of a red herring for us then - thanks for the clarification.

Any idea whether the 350,000 share (£23k) transaction this afternoon was a buy or a sell? Pretty big for PAT.

Hi apple,

I wasn't aware that there was a 6-month cooling-off period - it's not mentioned in the January or April RNS releases relating to Bhukia. Please can you elaborate?

In the January RNS, it was envisaged that the Notice of Arbitration would be issued in around 3 months, and then in April the RNS stated that the opportunity for amicable resolution was ongoing.

If there is a 6 month cooling off period, and the Notice of Dispute was issued on 2 January, presumably this means that this expires on 1-2 July?

Hopefully the incoming administration will want a few political quick wins in the immediate afterglow of the election and the auction will be held sooner rather than later.

Nothing beyond the links previously shared:

https://mines.gov.in/webportal/content/ongoingnit

https://www.business-standard.com/industry/news/india-s-critical-and-strategic-mineral-auctions-face-three-month-delay-124040801011_1.html

The Indian election results will be announced on 4th June (Tuesday).

Auction scheduled to start later in the month.

Personally, I will be disappointed if there is no shareholder update in the next 6 weeks on this.

If you're referring to the RNS on 21st May, those shares aren't being admitted to the market until next Tuesday (28th) due to the bank holiday.

3% dilution, churn the shares through (timeframe TBC) and then hopefully the SP will start to rise again.

An update would definitely be welcome - feels like it has been a long time since the last one.

Well, that's hugely frustrating. Can well and truly kicked down the road until after the election.

While this does provide additional opportunity for amicable resolution, I just don't see that happening in practice.

NoA at the earliest opportunity please (increasingly likely to be after June 1st).

Good spot deck - have given them a follow.

Going back to Kalaka, your initial post and the strategy for it. Cash could be raised and invested in turning it into a lower/mid-tier mine. If they do nothing more than prove up the resource and sell it on cheaply - say, $15/oz in ground - the value to PAT is still double its current MCap. Either way, there's value to be had and money to be made on this asset.

I keep coming back to... we need that updated corporate presentation to know what the strategy is for each asset beyond Bhukia (which is outside of PAT'S control).

Vs PAT's existing MCap of £12.3M...

Would be good to know the timeline between submission of Final Price Offers (Tues 7th) and announcement of Preferred Bidder/MCC. Any ideas please?

Having waited patiently since 2021, I welcome a little excitement on Panthera!

Given the prior conduct of the GoR over multiple years, I believe (it's only an opinion though) that they view Panthera as an annoyance to be ignored. I really think that they will only pay attention when they are summoned to court.

That being said, an imminent, amicable settlement wouldn't be a bad option to allow the Indian/mining side to de-risk and for all parties to move on.

Nice find PK - thanks

As Rajasthan and Delhi are GMT+5:30, looks like it will conclude mid-morning. Lunchtime RNS?

Hi Gall,

How long is the auction scheduled to last?

Thanks