Member Info for Ella10

Hi Andy,
Great questions but I'll be surprised if you get many answers due to some market sensitive info .
I think it would be worth asking CB about Kiwara and how the sale price was determined/negotiated - it might be easier to get an answer to this when trying to determine what a fair market value for Racecourse might be.
Plans for exploring the other licences. ProspectOre only got ownership of the other licences within the last year so those licences are still within the 3 year period where Anglo can benefit significantly from any sale. The Racecourse licence is outside the 3 years.
I don't think I need to suggest it but worth asking have they any plans to make better use of their website, twitter and RNS for getting the message out. I think we ought to get more info in the RNS as that is the fundamental comms that most folk use for their investment decisions. KAV is listed on the main market but still managed to include multiple links to a an explanation video in an RNS.

3 research notes in 2 weeks. Any guesses as to which broker will get the fees for the next placing?

I came across the 2018 prospectus which gives some history on the Great Red Spot. It also gives a feel for some of the issues encountered when previously drilling the KSZ.
https://www.kavangoresources.com/component/rsfiles/download-file/files?path=Admission+Documents%2FProspectus+FINAL.pdf

Hi Steve,
'Its 1-2% of total transaction price, which is distributed among employees. None of those employees can receive more than 3x salary as their part of that distribution'
As far as I can see the RNS doesn't limit the value of the transaction award to 3xsalary . Perhaps that it how it is intended to work but it is not what the RNS states.

Hi 3CB,
As far as I can see the 3xannual salary limit of applies to the annu incentive which does take the short term incentive into account. I can't see an absolute limit on the value of transaction incentives, If I have missed it can someone please let me know.

Hi Steve,
I have no issue with an incentive scheme to develop and sell the projects. Without knowing the short term targets it is difficult to know if there is an incentive on getting the projects developed. For example a short term target for getting Fairbride into production by the end of Q4 would seem desirable. I agree a 1% incentive for getting the Racecourse licence defined and sold doesn't seem unreasonable. However, if for the sake of argument the sale of the Racecourse licence acheived £300m and we then bought some new projects for £200m that could result in a £10m incentive payment. I assume it won't be the case but it could, as described, be an incentive to trade projects and dilute shareholders.

Hi Steve,
The transaction incentive is relevant to both acquisitions and disposals.

The 10million warrants probably have been forward sold but from the annual report it looks like there are about 17million more warrants that expire on the 18th Oct. I think 5m of these will be CB's and I imagine that he will be in a closed period at the moment.

Hi Steve,
2% of a transaction value, depending on the transaction, has the potential to support a fair few fireworks so I'm not sure the RNS is that benign.

Somewhere around 5mins in Zak asks Colin why the market seems to treat him as if he just started out yesterday with a bucket and spade
https://www.**********.co.uk/articles/traders-cafe-with-zak-mir-colin-bird-executive-chairman-african-pioneer-c3ca134/

Ben talks about platinum group elements tending not to be visible in drill core. He is very careful about how he phrases the statement - do they think that they have visible PGE in the core?

Just came across this interview
https://www.**********.co.uk/articles/traders-cafe-with-zak-mir-colin-bird-executive-chairman-african-pioneer-c3ca134/

I'm surprised we haven't seen assay results from drill 7 yet. It appeared from their tweet that drill 7 and 8 went to off to the lab together. Perhaps we will get a monster RNS with assay results for drill 7, hole 18 and 19 updates, a resource model showing our phase 2 drills and some more info on their understanding of the system. It may be that hole 18 and 19 need more explanation of what they were targeting, within the RNS, to help is understand what the observations on the core mean.

Hi Andy,
Interesting thought- I wouldn't rule out some sort of deal with SFR but we would need to get AA to show their hand first.
The AFP licence deal has had a new twist this morning so there are definitely good links with SFR.
https://www.lse.co.uk/rns/AFP/update-on-potential-sale-of-licences-in-botswana-mpsu6bpgg10jtxv.html

An interesting twist on the puchase of licences from AFP
https://www.lse.co.uk/rns/AFP/update-on-potential-sale-of-licences-in-botswana-mpsu6bpgg10jtxv.html

The AGM resolution on the incentive scheme has probably driven some speculation but I think it's mostly due to the gold leaking from the core of hole 7 :-).

Ian Wallace is a director of Prospectore and IQ Minerals. I wonder what influence this directorship will have on how the Bushranger story plays out.

Hi Lucky,
Definitely a good question to ask.

Hi Andrew,
I agree about CB saying we didn't need to accept the valuation - I don't think he has said that we don't need to sell to AA. assume if we didn't accept the valuation that it would go to some sort of arbitration. Obviously I don't know the detail so am just guessing.
Lucky,

Hi Andrew,
We don't know the detail but it may be that what CB meant was that we can challenge the valuation rather than we don't need to sell to AA. It would be odd to have a buyback option if It didn't need to be honoured. It is good that AA obviously had an interest in mining in this area but I do think it means it is not as easy to bring someone else into the project.
I guess some of the options are
1). Don't declare a resource or decision to mine until we are happy that we have sufficient drilling to get a reasonable valuation.
2). Declare a decision to mine if we are confident AA don't want it in order to get them to show their hand and allow other majors to be involved.
I think your earlier drilling estimates were on the high side but not by an order of magnitude so still a heck of a lot of drilling required.
If the other projects are definite for within the next 6 months perhaps we do a JORC at over 1 m tonnes and just keep drilling. Perhaps at that point AA would do a deal.