Member Info for EV_Bull

Probably that a 35% share of a $2bn NPV mine is available for $15m and now appears to have a real chance of recommissioning https://theoakbloke.substack.com/p/i-might-have-to-do-a-kdnc

According to LSE Kiran has 4.4m shares plus the options, surely he wants those to go up in value Even at 10p/share he'd make far more than he would from a few years salary.

Nothing has changed regarding the Capex as it is still $3.45m the rest is working capital as previously stated. The amount of working capital required was not disclosed previously.

That's the whole point... They have looked at other funding methods and got and offtaker to fund 85% of it lol!

No, that is not what I am saying @Bannor, however participation is usually very low when Pi's are involved so there is a risk of not raising enough if you're suggesting a direct rights issue if nobody wants to underwrite it. You're not really answering the question though.

I think those voting Against need to liaise with the board first, if it does genuinely jeopardise the Azteca project as has been stated as it's a huge own goal and shooting oneself in the foot if so.

I would assume that all options have been explored prior to the second attempt to dis-apply pre-emption rights.

There is a genuine reason for the company to raise money this time so I believe you should be discussing your thoughts directly with management instead of just posting here, perhaps they would be able to confirm.

I would again direct you to the fact that by voting No "the Company will be unable to participate in the Prepay which will result in further delays in respect of the development of the Amapa Project and, in particular, any future production at the Azteca Plant."

Hence my above statement. They have already stated they will offer it out anyway:

"The Company intends, where practicable, to make available to eligible existing shareholders an opportunity to participate on equivalent terms in any equity raising undertaken pursuant to this authority. Such participation may be facilitated through an appropriate mechanism designed to provide access for retail and other shareholders alongside institutional investors."

I don't see any sensible option other than voting yes on this occasion and believe that the message has been heard by the BoD.

Corresponding video, worth a watch:

https://www.youtube.com/watch?v=O0OrKf0ZzQI

So if you're voting "Against", then you're saying this is not true? Have you spoken to the management team about alternatives? Are you planning to take part in any share offers / rights issues?

• Consequence if not approved: Cadence would be unable to participate in the Prepay, delaying the restart of the Azteca Plant and deferring expected cashflows from the Amapá Project.

Placing for a near term opportunity that is supported by an offtake agreement and a 70% IRR is very different to previous situations and might be well supported.

The better scenario is if they were able to find some strategic investors to take up the placing without a discount, instead of issuing warrants and discount shares like smarties. Plenty of others have managed it.

I think the problems are:

Placings are significantly cheaper and quicker for AIM-listed companies than underwritten rights issues

Shareholders often don't take up the placing rights so perhaps it doesn't even raise what it costs to do

Yep, this really is huge and the market hasn’t grasped it yet. Get the licensing over the line and we could see a lot of interest from the bigger players.

Will be big news if it’s someone like Glencore.

Obviously withdrawn because it was not going to pass, meaning to raise money would now require shareholders approval or be funded by existing shareholders.

Cadence article on homepage of Vox Markets

From reprocessing previously mined and processed material “tailings”

"Once a binding material contract is in place, Cadence will inform shareholders."

Yeah they are the mining regulator, it looked like positive developments on the dam compliance to me.

I can well imagine SEMA could have said that don’t provide timescales and it happens when it happens. I did see some good news from the anm at least so some things are progressing.

Https://brazilcham.com/brazil-may-emerge-as-winner-from-sweeping-us-tariffs-economists-say/

"A tribunal will often seek to define the general procedural rules and timetable for the arbitration early in the proceedings in the form of a procedural order. Typically referred to as the Procedural Order No 1 (PO1), it tends to cover matters such as written communications, standard of evidence, the content and format of written submissions, content of witness statements and expert reports, and organisation issues for the final hearing as well as the overall procedural timetable.

This is a crucial document because it will often shape the entire arbitration process."