Member Info for EV_Bull

and don't forget Evergreen could be a "bonanza for shareholders" £1+ is certainly feasible if things go well across the assets. Mineral resources seem to be back in vogue this year.

80p+ possibly more if Sonora comes good.

the new venture's strategy "will initially be to invest in the iron ore, copper, nickel, and lithium sectors as a non-operating partner taking minority equity positions."

Good candidate for a buyout given that is our exact mission
https://au.lifestyle.yahoo.com/2-saudi-arabias-maaden-forms-065114650.html

https://www.ft.com/content/46bf21a4-e626-4581-ad85-8b74bbd82e4e

"Saudi Arabia has launched a mining fund that plans to invest up to $15bn of capital in overseas assets according to people familiar with the details, as the country works to reduce its dependence on fossil fuels.

The venture, 51 per cent owned by Saudi state-owned miner Ma’aden, with the remainder owned by the country’s Public Investment Fund, will take non-operating minority stakes in mining projects internationally, the two companies said on Wednesday."

"Given the scale of projects in commodity markets, the fund is prepared to deploy more than $15bn of capital for investments over the coming years as suitable opportunities emerge, the people added. PIF declined to comment beyond the statement."

"This second stage investment was conditional on several preconditions, which have now been satisfied, and consequently Cadence has now vested a further 7%."
http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=31142822768995648

No I don't think so... I.e we've gone past that stage when we went to 27%. Remember all the preconditions being met to take us to 27%.

I'm assuming 4.5.2 (poor translation) means once the precontions of Dip B are met for us to begin providing dip B i.e indo have already waived their guarantees - this is when we removed the escrow restrictions on Dip A.
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1.1.30. "Indo Sino credit" : is the credit held by Indo Sino against the debtor, in the amount of USD 49,140,000. 00, currently indicated in the list of creditors in the class of Unsecured claims, but subject to appeal so that it is considered the pledge guarantee of 1,718,338 tons of iron ore.
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1.1.20. "Prior condition of Dip Finance B": are the previous conditions set out in Section 5.2 of this document, each of them should be checked in each case, in satisfactory form and substance, or Investor, for the disbursement of Dip Finance B.
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4.5.2. Indo Sino. Once checks previous condition of the Dip Financing B, Indo Sino will waive its guarantee and the your credit will be classified as a cash debtor, being paid under the same conditions as the other unsecured creditors.
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From the JRP:
Indo Sino. Once checks previous condition of the Dip Financing B, Indo Sino will waive its guarantee and the credit will be classified as a cash debtor, being paid under the same conditions as the other unsecured creditors.

@tomcat there might be 3 different grades of ore stockpiled might be why it's mentioned as three separate stockpiles

Indo were not assigned a specific stockpile, just that they were owed $49.1m (the had an appeal to make it 1,718,338t of ore instead) so they would have had a claim over the ore that was there alongside Geralds (and the banks), I assume the appeal was unsuccessful.
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So there are now stockpiles that belong to DEV (1.3mt) and stockpiles that belong to Geralds Metals.
The banks have security over the DEV stockpiles until their settlement amount is repaid from the sales of it. Anything left over after that would belong to DEV.
Kiran has previously said that there are no other stockpiles that belong to DEV other than the 1.3mt we have.

@tomcat
Based off the JRP my understanding for the Dip A and Dip B which are loans to made to DEV by KDNC in the Judicial Recovery process to finance the recovery and construction i.e the 20% equity portion which we are loaning to the project in return for 49% equity it was 4 years and 18% interest to be repaid by DEV to the Investor (either KDNC and or a "Strategic Investor"). Repayments don't start until 3 years after the loan is made. Dip C loan is the 80% debt financing with terms yet to be agreed presumably (post DFS).

I presume some of this could have changed by now though.

For the unsecured creditors yes there is a repayment plan over several years of the mines operations.

DEV has no other stockpiles other than the circa 1.3mt (maybe in 2 or 3 piles?), the rest belong to Geralds. The bank has to agree to the sales but it's not the bank's ore and any left over $ after paying the banks will be DEV's and at these prices that could be $10m+ (my estimate).

Have you thought about Laughter Yoga Bannor? ;-)

https://dplnews.com/mexico-dos-fabricantes-asiaticos-de-baterias-de-litio-alistan-inversiones/

From 2024, according to the Inflation Reduction Act, electric vehicles must integrate at least 50% of North American content, that is, from the United States, Mexico or Canada, to access a tax incentive in that country. By 2028, the North American content in electric vehicles should reach 100%.

In addition, battery manufacturers must obtain at least 40% of their critical minerals for the cells of countries with which the United States has a free trade agreement. The percentage will increase gradually over the next two years and by 2026 the regional content of critical minerals will increase to 80%.

Critical minerals can also be manufactured from recycled materials in North America, but in no way can those that were "extracted, processed or recycled by a foreign entity of interest" be used, which leaves China out as a supplier.

Mexico sees an opportunity in it. The federal government has been promoting a comprehensive project, which it has called the Sonora Plan, which includes the exploitation of lithium, a mineral necessary in the production of batteries for electric vehicles, the production of semiconductors and the development of clean energy plants.

https://mexiconewsdaily.com/news/chinese-supplier-tesla-monterrey-factory/
Chinese supplier for Tesla invests US $100 million in new Monterrey factory
With an investment of US $100 million, the Chinese company Noah Itech started construction on Monday of its first factory in Mexico. It will produce automation equipment and is scheduled to be operational by May.

Located in Santa Catarina in the metropolitan area of Monterrey, Nuevo León, the plant will generate 100 highly specialized jobs close to the location reportedly planned for Tesla’s new vehicle plant, also in Santa Catarina. Tesla is one of Noah Itech’s main clients along with General Motors, Facebook and Google.

I'm sure they'll be keen to secure a deal on their flagship project ASAP...

"it's owned fundamentally by Ganfeng. We are joint venture partner on part of it. And we certainly believe that it is, the licenses are still valid. And as the Mexican ruling was effectively, that's for new licenses. So I really can't say much more than that because, of course, anything that Ganfeng or discussions that occur between them and the government are commercially sensitive. And once there is something that is significant and price-sensitive, we will announce it, and we'll make the public aware of it."

We are a minority JV holder with Ganfeng so we are waiting for Ganfeng to do a deal and we will probably follow along with that if it's good enough.

There is plenty of news that could easily send us beyond the 20's IMO look very closely at the Amapa PFS, we are already in talks, also note that Glencore were the offtaker for the previous stockpile shipments, and previously tried to buy the mine.

"The opportunity for DEV is to advance the Amapá Iron Ore Project to a Financial Investment Decision. This could be completed along with securing a strategic investor, offtake partner, separate listing, or a combination of these options."

According to a Mexican Geological Survey (SGM) document consulted by El Heraldo de México, the government has evaluated the possibility of including the private sector in the country's lithium deposit exploration in at least 82 areas. The government has injected US$2.5 million into SMG to carry out exploration work. Similarly, the Ministry of Economy (SE) has also invested in contracting 20 further geologists to explore the potential areas.

11/11/2022
State-owned lithium company, Litio para México (LitioMx) reported that lithium extraction in Bacadehuachi, Sonora is economically feasible. The announcement follows months of criticism from the mining sector, as many argue that extracting lithium from clay could be expensive for the government.

Currently, there is only one lithium deposit in Mexico that has proven reserves: the Bacadehuachi deposit, owned by the China-based Ganfeng Lithium. In the past, industry experts doubted the deposit’s economic feasibility, as extracting the mineral from clay deposits is an underdeveloped and unproven method because lithium is more commonly found in salt deposits.

Nonetheless, LitioMx’s latest report stated the contrary and assured that exploiting the mineral from clay deposits is possible. The company calculated that separating lithium from clay would cost US$4,000/t, which means that the process is economically feasible. “[People] say that no technology in the world will allow lithium extraction from clay deposits… We must end this propagandistic myth that says Sonora’s lithium is not as profitable as any other lithium deposit in the world,” the Governor of Sonora, Alfonso Durazo, said in October.
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I haven't been able to find this report but they have clearly looked at our project in detail, just a waiting game, be interesting to see what comes out of tomorrow's meeting.

So I reckon we're looking at $100/t for the product and $50/t for shipping so on the order of $2m-$2.25m profit per shipment and roughly 28 shipments to make @ 45kt would be in the region of $50-$63m

Don't worry @Obs he loves a good de-ramp.