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@OldSchool, it's interesting to consider the recipients of the warrants/options (listed below chronologically). No doubt anything above the current SP will lapse but the 12.8m at 0.5p appears to be the most liable to be taken, however the directors eligible are not necessarily those in place now, not sure that ex-directors would go for this. I estimate that PFP needs circa £300k a year working capital. My one slight fear is that without takers for the 100.38m warrants/options due this year and the WC this provides there could be an issue at a discount to current SP with attached warrants in 18 to 24 months. Perhaps this is more relevant to the 41.8m to Professional Advisors as it move them from the 1.5p position. Hopefully if this is the case PFP have the good sense to let PIs have some of the pie. What would help of course is recovery of money from the courts ruling, which must be more than £1.5m if interest is included.

2.5p 09 April 2022 7,500,000 Option to S Richardson-Brown
1.25p 11 May 2022 19,000,000 Option to D Edmonds 10, J Taylor 5, H Bellingham 4.
0.5p 11 May 2022 12,8033,334 Warrants To Directors at the time.
1.5p 11 May 2022 41,846,153 Warrants To Professional Advisors.
3.5p 03 June 2022 10,703,018 Warrants To N Trew (4,581,806), H Bellingham (1,212,121), Existing Shareholders (4,909,091).
1.25p 30 August 2022 6,000,000 Option P Taylor.
1.25p 02 Nov 2022 2,500,000 Warrants To Long standing corporate advisor.
0.55p 16 March 2023 6,000,000 Option J Summers.
1.25p 31 March 2023 6,000,000 Option J Summers.
1.25p 08 June 2023 6,000,000 Option M Gasson.
1.25p 22 June 2023 3,000,000 Option D Taylor.
1.75p 20 Sept 2023 18,750,000 Option S Farrell (6m), S Richardson Brown (6m), H Bellingham (3.25m), Management (6m).
1.25p 03 Oct 2023 5,000,000 Option P Taylor.
0.6p 29 April 2024 3,500,000 Warrants Broker Warrants.

Starts around 17:40 https://ukinvestormagazine.co.uk/polymetal-gfinity-and-cadence-minerals-with-alan-green/

Kemare Resources PLC, up 2.0% at 462.00 pence, 12-month range 386.64p-493.00p. The Dublin-based titanium minerals and zircon producer posts robust annual results. For 2021, pretax profit is USD137.3 million, up sharply from USD22.8 million in 2020, on revenue of USD455.9 million, up 87% from USD243.7 million. Declares 2021 dividend of 32.71 cents per share, up from 10.00 cents in 2020.

The stock market, particularly AIM, is a mechanism whereby the patient take money from the impatient ...I forget for a moment who said that. Patience is a trait of an investor I would suggest, impatience a trait of a trader. With these somewhat glacial periods for PFP patience is definitely a virtue.

For me this placing is simply a substitution for the warrants which at 0.5p were unlikely to happen. No doubt many of those that took up the placing offer also had 0.5p warrant options. They got their shares, just at a lower cost and no doubt future option as well. Unless we have serious upwards movement expect another placing before the these warrants approach expiry. This is AIM remember, so there's always a High Street bank current account if anyone prefers those calmer waters.

828,333,333 Warrants at 0.5p would generate £4.14m and a further 44m broker warrants at 0.5p would generate £220k.

So whilst we may be startled or even shocked by this news report, if one thinks about it there is little new within it. We knew TZM were carrying out EIA - we have seen the two announcements of this. We knew that TZM were developing the mine - Mr Wu's application for a seat on the board of Northern Minerals stated this. We know that Africa Great Wall are part of TZM, they have several other licenses in Moz and have made significant investments in Moz. The new news is perhaps the claim that $30m is being spent, and this is very small compared to what will be needed the actually get sands to market. Perhaps this is priming for a sale, perhaps not.
Considering now the PFP position. One train of thought could be that this adds strength to the case for PFP/TZM to settle pre-BIT. Why would TZM continue to invest under the cloud of a BIT claim. I have said before and still stand by my thoughts that the BIT claim is a stick to pressure the Moz Government to make TZM settle, i.e. to make it go away. Such an agreement would leave PFP with substantial funds to invest somewhere else. So two factors remain, yes it is disappointing to have not yet heard of a funding partner for the BIT, and any settlement amount is anyone's guess. As for the settlement, with a strong signal from PFP as to their appetite to pursue the BIT I could see the settlement being a few multiples of the current SP, maybe resulting in an SP of 2/3p. Whilst this is comparatively small compared to the $1.5bn sometimes quoted it actually leaves PFP in a good position, well funded and looking for opportunities. So not as bad news as perhaps first thought but, yes that strong BIT stance needs to be built, I'm happy to wait for this. I sure there's plenty going on behind the scenes.

I've had another look. My best guess now is that the 7.5m options at 2.5p that expires on 9th April 2022 (stated on website and various reports, results etc.) is in favour of Scott Richardson Brown (CEO and Director, 10/08/18 to 03/06/19). The typo I believe (DYOR) is in the Corporate Update (10/04/19) which stated the expiry 10/04/21 but should have stated 10/04/22. Annual Report Year End 2020 (Section 15, page 30) states a three year term, i.e. 2022. I guess SRB was considered a good leaver as our Henry thanked him for his service when he left so I assume he maintained his option. Anyway I'm now bored of this investigative reporting so happy to wait and see what, if anything, happens on 9th April. I'm sure my Gerald Loeb Award is nailed on now.

Thanks oldschool321, I has hoping that we might be able to forget the 9th April options as I did consider that it might be a typo on the website, we'll know soon enough. 11th May is a slight concern with a possible 13.87% more share in circulation due to 73.7m warrants and options (ignoring 09/04/22 7.5m). I guess the current board would welcome the £900k. 1.25p/0.5p/1.5p might look a bit pricey against today's sp but given those names are not all current directors maybe not all will be taken up. Perhaps some positive news between now and then will show the upside more clearly. My fear would be that any significant sp dilution could triggering stop losses and we see an even lower sp. Fingers crossed for some good news before May.

https://clubofmozambique.com/news/public-consultation-for-tzm-resources-heavy-mineral-sands-projects-in-pebane-zambezia-208750/

Just been looking at the options and warrants as listed on the PFP website ( http://www.pathfinderminerals.com/investor-relations/shareholder-information/share-capital.aspx ). Data is dated 21/10/21 so I guess could be due for review, DYOR and all that. From what I can glean from RNS etc. the option/warrant recipients are as below. I'm relatively confident of the detail but strangely the one point I'm less certain of is the first one, 9th April 2022, I suspect its John Taylor (ex-CEO) but not 100%. If anyone can add colour it would be good. With some of those named below it will be interesting to see who takes up the offers, current directors may be obliged whilst past directors may not.

2.5p 09 April 2022 7,500,000 Option to Directors (John Taylor ????)
1.25p 11 May 2022 19,000,000 Option to D Edmonds 10, J Taylor 5, H Bellingham 4.
1.25p 30 August 2022 6,000,000 Option P Taylor.
0.55p 16 March 2023 6,000,000 Option J Summers.
1.25p 31 March 2023 6,000,000 Option J Summers.
1.25p 08 June 2023 6,000,000 Option M Gasson.
1.25p 22 June 2023 3,000,000 Option D Taylor.
1.75p 20 Sept 2023 18,750,000 Option S Farrell 6, S Richardson Brown 6, H Bellingham 3.25, Management 6.
1.25p 03 Oct 2023 5,000,000 Option P Taylor.
0.5p 11 May 2022 12,833,334 Warrants To Directors.
1.5p 11 May 2022 41,846,153 Warrants To Professional Advisors.
3.5p 03 June 2022 10,703,018 Warrants To N Trew 4,581,806, H Bellingham 1,212,121, Existing Shareholders 4,909,091.
1.25p 02 Nov 2022 2,500,000 Warrants To Long standing corporate advisor.
0.6p 29 April 2024 3,500,000 Warrants Broker Warrants.

Good spot. I think this is the second notification of the EIA, the first being published 01/12/21. Shows TZM are on with developing the licenses.

This is nearly as entertaining as the pathfinder blogspot . Remember that.

.... and before anyone jumps down my throat ...the licenses are held by Twigg/TEML a wholly owned subsidiary of Syrah

Great business for Syrah out of Mozambique ....... and they don't own the licences.

It's just positive industry news.

Michael Carvill, MD of Kenmare from Q4 2021 Production Report and FY 2022 Guidance:

“2021 was a record year for Kenmare in terms of safety, production and sales. On 6 January 2022 we achieved a major Company milestone of one year without a Lost Time Injury, representing more than six million hours worked. Ilmenite production increased 48% year-on-year, in line with guidance, while shipments were up 51% as demand for our products grew strongly. I would like to thank all of our team for contributing to this fantastic result, particularly in light of the huge challenges we experienced from COVID-19 in Q1.

In 2021 we received higher average prices for all products compared to 2020 and the outlook for 2022 remains buoyant. We were delighted to return almost US$100 million to shareholders during the year, through dividend payments and a share buy-back, and we continue to target a 25% profit after tax total dividend payment in respect of 2021.”

If you take time to look at Africa Great Wall (aka Africa Changcheng) you'll see that Mr Wu is well and truly embedded in Mozambique. Whilst it is somewhat stereotyping neither Mozambique or China have the best record for playing by the rules. However, Mr Wu is a successful business man and will no doubt, if needed, take a pragmatic resolution. We know that TZM are developing the site now (previously noted EIA and letter to Northern Minerals) so what's is a few million, if needed, to keep this on track. PFP have the BIT which is their only lever to bring the actors to the table and this has been used successfully so far because the international aspect as the UK/Moz agreement means that (primarily) the UK Government has representation. There is one thing worse that losing the BIT and that is having it dismissed on a legal technicality before the case gets heard. Therefore I believe that the time being taken by PFP at this stage is being used to make sure that legal technicalities do not prevail which allows the Moz Government to wriggle away. If the Moz government manage to wriggle away then Mr Wu need not seek a pragmatic solution. So I'm happy with this time being taken so the BIT case is strong.

All on the PFP website at : http://www.pathfinderminerals.com/investor-relations/shareholder-information/share-capital.aspx

AGM, Resolution 12, page 22, https://wcsecure.weblink.com.au/pdf/NTU/02440553.pdf