Member Info for FreeBuffett

Interesting to see that there are 15 licenses attributed to Pathfinder Mocambique * S.A. (where * is a letter A, B, C ... etc.). All appear to have been applied for around May and June of 2021, with two (* = K & M) granted in November 2021 until 2026. I haven't noticed these before. In a letter to shareholders in April 2018 Pathfinder Minerals UK (PFP) stated that Pathfinder Mocamqique SA (PM) was not related to PFP but was partly owned by Diogo Cavaco (DC). I don't know if DC is still involved with PM but sort of interesting all the same.

Life is short and it isn't always fair. I imagine Align's average is pretty low and much of their shares have come in lieu payments. Talk of billions from the BIT is nonsense for so many reasons but necessary to make the actors focus There is a figure, and I guess its relatively modest by comparison to the telephone numbers being quoted, at which enough of the big PFP holders will decide enough is enough, time to do something else. Some smaller PI's who are possibly LTH will lose out, sad but that's life and that's AIM. PFP have already indicated they want to do other things, which could be construed as a signal that all they want to do is agree a figure. Remember that with such a small MC the cheapest way to make this go away is to buy PFP out, stealth or hostile will probably not get the SP to much more than 3~4p. PFP will have no interest in developing the site as to do so would dilute their interest to little more than a figure that could be agreed in a relative short time.

We don't know the actors behind the headline but to me it appears to be saying ..... UNICITRAL has decided not to allow the case to be put on hold whist other parties look for a solution. In other word the treaty case must continue while the search for another solution is still in play. Suggests that the request for a hold came from the Moz Government. Maybe we might find out if there is any relevance to PFP shortly. Could or course have nothing to do with PFP.

same site that had thin in Nov '20, https://www.iareporter.com/articles/mozambique-on-notice-of-dispute-from-uk-based-heavy-metals-miner/

at ...... https://www.iareporter.com/articles/uncitral-tribunal-declines-to-stay-treaty-case-against-mozambique-pending-the-outcome-of-a-parallel-contract-based-arbitration/ .... anyone have access ?

From memory the Align 7p figure is pre notification of any BIT activity so I take this as a return of the licenses.

The 1.88p I mentioned represents £10m MC. Tiny by comparison to the possible $621m BIT action. But, for me the play here is purely extraction of value from a deal not extraction of mineral sands from the ground. Therefore what's the figure that allows the PFP Board to wash its hand of the whole thing, walk away and look for something new ..... £10m (1.88pps) ..... £20m (3.76pps)..... £50m(9.41pps) ....... ?

.... you vote if offered 1.88p for your PFP shares, take it or leave it ?

Good for you.

http://www.pathfinderminerals.com/investor-relations/shareholder-information/share-capital.aspx

There are some large individual shareholders ... Eckoff ... Trew ..... Taylor and some other directors. Are you assuming that these holdings are within the institutional holders figures ? Fully diluted there is 679,960,673 shares.

... heavy sands ... I think. Looks like the start of public consultation for EIA and resettlement action plan as the project affects people, property and social infrastructure.

From Block Listing RNS 4th October 2021
The Warrants for which the block listing has been made are as follows:
Issued Exercise price Number Expiry
6 April 2020 0.2p 31,500,000 5 April 2022
1 May 2020 0.2p 48,125,000 30 April 2022
26 March 2021 0.5p 44,000,000 26 March 2022
26 March 2021 0.5p 361,143,300 26 March 2022

totals 484,768,300

So a 32.7% dilution in March followed by 1.1% dilution in April, assuming all warrants are taken.

Those who consider a wider understanding of minerals sands operations in Mozambique worthwhile might find this interesting.
https://valuesits.substack.com/p/kenmare-resources-plc-inflection?justPublished=true

Correction :1800mt not 1800bnt

Embodied carbon (CO2e) in steel making is (primarily) from the use of coal/coke as a reductant in the blast furnace route, coke/coal or natural gas (CH4) as a reductant in the DRI route or energy/electricity in the EAF route. 2/3rds of the circa 1800bnt of steel currently produced annually is by blast furnace. Decarbonisation of the steel industry will happen by replacing coke/coal in the blast furnace (there are various options, waste wood, plastics etc.), replacing coke/coal and natural gas in the DRI process with hydrogen (hydrogen networks needed) and getting green energy for the EAF route. Reducing the iron ore content only happens as blast furnaces are closed and replaced by DRI (which uses iron ore as well) or EAF using scrap. Short, medium and long term decarbonisation of steelmaking does not mean huge reduction in the demand for iron ore.

Population is one factor, apparently there are 31.21m smartphone users (2019, estimated to grow to 35.18 by 2025), which is 21% of population. This pool will be further reduced by, for example, age in relation to MOS services.
Ref for smartphone users = https://www.statista.com/forecasts/285600/number-of-smartphone-users-in-argentina#:~:text=In%202019%2C%20there%20were%2031.21,revenue%20in%20Argentina%20in%202019.

https://www.statista.com/statistics/314707/age-structure-in-argentina/

Interesting insight into Mozambique's government and judicial system, any similarities with Pathfinder purely coincidental of course. BBC news website is a good place to catch up.

https://www.lse.co.uk/rns/KMR/q3-2021-production-report-ge96dyn8asthkt9.html

Not sure that the H1 2021 report will add much if any new information. It will cover he period to 30th June and is more an obligation. Obviously will confirm financials to this date, possibly a forward looking statement but I wouldn't expect any details regarding 16-2LN-CC that we don't already know.

H1 2021 results are an obligation not an opportunity. Restatement of things already known. Any expectation of new news is unrealistic from this RNS. Patience, as always, is the virtue of greatest value.