Member Info for Fukurokuju79

Fingers crossed Seis

Major Tom / Ella, were all puzzled a bit by the LML. Obvious reason is to avoid requisition but as you say (and I've also previously shared) the criteria for an LML is significant on face value. Im sure it'll all come out in the wash. It may not even stay a LML. Who knows.

Ella you're once again mis representing the context of Duncan's quote. This was clarified before. The context was around their position on broader Africa, not ARCM. It was simply a poorly constructed article.

Not long to wait and it will all be clear. I'd imagine we will see further cadastre up soon enough and maybe even extra applications from AA. Of which the new applications adjacent to the current licences will likely go into the JV vehicle.

Atb

I agree. I'd dislike a JV pre b1 drill by KAV personally. I'd rather they accept the risk in house.

I believe they have the capital for drilling b1.

If that fails it would hurt the share price but let's face it it's pretty much built in so id rather take the risk from this low base than with a higher shareprice with success built in.
Equally with the risk at b1 plus the current KAV share price it isn't an optimum time to negotiate anything particularly favourable.

Yes failure at b1 would have an impact on the ksz, that's clear. However I don't think it would be curtains for KAV. It's a risk worth taking, an arguably one that needs taking.

Atb

1digger - Second part was just my summation etc. First part posted was the cadastre detail thought I'd repost the specific info. Seems we've enough 'opinions' here for one day lol.

Seems everyone's expert and no meaningful discussion can happen as everyone's right. I know enough. I'm comfortable. I'll sit this pointless pretence with MrMetal out. Besides I've earned a Ferrari so can't be bad.

Atb

Here's the summary

So had a look at the cadastre. I believe the below summarises all the licence areas, broken down by entity, with summary of status and changes. You may want to skip this info if too much and go to my observations and views summary in the second part just posted. The views are just my own expression/musings based on what I’ve observed, or found most interesting, although I know some are shared by others here. They are simply a view for discussion.

Handa
- 19906-HQ-LEL Handa status active ( Expiry 9/9/2024); this same area has now has a LML (Large Scale Mining Licence) at application stage submitted 23/12 (33404_HQ-LML). Interestingly this is not in the name of Anglo.

Zamsort
- 8248-HQ-SML - Active Expiry 23/05/2025 ; adjacent to handa 19906 but not within the LML application (33404_HQ-LML).
- 23243-HQ-SEL - Active Expiry 26/08/2022 ; adjacent to handa 19906 but not within the LML application (33404_HQ-LML).

Zaco
- 23005-HQ-LEL - This has gone from pending renewal (expiry 26/08/2022) to having an application over it by Anglo Exploration Zambia (32254-HQ-LEL) and within the last two days has moved from pending renewal to pending transfer. This indicates the final stages of the transfer from Zaco to Anglo Exploration as part of the JV.
- 23004-HQ-LEL - This has gone from pending renewal (expiry 26/08/2022) to active. It has an application over it by Anglo Exploration Zambia (32564-HQ-LEL ) and within the last two days has moved to pending transfer. The wole area also has two mining license applications over it northern part (33402-HQ-LML) in the name of Zaco. The southern part (33403-HQ-LML) also in the name of zaco.
- 24958-HQ-SEL – No results on the cadastre. Seis has advised this now sits within the 33402-HQ-LML as covered above.

Afrimin
- 28700_HQ-LEL – Active Expiry date 31/03/2025 ; No open applications I can see.

New
- 32583-HQ-LEL – New open exploration application for an area adjacent to 23004.

1digger

Will post a summary I pulled together from 3/02 can use as a baseline to check against cadastre. Not looked this week but not heard of any changes from anyone else. Will check again next week

Does seem that way. Hopefully the investors desire to get back there are being heard. Atb

Been on the sauce nonsense

'You don't go from bankrupt to where it is now impossible'?
I agree if by that you mean you can't go from bankrupt to worse than bankrupt...lol

At the end of the day I'll let you have your own views, but honestly it seems a very peculiar view to have.
They raised a load to stay afloat, the mine was operating much better (TB has certainly proven he can manage a technical delivery I agree) however despite this they still weren't operating at break even or a profit.
- They had to borrow against the asset, they've defaulted against that borrowing.
- They've defaulted against another creditor.
- They've suspended the shares at rock bottom.
- There has been no positive update or evidence of a viable resolution or a willingness of the creditor's to negotiate.
- They have only a matter of a couple months or so before the exchange delist them.
- They have missed supplier payments and are now experiencing further operational issues due to that.

It's really not the best time for RMM Moon.

Chances of survival are slim but I hope they do sort something out for those that are here. However the cost of staying afloat is likely to be high to current holders.

Atb

Moon it doesn't matter if both know the situation, knowing something doesn't make it better.
I could know I've lost the keys to the car in the sea, it doesn't help me drive home.
It's not the best time in history here. It's very likely the opposite. The fact we know it's the opposite didn't make it the best. That's not how it works lol.

Anyway have a good weekend all.
Atb

Big volume/value buy at 10:06 280 share for £3.98.

Making me giddy.

FTC,
Clearly a default has occurred but it doesn't say when and we don't know whats definitions are in the agreement. It's all supposition.

The result of non supply across both quarters has created a default in accordance with the agreement clearly.

The broader content and context of my post is relevant.

Atb

El Professor, comments in line. Yours in quotation, my comments after the >

' If NewGen are the the primary creditor they will take precedence over all else. '
>True

' If Elemental under their deal are classified as a creditor too then they would presumably be behind NewGen for payment. '
>True

' If that is the case why would NewGen let money go out the door to Elemental? '
> Agreed however the timings don't stack entirely. While NewGen would request or insist that other creditors aren't repaid as they are first secured lender over the asset; RMM have said today (first time this is mentioned) that no sale and delivery of refined gold has occurred for the financial quarters ended September 30, 2022 and December 31, 2022.

Payments to the company's principal secured creditor (NewGen) wasn't due to commence until 31 October 2022.
RMM made their update on the financial position 27th October, ahead of the default against NewGen.l as they would have had to.

I'm not convinced RMM would have had to issue an RNS against the gold streaming deal in q3 or even q4 as it was a commitment to fulfil gold supply on an annualised basis. So on a technicality they likely didn't 'have' to issue this until a point they knew that the supply deficit couldn't be met by production for the remainder of the annual term. It's still not an excuse and they've had ample time to inform the market of these constraints.

So in short RMM weren't in default until 1st Nov, after not paying 31/10 and only notified the market on 27/10.

So not supplying anything under the gold stream for q4 starting Oct overlaps fine in terms of NewGen having powers after the default, but not for the Q3 period ending 30th Sept.

In terms of so what's changed. IMO it suggests that the presumption Rambler didn't have a hold on its finances when they were suggesting all is okay was wrong.

It's possible it's something else but the most likely reason they didn't supply anything to elemental on the stream agreement in Q3 (before NewGen default) was because they either a) needed the gold revenues for their balance sheet to run the mine (opex/capex), or NewGen requested it didn't supply the gold.
In which case RMM would have been engaged with NewGen about the risk of default way before they announced the balance sheet risk to the market.

Either scenario, after today's RNS, doesn't promote a very good view of RMM.

Anyway that's my two pence

Atb

Smart punter,

Whe you say 'How could they deliver gold when they do not own a mine?
All production goes towards repaying the bridge lender, who are secured.'

I understand what you mean and you're probably quite right there. That said, the statement about Ramblers financial position wasn't issued until 27/10 well after the end of Q3 which apparently was also defaulted with Elemental.

So for them to default Q3 on the basis of NewGen owning the asset, as first secured lender, doesn't stand for the the entire default period with Elemental as they hadn't defaulted with NewGen by then, it also wasn't mentioned in the financial statement RNS in October.

What it does suggest is Rambler were more aware of their financial issues during Q3 than previously thought, weren't fully transparent and decided to pay either creditor, elemental or NewGen, even before they defaulted with NewGen.

It's possible in Q3 they needed the gold for opex/capex and then after default NewGen said they can't pay other lenders from Q4. That's most likely IMO.

Atb

Awful.
They signed the gold streaming deal at start q2, delivered then defaulted on the deal in q3/q4.
It wasn't mentioned in the quarterly updates or mentioned in the subsequent financial position RNS'.

This should have been disclosed to the market IMO. They've basically shafted elemental with $11 million dollars, of which $7 million had to be raised by elemental in financing.

Two places this gold has gone IMO:
1. Sold as needed capital however the period in question was before the full status of Ramblers finances was known/disclosed.
2. They used the gold production in Q2/Q3 to ensure they fulfilled the repurchase pre existing streaming deal they had with sandstorm. Which was US$7m less payable gold delivered since 1 October 2021 and 1,150 oz of gold to be delivered over the next 18 months.

At best this is epic poor management from or it's simply total dishonesty. In any event it should have been informed to market.

I'm not sure what option they've left elemental with other than to agree something to resolve the default to get some form of gold as they are already in default with NewGen which is asset backed.

Honestly makes a bad situation very worse and again genuinely sorry for those here who still hold.

P.s. Moon have some decency and stop posting best time for RMM. It's pretty disgraceful to say those things but today, really, get with the programme.

Atb

Indeed metal, Lol. Almost as if they're one in the same person. Interesting.

Anyone with the confidence level in the CEO at the point they want to oust them is probably in the wrong stock. Issues to be addressed, yes. Ben acknowledges I think.

As was said earlier let's see what comes out in the wash. Ben's been very quiet as has the Comms so I'm sure they'll announce plenty soon enough.

Atb

It's just a GM for approval of.....

'Each New Ordinary Share has, on a one-for-one basis, a warrant attached exercisable at 3p for a term of 24 months from the date of issue. Issue of the warrants will require the approval of shareholders and details of a general meeting at which such approval will be sought will be sent to shareholders in the near future.'

Bordering on vegan....

Vero....

Nice header, my wife asked me the same thing.

Anyway, I'll refer you to the 21st April & 1st July 2022 RNS'.

Atb

All good debate but for me it's about the near term AA deal, drill plan and commencement then find those major resources.

Regarding ''Nick has mentioned the potential for another license in Zambia… that may be the one which Anglo now has an application on or it might be elsewhere? That could be a possibility.'

Totally agree. I believe the same.

Atb