focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
In my opinion point i) only relates to them finding Copper or Gold at the relevant amounts.
point ii) is what is potentially relevant for the titanium discovery. The definition of Mineral Resource in the JORC code is such that the Titanium discovery would in my opinion be covered by that provision.
Genghis the 6th April 2022 states
"Empire has also agreed to pay Century performance-based payments in the following amounts, either in cash or Shares at Empire's election:
(i) an amount equal to 1% of the Shares on issue immediately prior to Empire first announcing no later than 5 years after the date of acquisition that exploration drilling on any of the Projects determines multiple (more than 2) intersections exceeding 30% Cu metre or 50g Au metre; and
(ii) an amount equal to 2% of the Shares on issue immediately prior to Empire first announcing no later than 5 years after the date of acquisition a Mineral Resource in the inferred category or better compliant with the JORC Code 2012 exceeding 250Kt Cu metal equivalent in relation to any of the Projects,"
The Jorc 2012 code defines Mineral Resources as
"A ‘Mineral Resource’ is a concentration or occurrence of solid material of economic interest in
or on the Earth’s crust in such form, grade (or quality), and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity
and other geological characteristics of a Mineral Resource are known, estimated or interpreted
from specific geological evidence and knowledge, including sampling. Mineral Resources are
sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured
categories."
What is ambiguous about that?
Https://www.weare121.com/121mininginvestment-cape-town/empire-metals/
What about Rio Tintos titanium connection
https://www.riotinto.com/en/operations/canada/rio-tinto-fer-et-titane
Directors cannot purchase shares when the company is in a close period
close period (i) The period of two months preceding the publication of an AIM company’s annual results (or, if shorter,
the period from its financial year end to the time of publication); and
♦ if it reports only half-yearly, the period of two months immediately preceding the notification
of its half-yearly report or, if shorter, the period from the relevant financial period end up to and including the time of the notification; or
♦ if it reports on a quarterly basis, the period of one month immediately preceding the
notification of its quarterly results or, if shorter, the period from the relevant financial
period end up to and including the time of the notification;
(ii) any other period when the AIM company is in possession of unpublished price sensitive
information; or
(iii) any time it has become reasonably probable that such information will be required by these rules to
be notified.
https://docs.londonstockexchange.com/sites/default/files/documents/aim-rules-for-companies.pdf
I strongly suspect that Shaun Bunn and the other directors are in possession of unpublished price sensitive
information in the circumstances