Member Info for jimb2

I'll stick with Starboard /Amapa Minerals being the JV as my calculated guess if not a buyout completely.

Add to that KM's words:

https://youtu.be/MbetSV2OBxI?si=oqfZm6nA2I_Ea0vu&t=1962

Yes @Scaffman, I have seen other YT with him, very convincing,

AI returns:

As of March 2026, Tucano Gold Inc. remains the legal owner of the mine, but it is now operating under the local management brand Amapá Minerals.

The confusion often arises because the "Amapá Minerals" name was introduced as the operational vehicle for the mine's revitalization following a significant US$ 70 million (C$ 100 million) investment round that closed in early 2025.

The Current Ownership Structure:

Holding Company: Tucano Gold Inc. (a private Canadian company) still holds 100% of the shares of the legal entities Mina Tucano Ltda. and Tucano Resources Mineração Ltda.

Operational Brand: Amapá Minerals is the corporate identity used in the state of Amapá for the "retomada" (restart) process. Most recent government announcements, including the meeting with Governor Clécio Luís and Senator Davi Alcolumbre, refer to the company as Amapá Minerals to emphasize its local regional commitment.

Major Investors: The project is backed by Starboard Asset Management (a Brazilian private equity firm specializing in turnarounds) and a group of Canadian and Brazilian private equity investors.

Why the meeting in your link is significant:

The meeting mentioned in the Agência Amapá link (published in late 2025/early 2026) marks a critical transition point:

Mining Restart: Moving from "maintenance mode" to "active extraction." Gold production is targeted to ramp up throughout the first half of 2026.

The "Green Iron" Shift: The government is specifically meeting with the company to finalize the logistics for the 1 million tonnes per year iron concentrate project (reclaiming iron from gold tailings).

Social/Legal Normalization: The participation of Senator Davi Alcolumbre indicates that the company has successfully resolved the previous labor and creditor disputes from the Great Panther era, allowing the state to fully back the mine as the "anchor" for the Amapá Railroad (EFA) reconstruction.

In short: Tucano Gold is the "parent" owner, but Amapá Minerals is the name on the door at the mine site in Pedra Branca do Amapari.

@Struv5

probably look at keeping two thirds and taking some profit if we reach 12p, that's best intentions at the moment!

DYOR, but the people behind Tucano Gold could easily take on our project rail and port, read the transcript and look at their history!

https://selesnafes.com/2025/09/novo-acionista-de-mina-de-ouro-da-detalhes-do-plano-para-retomar-atividades-no-ap/

Respondent:

Starboard. It’s 100% Brazilian—a Brazilian asset management firm headquartered in São Paulo and Rio de Janeiro. We specialize in what the market calls “special situations”—that is, complex investment opportunities. We identify such opportunities, invest capital entrusted to us by our investors (our unitholders), and actively manage the companies we acquire.

Our goal here isn’t just to restore production and ensure long-term sustainability—e.g., securing additional reserves—but also to pursue growth. That’s always our approach. So, we foresee several years of dedicated work ahead.

Well at the very least take an interest in the railroad!

AI so DYOR:

Below are the primary projects and companies Starboard has managed or invested in:

1. Mining & Natural Resources

This is currently Starboard's most active sector.

Tucano Gold (Mina Tucano): As discussed, this is their flagship turnaround in Amapá. They acquired the mine in 2023 after it went into bankruptcy (Judicial Reorganization). In February 2025, they secured a C$98 million investment to restart production, which is currently in the "revitalization" phase.

Serabi Gold (19.9% Stake): In April 2025, Starboard became the largest shareholder of Serabi Gold (an AIM/TSX-listed company). Serabi operates the Palito Complex in Pará, Brazil. Starboard’s goal here is to support the construction of the Coringa Gold Project and double Serabi's production.

Petrobras Oil Assets (3R Petroleum): This was one of Starboard’s most famous "wins." They purchased several clusters of oil fields from Petrobras (onshore and offshore) and bundled them into a company called 3R Petroleum.

The Exit: Starboard took 3R Petroleum public (IPO) and eventually sold off most of its stake in 2022 and January 2026 (Tartaruga Verde Project) after the company’s value surged.

2. Infrastructure & Energy

Starboard often invests in heavy infrastructure that requires complex debt restructuring.

Engie Brasil (Pampa Sul Coal Plant): In July 2023, Starboard led a buyout of the Pampa Sul thermal power plant in Rio Grande do Sul from Engie.

Gemini Energy: Starboard managed and eventually exited this energy services company in mid-2022.

AB Concessões & Autostrade per l’Italia: PitchBook records show Starboard's involvement in deals related to these major infrastructure and toll-road operators in 2024

Food for thought -- GLA

Quantity 285,869 at

4.3700p

up a tad from last weeks buy - doh!

In November 2024, Brazil and China signed a cooperation agreement / memorandum of understanding involving:

The Port of Santana authority (Companhia Docas de Santana)

A Chinese entity (Zhuhai Economic & Technological Development Zone)

The agreement:

Created a direct maritime route between Santana (Amapá) and Zhuhai / Gaolan Port (China)

Is specifically designed to import biofertilizers from China into Brazil �

Could be positive for our port and railroad:

Brazil is not heavily dependent on Middle Eastern oil via the Strait of Hormuz, but it is highly exposed to fertiliser imports, especially:

Nitrogen (urea / ammonia) – often sourced from the Middle East (Qatar, Saudi Arabia)

Potash – mainly from Russia/Belarus, but global flows are interconnected

Phosphates – Morocco + others

A disruption in the Strait of Hormuz would:

Spike global fertiliser prices

Reduce availability of nitrogen-based fertilisers

Hit Brazil’s agribusiness sector, which is extremely import-dependent (≈80–85% of fertiliser is imported)

No idea @Scaffman,

It will impact of course but it may also bring the railroad investment forward

, we are not the only project planning on shipping bry road.

It was something I had been considering so held back another £10k just in case.

Hope we get a newsletter:

Quantity 236,824 at

4.2200p, had another £10K

@dedoodogdoo38,

you seemed to have answered a response to AIMUG that I posted suggesting he was was a multiple poster using aliases, perhaps you can explain?

Your post today!

"Sorry Jimb I said, you said 20+ by the end of September last year no? Doesn't matter when an account joined, what matters is historical precedent. That is how one learns from the past. I believe at the time, I, or another throwaway account (I don't have to use the same account for decades, believe it or not, that is not a law) said it would be around 3p in January. Who was closest there?

Good luck anyway, just trying to remind people how far from reality they live, especially if anyone was thinking of trying to lose as much money as me on this "investment" company that has sold all their investments and has just one play left. If we're lucky"

Are you also AIMUG?

AIMUG 13th March 16:05

"20+p by the end of last September (jim?), or 6+ by a few weeks back, or £1.50 by the end of 2022/23ish, are previous projections from this board. Which is nice. Thankfully I kept averaging down until the Hesperian (borderline fraud) "deal" so we shall all be rich beyond our wildest dreams any moment between 2018 and 2118.

Have a lovely weekend all you fellow aimugs."

What a complete idiot, hasn't changed over the years and has had my post removed calling the clown, Inspector Clouseau!

I'm expecting a buyout or a partner announced by September, it's written in the stars,

Yes, indeed @Struv5, our very own inspector Clouseau, bids everyone a good weekend, then returns minutes later as the master of disguise.

Nothing can be certain, well except RayOfSunshine and AIMUG are the same person,

AIMUG,

Filtered, sorry joined December 2025, not worthy of a response!

Uncle Albert, “Dieu et mon droit”

Talks with financiers!

Yes, you are correct @Scaffman and importers of green ore from Brazil, I do believe they will shift a great deal of investment from the US now, my mistake, they did join 2024/2025 but seemed to want to appease the US with big investments - see how that pans out!

Fuel costs might hit but for a secure longterm investment I think BRICS will be good, China and India plus UAE may well join now!

Could be we are seen not only for the Azteca plant and full project including rail but now with global disruption we are a safer bet being in a BRICS nation selling to a BRICS nation and perhaps more than one. Could be a good enough reason to buy us out.

Happy they are leaning more towards BRICS, US is poison at the moment.

https://www.bbc.co.uk/news/articles/c5yvw0zwpd5o

Yes, looks that way, quoted to sell 700,000 @ 3.885p on BARC's NT 900,000