Member Info for Legalwolf

PFG - I can see that your question has already been answered. What I would add to this is that I recall a comment from GM during one of his interviews that although lab results would take a while, they would get a pretty good idea from their on-site analysis, or words to that effect. He might well have repeated this in another interview. It would make no sense for GM to say this if there was little to no value from onsite results/examination as you keep suggesting.

Also, I disagree with your remarks about trading off such results. As you know, AIM often trades on sentiment and expectation (fickle I know) and so if the onsite results are as positive as GM expects them to be, I would expect there to be a reaction in the share price, well before any official lab results come in which confirm the onsite analysis.

As we both know, CMET has frustrated and disappointed us more often than not, but at these levels, I would say the risk to reward is favourable. If we were at much higher levels, I might be a lot more cautious and hesitant. Just my expectation, and I could well be wrong.

Those are fair comments PFG, and the jurisdiction has been a real thorn so far for CMET. We can only hope that CMET are being straight up with us in saying the relationship is vastly improved, and that in turn, the authorities are being straight up with CMET in making the recent overtures that they (apparently) have. But it's said to be only a short postponement and so we won't have long to wait.

We've already had official results from the lab on the existing resource. So whatever onsite results they are able to obtain (which I assume won't just be visual but they will also include onsite equipment that takes measurements), I would have little doubt of these onsite results being confirmed by the labs in due course.

Ando's post didn't age well and co-incidental bad timing or not? All imo and GLA

It's a "short postponement". Given the improved relationship with GSMB ("watsapp relationship"), it would have been churlish and counter-productive in the long run for CMET not to acquiesce to the request. Need to toe the line with the authorities - as recent experience has shown.

I'm not fussed about the "official" results, we know the results are going to be great and the visual/onsite results will confirm as much - and those will start to filter through within weeks of commencing drilling. By that time, we might also have news of the financing front. The official results will do more than confirm, as GM has indicated previously.

So all to play for here and should be a strong bounce from these levels going into a busy newsflow period in Q4 2024.

Bid and Ask already gone up.

Frustrating though for sure...

Frustrating, but a delay of 6 weeks is no biggie. Opportunity to pick up some more cheap shares, although still being quoted above the spread.

An opportunity missed to give an update on the audit/suspension?

Sheffield will likely be back if the drilling surpasses expectations as per Ando's post. I would prefer a debt financing/pre-paid offtake kind of agreement, which would enable CMET to keep all the upside. Remember, Stage One production will be sufficient to finance the rest of the capex. Currently it is £35 million for Stage one, but GM did say that they think they can bring that down (to £20 million?). It's not a massive capex, and hopefully the COO's contacts and this vendor finance will get Stage One over the line. Should get this drilling RNS any week now. Then some tasty visual results. All imo and GLA

Whilst we can debate whether or not it needs to go into a RNS, why would MB not want to update the market about it? That's a pretty unusual and odd approach to comms, to not want to share something as significant as a finalised deal with PC.

We are instead supposed to believe that he is delaying release of good news because he wants everything to go into a mega RNS. I can't say whether that's just wishful/hopeful thinking, or even rampy nonsense, as I'm not a LTH and don't know how MB likes to operate. So I guess it might be a possibility. Either way, with the work going on at Heron, you would like to think that the next RNS (mega or otherwise) won't be too far away.

Minor issues don't take this long to resolve. There surely must be more to it than this, otherwise why the current radio silence.

Fully expect the drilling results to be positive and expand the resource and NPV. Once this is done, and we have more of the IMLs granted as per the previous RNS, the project economics will look even more unreal than they are now. All we will need then is for the new COO to deliver on the financing, and/or Sheffield step back into the equation because the project is even better than before.

All the shares sub 2p are slowly being taken up. Potential multibagger in the making from these levels. GLA

If PC had agreed to take the oil, there is no way the market would not have been told that. There would be no reason not to inform the market of such a big update. The more likely scenario is that as of yet, there is no agreement with PC. Now it might be in negotiation, or it might be delayed (for whatever reason). We just don't know until or unless MATD give us an update. No reason to think it won't get agreed, but could do with an update from MB soonish. All imho and GLA

the tweets have likely stopped because there is probably no activity at the camp site. there is no point having staff or contractors there when you don't even know whether and when operations will commence. so if or once any deal is concluded, omi will need time to arrange the drilling contractors etc?

they will have to get rid of the ****roaches again!

For me, I think you have to separate out the issues of the deal and the finances. On the Anza deal, my genuine concerns are that we now have a very long delay against a background where OMI is up against majors who have basically messed it around for the last 18 months. This does lead you to wonder whether this deal is actually going to get over the line, or whether this is just more gaming by the majors (for whatever reason). What slightly adds to this concern are the shifting sands explanation we have had from OMI, from saying the deal is finalised and awaiting approval, to then saying there are details still left to negotiate. These are not the same and why has there been this shift? It does make you wonder what is actually going on, and whether OMI has a clue. The tweets have also stopped and BG has gone quiet.

The finances are a separate issue. If you knew the deal was definitely on but was going to take some more time, that is one thing, but what if the deal falls through given the above context?

In this scenario, OMI is going to take TWO big hits. The first is losing the Anza deal, which will hit the share price. The second will be that it will STILL need a capital raise, which will hit the share price again.

So people are right to be very concerned and it's not just all FUD as these are real and genuine concerns/risks right now. All imo and dyor

The workover will be progressing, no doubts about that. But the key news that the market is waiting for is the state of play with this agreement with PC to take the oil, without which Heron can't and won't start producing. So agreement with PC is needed to give this lift off. MB just needs to update soon as to where things are at with PC. The longer it takes, the more the market gets twitchy about it and negative speculation enters and affects sentiment.

When I try buy in ISA, I keep getting a message saying it's a complex instrument and is not eligible to traded in the ISA account. This is weird and arbitrary as its previously let me buy in the same account. Will have to raise with IG, but just wondered if anyone had the same issue and how you overcame it.

Anyone still having issues with purchasing through IG?

JP - I disagree. These are initial scoping holes and have confirmed a mineralised gold system. That system now needs testing with further drilling, which is what KAV will now undertake. The results show higher grades at depth suggesting continuation of structures. There are also untested wider zones where the mineralised structures widen. Further drilling will look to expand the footprint of existing deposits and test new targets as well. The grades are decent including 6.27g/t and 7.02 g/t and hopefully will improve with further drilling.

This drilling was based on artisanal workings, but the next drilling will incorporate IP. So everything to play for at Nara and an encouraging start. All imho

I think most of us are waiting on this update on how the PC meeting/negotiations have gone. It's not great comms to mention that meetings will happen by end of July, and not then provide any update even though we are into mid August. Even a short 'all is well' and a deal is being negotiated would suffice. By not providing it, the market is bound to start to worry that all has not gone well, and the only way of removing that worry is by providing an update.

Maisee - why should we not be concerned about a placing. The last need for dilution was in February and only raised £500k. The plan then was to be drilling in May. If or when this deal gets over the line and it is time to drill, OMI will need cash. It's only means of obtaining that cash will be through a raise. That will mean a heavily discounted placing with warrants thrown in.

Why is that not something to be concerned about?

Excellent results again and gold about to move up again. Zim is coming along very nicely indeed. Second Rig on its way aswell. Should be an excellent H2 of 2024 here. GLA

One minute it is said that negotiations are ongoing, the next minute it is said that the deal is finalised but waiting on regulatory approval. Making it up as we go along!

If negotiations are still ongoing, then will they even get a deal over the line? Maybe it is too good to be true to believe the majors will give back the project for deferred consideration after spending £20 million on it, and are they just slowly bringing OMI to its knees.

As for a placing, yes it is a big deal if you have your holding cut overnight by (50% or whatever the discount will be) and with warrants to clear as well. All imo and dyor.