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What is the proposed timescale for completing stages 1 and 2, and relative to forthcoming drilling campaigns?

Does this mean the Rig(s) are going to Hurricane?

He did NOT say the Rig has been mobilised. He said it was getting ready to be mobilised. The presentation was in line with what we know already, namely, they need to get the farmout concluded, and then execute the Rig contract. Hence the Rig is getting ready for mobilisation, as the expectation is that all this will be happening swiftly.

Also, why's he going to mention a rival play at at investor's presentation about his own company?

https://www.youtube.com/watch?v=mOS4TdgPU20

Listen for yourselves (rather than listening to other people's misinformation/misinterpretation). The NHE pitch starts at 5:45. All imo and DYOR

You can watch the presentation here: https://www.youtube.com/watch?v=mOS4TdgPU20

He did NOT say the Rig is on its way to Tanzania. He said the Rig was getting ready to be mobilised to Tanzania. He also said that they were looking to conclude the farm out very swiftly. He also said that they have been contacted already by majors interested in developing the project.

Would we expect his pitch to include a rival play, He1 listed in London, which is drilling before them?

Now go and find some gold in Queensland ECR!

It's not an online event, but face to face. So unless you live in Sydney, not sure if there will be a (live) recording of it? I think NHE are presenting in the afternoon (2:40pm local time I think).

ID78 - GCAT remains on my watchlist, but I'm not following it actively right now, as I have no interest in buying shares on the basis of tweets, which to be honest, I have stopped reading in recent times. When I see a red dot signalling official RNS news, I will take a look, in particular re the Prospectus. That has always been my position (as I have consistently posted on here) and remains so.

But until then, I wish all holders here the best, and hope all the positives in the tweets etc actually materialise this time, as promised. GLA

The technicals and fundamentals are all in alignment here and poised for the stock to make a big move up. We now need Noble to fire the starting pistol on this move by announcing the completion of their farmout (which will then trigger the Rig RNS shortly thereafter). With everything else in place, it's now just coming down to a binary outcome on this farmout. Therefore, our fate, in the short term at least, sits in the hands of NHE, and not HE1. But I've been quite impressed with NHE, and hope they will fire that pistol for us in the coming weeks. GLA

Chicken/Breaktwister - the TPI note does seem quite clear about this. The following passages are key:

"Phase 2 of the JV technically commences FOLLOWING constitution of the new Mining Company that will hold the Colombian assets and formal signing of an updated JVA; this complex process is ongoing but could still require several months to complete."

That is pretty clear. (Yesterday, I think I also read something online from a few years ago about Year 1 ending on the 12 month anniversary of the creation of the new mining company/its constitution document, but I can't now find that reference!)

But then also relevant is the following bit further down the Note:

"MMA would identify no value in simply ‘sitting on its hands’ in order to delay the default reversion of 51% of the JV back to Orosur, the outcome is likely to be either the introduction of a new third party, or alternatively enter negotiations through which Orosur might reassume operational control."

If Year 1 of Phase 2 has already started and comes to an end in September 2023, then how can MMA even 'sit on its hands' in the first place? Because from September 2023, they would then be in Year 2 of Phase 2, and be obligated to spend the next $4 million within 12 months (i.e. before September 2024). So this whole notion of 'sitting on its hands' also suggests that Year 1 of Phase 2 has NOT started?

However, ultimately, this needs clarifying and only BG/OMI can confirm the actual position. All imo and DYOR

Chicken - I believe that Year 1 of Phase 2 has NOT started yet, and will commence from September, if that timetable for completing the new mining company is still on track, which BG can confirm. When Year 1 starts, MMA will have $350k left to spend until September 2024. They can of course spend more than that if they wish to.

That's my understanding/reading of the situation and I could be wrong. I'm sure BG will confirm and clarify all this though. GLA

StM - it might well have been a poor choice of words. And yes, she was rambling a lot throughout that presentation. So we can wait and see whether and when Directors continue to buy shares. The share price is where it is because of the track record of overpromising/hyping and underdelivering against that. IMO, the market can see through this and isn't going to take ORCP seriously anymore, or take Naheed at face value, until she actually brings home something tangible and binding. At the moment, ORCP continues to deliver just "jam tomorrow" or "jam is coming along nicely" scenarios and 'progress', and the market has seen this pattern too many times. This is why the downtrend continues, because the market knows that this pattern usually ends with more dilution. And then the cycle of LOI, MOU, third party studies, meetings with officials, etc, etc repeats.

Anyway, let's what for this preliminary DFS and see if it moves the share price needle. If it doesn't, then ORCP/Naheed will have more disgruntled shareholders asking difficult questions. There's only so much patience and pain that most investors can endure. All imo and DYOR

The TPI Note is really helpful, and far more illuminating than the RNS. As I understand it from this Note, the position is as follows:

1) MMA have elected to go into Phase 2 and made the $2 million payment.

2) Phase 2 runs for 4 years and under the current JV terms, requires a total spend of $20 million ($4 million each year, plus an additional $4 million across the 4 years).

3) Phase 2 only commences when they finishing creating the new mining company and it's constitution document. This is the stage that they are now in and ordinarily would be expected to take "several" months to complete.

4) MMA have been allowed to carry over an excess spend of $3.65 million during Phase 1, as counting towards their $4 million expenditure requirement for the first year of Phase 2. Therefore, when Phase 2 does commence, MMA will only need to spend $350k in the first year, to meet the commitment for that first year.

5) The TPI note talks about "default reversion of 51% of the JV back to Orosur", meaning the outcome is likely to be the introduction of a new party, or alternatively, enter negotiations through which Orosur might reassume operational control.

Therefore, at the moment the JV is in the transition from Phase 1 into Phase 2. From the Note, it doesn't appear to be the case that the majors are trying to play hardball with OMI. It looks as if they have their own reasons for wanting to slow down (their merger activity and possible jurisdictional hinted at as well). This also echoes BG's comments in the RNS about "understanding" the situation of the majors.

So unless all this is sugar coating, I would expect the webinar to offer re-assurance that there isn't a problem between the parties, any hard balling, or a breakdown in relationship. That's all good. But the problem might be that BG will be unable to say exactly what is going to happen now and by when re ANZA, only that discussions will continue and further updates will be provided as and when, leaving that state of uncertainty and debate hanging over things until the next update, whenever that comes. All imo and DYOR

I would suggest that when all is said and done, the single biggest issue/risk right now from a shareholder's perspective is the question of TIME - i.e. how long will it take for exploration drilling to resume at Anza. I say that because this is an exploration play, and therefore needs exploration newsflow from its flagship project to drive its share price. If it is now going to be starved of that vital newsflow from ANZA for any lengthy period of time, then ANZA will cease to be a project that impacts positively on OMI's share price during this period.

So whatever the current issues are with the JV and whatever the proposed way forward for the JV, ultimately what it will still boil down to is the fundamental question of whether and when drilling will resume at Anza. The longer that takes, then of course the longer the period that the share price has to endure with no exciting newsflow to drive it*.

That's the crux for me. All imo and DYOR

*of course, there might be share price moving news that might come from the other projects during this period, but they do seem very early stage.

LTHamigo - she has massively failed to return any share price growth to her shareholders, which should be her primary purpose as the CEO. The share price has been on a continual decline under her leadership, and fallen massively in that time. The decline has been over a period of years, and so during the bull market periods as well. That, tells its own story. Therefore, I don't think it is harsh to criticise that track record. What is good about it in terms of growth and value?

I have gone back to the recent trading update interview and the timestamp is at 28:45, where after explaining the high broker fees they had to pay for the Director's share purchase scheme, she said the following :

"it really wasn't economical and it wasn't delivering enough for us in terms of the return AS WELL"

So basically, they scrapped the scheme because it was expensive to administer AND they were not making a return, was her explanation. A poor choice of words, or an inadvertent giveaway there? And if the latter, well, if that's the attitude and response/solution of the Directors, what are loss making shareholders supposed to do when it comes to their own shares? All imo and DYOR

LTAmigo - even though I have no need or desire to listen to that (rambling) interview again, I will do so and share the timestamp. So that you know I did not make that up, I will tell you in advance of listening to the interview again, what I think I heard. She was basically being asked about stopping the Director purchases, and she gave a longish answer about the admin costs for the scheme being prohibitive. That was her answer and the primary reason she gave. But in giving the answer, I think she waffled a bit and thereby added something about the shares not making money, or words to that effect. Thinking about it, she might have been referring to the overall scheme not making money (i.e. admin costs of buying exceeding the value of shares bought) but at the time of listening to it, I remember thinking she had inadvertently made an admission/reference to the share price performance as a reason as well.
This time I will listen more carefully and specifically to that bit of the interview.

Tygra - I couldn't agree more with much of what you have posted this evening. I have read your views with a sense of 'thank goodness I'm not the only one thinking and saying this stuff' on here. I do think a dosage of reality is needed here. Given her track record of failure, the decimation of the share price under her reign of overpromise/overhype and under delivery, the fact that these projects are in a terrible jurisdiction (a very slow moving and one of the most corrupt countries on the planet), the incredibly huge capex of this latest project, etc, etc, surely most people WOULD approach this from a sense of scepticism, as to whether this latest venture will fare any better than the previous ones, or whether she will actually deliver an outcome for once? In fact, "the market" reaction does represent the majority, and as you have highlighted, so far it is NOT buying into the hype, and with lots of very good reasons for that. And this is NOT a case of the majority not seeing the opportunity that a minority of LTH can see here. No, imo this is a case of the majority seeing very clearly, and more clearly than the minority, and not taking it seriously until we see something tangible delivered for once. All imo and DYOR

Bhargav and Dr R - read and understood. Hope the webinar gives the necessary re-assurance and sets out the options here. The main thing will be to hear confirmation from BG that OMI is not in any kind of hardballing situation or some other cul de sac, which is necessarily going to take some time to resolve and move on from. Newsflow is the lifeblood of AIM stocks, and so if there is a problem here, you don't want the proposed solution to be one that is going to take some time to engineer, whether it is a sale or continuation with MMA/Agnico. Loss of newsflow for a significant period is not usually good for an AIM stock and its share price. So that concern is also something that hopefully BG will allay.
All imo, DYOR and GLA.

AG - I think Naheed might have made a slip of the tongue, and let slip out that one of the factors was that they were not making money. But would have to listen to that bit more closely.

I'll be very interested to read what KeithOz thinks, unless he's the mystery £6 million backer and gagged? If so, all issues resolved and a clear and unequivocal major buy signal for us all :-)

Have a good weekend all and don't fret too much about it. I'm sure more details will follow from BT in due course. I'll try to stay more open minded about it until then. GLA

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