Member Info for Mambamentality

Entering Phase 2 would trigger a US$2m payment to Orosur within 30 days of MMA electing (or being deemed to have elected) which, together with further qualifying expenditure of US$20m would earn them an additional 14%.

Brad is pretty sury MMA is deemed to have elected progressing to phase 2. Hopefully tomorrow we get an RNS.

Phase two basically confirmed. "by their actions and words they are moving forward". Plans for 8-9 million next year.

It does not need to happen tomorrow but it is clear they are staying.

Very good to see progress with applications. Results from Guaimarala seems pretty good and they should move there later this year.

What a difference from Yesterday.
Awesome

Interesting to see that the three holes which found difficult conditions and which were terminated at shallow depths could potentially indicate that work is being carried
out on geological major structures.

From Turner Pope

"So far, nine holes have been completed, attempted or are underway at Pepas, across approximately 1 kilometre of strike of the
main structural corridor defined by the Aragon and Tonusco faults, targeting a range of lithologies and geological features. Three
of these holes encountered difficult drilling conditions from broken ground related to major structures, however, which resulted
in them being terminated at shallow depths. This is not particularly unusual and potentially indicates that work is being carried
out on geological major structures".

Turner Pope note that:
1. Today’s assay exploration
results from Pepas provide further support to the argument that it remains a highly prospective, potentially enormous target... Such
data increasingly points to the theory that the primary mineralisation may be contained within an intermediate-sulfidation
epithermal system.

Buritica has an epithermal system.

2. Potential for the Western Hinge.
Today’s near-surface discovery follows identification of high-grade structure at depth (MAP- 098, was as detailed on 8 March
2022); both are highly significant albeit, necessitating a large amount of infill drilling to establish the extent of the mineralisation,
while also testing the fold hypothesis to potentially open up the western hinge

3. Surpassed finding at los Cerros:
Indeed, Newmont and Agnico’s decision to work in this region of Colombia is likely to have been influenced by Los Cerros’
successful Quinchia Gold Project, after its Tesorito South porphyry target returned some exceptional intercepts, including 102m
@ 2.11 g/t Au from 28m.

4. If JV partners enter into phase 2, unlikely to have a raise in the near future.
Considering also that it would then be left with
a relatively strong cash position, and the fact that the two recently acquired early-stage South American projects incurred very
low entry costs with only limited burn anticipated for the first two or three years of operation, the Board is likely to be comfortable
with their balance sheet at this time.

Research note release now:
Indeed, with
today’s results suggesting potential for what could be a ‘game changer’ in terms of the
Project’s grading and scale, it would now be something of a surprise if Orosur does not
imminently find itself diluted down to 35%. This of course would not only trigger a
milestone payment of US$2m, but also significantly raise confidence in respect to the
Project’s future route to commercialisation.

Manage to grab some at the bell. Tonight at close of business or tomorrow we should receive an RNS confirming phase 2. Then the clock will start ticking. JV partners will have to make a $2m to OMI within 30 days and have the new JV settled. Brad Said that the new JV company are already defined in the original agreement, and can only be altered if OMI agree.

Something is sure, this is not a sell the news update as tomorrow or tonight should receive the actual confirmation of Phase 2.

What a magnificent result. People were going crazy with Artemis resources providing 1m at 19.70 g/t AU. How does it sound 150.90m @ 3.00g/t Au (from surface) knowing that above 2.5 g/t Au is high grade. It seems today will be a very good day for all of us. The fact that Monte Aguila exceeded its expenditure is a good indication that they are progressing to phase 2.

Looking ready to continue high. A bit of a slowdown given the sell off in America and to some degree UK. Ideal scenario we get pretty good drilling results by the end of the week which would guarantee Monte Aguila going to phase two. We could re-test 25p easily.

Glad to see this finally moving. I found it very estrange that most stocks recovered even though some of them are not expecting any news in the near future, and we were left behind when we have imminent results from Pepas and Pupino and on 7 September we should receive confirmation that Agnico and Newmont have decided to progress to stage two. We know that they found rock chip samples at Pepas of 0.35m@74.8 g/t Au. We also know that at Pepas and Pupino several anomalous targets were identified through surface mapping and sampling, geophysics and geochemistry. Thus, a very good prospect that they could replicate findings at APTA. Let the re-rate continue. Would be fantastic to see 17p before 7 September and a good spike after confirmation of new JV.

Chickenlegs. I just noticed that Bhargav had mentioned results at the north over 70g/t and I was checking recent presentations when I noticed those results on the slide. Clearly very encouraging results which could have influenced the majors to bring more drill rigs to that area.

Drilling results as always will be the most important part. Sentiment changes in one day with good drilling results. Given the geochemical results available to date and the fact that Agnico has committed three more rigs for Pepas and Pupino suggest to me that they are there for longer than September 2022. To most people the finding of APTA's mineralisation at depth was a no significant one. I am sure the majors see it differently.

I think at least two holes should be reported any day now.

Looking at the slice Brad utilised at the 121 Mining investment Cap Town, It looks like Pepas and Pupino are similar to APTA as to be a VMS/Epithermal gold system. I think and hope drilling results should be similar to APTA, which should be enough to get Monte Aguila ready to move to the next phase with a formal JV by 6 September and the share price re-testing the 17p level before moving higher with the formal confirmation of the JV in September. Agnico is not drilling blindly Pepas and Pupino, as the drilling followed a successful and extensive geochemical sampling program. Something is sure and is that Agnico knows what they are doing and can deliver.

PEPAS:
Channel chip sample 0.35m@74.8 g/t Au 8.85 g/t Ag 95ppm Zn, 190 ppm Cu
Chip sample @2.37 g/t Au.
Chip sample @1.43mg/t

PUPINO
Chip sample @3.15g/t Au,17.1 g/t Ag, 12%Zn, 0.5 Cu.
Chip sample @1.635 g/t Au, 7.9 g/t Ag, 0.7 Zn; 0.3% Cu.

I hope the delay in reporting results is the result of having to send it back to the laboratory as above 10 grams/ton. We should know any day now.

With those expenses it may take longer than expected:

In accordance with Section 6 of the accompanying Appendix 4C, the Company advises that during the June 2022 Quarter, payments to related parties totalling A$262k, relate to the payment of both Executive and Non-Executive Director fees and corporate costs. As detailed in the accompanying Appendix 4C, expenditure for the Quarter includes A$521k on research and development, A$1.43m on manufacturing and operating costs, A$1.27m staffing costs (including director fees) and A$0.83m on administration and corporate costs.

Any idea at what copper price is RMM profitable? i know RMM also produces Gold.

Goldman Sachs warned that rising costs are making about 300,000 tons of global copper-mine capacity unprofitable. Capacity that was profitable at $6,270 a ton a year ago now won’t make money at $7,500.

You are welcome, Impecunious2.

Brad looking much more positive. 4 rigs drilling by next week following extremely positive geochemical assay results and the completion of ground Induced Polarisation (IP) geophysical surveys. Brad seems to expect a decision as to moving to formal JV before 6 September. Results from first hole(s) in July. El Pantano looks exiting too. Results from the tin project by August.

If Brad had not clarified the situation we would have many people saying that APTA was out of the picture. which would have caused a big drop of share price without a real reason. I see that Beanfield only has one previous post here and one in EUA and he is questioning my integrity.

Beanfield. Not only Brad replied to my email but I actually wrote to him at 6:11 am and he replied at 6:45 am. I guess that says a lot about Brad. I never spoke to him but he always replied to all my emails.

When I saw the slides this morning I knew it meant no drilling to resource at this time as Brad had in previous emails confirmed that was the case. I also knew that during the presentation they could not make any material information known. Dropping APTA clearly required an RNS. But, I also saw in the chat that there was uncertainty as to the meaning which clearly could have been used to drop the share price.

Brad has further confirmed today:

"The terms of the JV give our partners the right of editorial oversight on our announcements which is why they are so bloody uninformative. We want to say everything but they want to say nothing- and as its their money, generally they win"

I receive an email from Brad George clarifying the slide which I reproduce:

"The dangers of not having the context. It important you understand how big companies think and what the word “resource” means.

“Resource” is a controlled word in the mining space, and means that an ore body has been defined (tonnes and grade) to one of the international standards - JORC or 43-101 for example. It is simply a rubber stamp compliance issue that would allow us to publicly talk about the numbers, but it in general requires lots of drilling.

If it were just Orosur, and our money, and if APTA were all we had, we might have drilled it resource standard as a “resource” is the primary way that a junior company is valued. But its not our money and APTA is just the tip of the iceberg.

The likes of Agnico and Newmont have no interest in “Resource” conversion as they are valued differently by the market. Not only do they already have tens of millions of ounces in Resources, but as large, long lived producers, they are valued by the market on an earnings multiple basis. So for them, defining a resource at APTA is of no benefit.

Their interest is in knowing the size potential of the larger Anza project. They need to determine if the whole camp has the potential to host the +5 million ounces that companies of this size require. Only then, would they come back and do the Resource drilling. Moving a deposit to Resource status is necessary eventually, but its a slow, boring, laborious and expensive process. We and Agnico/Newmont have our own internal 3D models of APTA and as such we know what is there, but to make it compliant wth 43-101 and so to allow us to talk about it, would require millions of dollars of infill drilling. The majors feel this money and drill metres are best spent on making new discoveries rather than simply rubber stamping the discovery they already have.

This is absolutely the correct decision.

APTA hasn’t gone away, its just that converting it to a Resource is probably least value adding thing we could do when there are so many other exciting opportunities to be drilled".

I was wrong. They will take my whole holding but too late to sell.