The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Petropavlovsk PLC ("Petropavlovsk" or the "Company" and, together with its subsidiaries, the "Group") announces that, as a result of the Company's current financial situation, it has been unable to complete the audit of its annual report and accounts for the year ended 31 December 2021 and will be unable to do so in time to comply with the publication and filing time limits stipulated by the Companies Act 2006 and the Disclosure Guidance and Transparency Rules on the basis of its current accounting reference date.
Accordingly, the Company's board of directors (the "Board") has today resolved to extend the Company's accounting reference date from 31 December 2021 to 28 February 2022 in order to give the Company more time for the audit of its annual report and accounts for that extended period to be completed. This extension of the accounting reference period also extends the period to convene the Company's annual general meeting for 2022. However, even with that extension, the Board considers it unlikely that it will be able to complete the audit in the absence of a material change in circumstances
As announced on 20 April 2022, Gazprombank ("GPB") demanded immediate repayment of approximately US$201.0m (including accrued interest) due under the Company's Committed Term Facility Agreement (the "Term Loan") with GPB, and subsequently assigned all its rights under the Term Loan to JSC UMMC-Invest. The Company is unable to repay the Term Loan at the present time and, for a number of reasons (including the difficulties previously announced), the Board considers it very unlikely that it will be able to refinance the Term Loan in the short term and has to date been unable to do so. The Board is also mindful of the Group's obligations to the holders of the US$500 million 8.125% guaranteed notes 2022 issued by Petropavlovsk 2016 Limited (of which US$304 million remains outstanding) (the "Notes") and the Convertible Bonds. The Company has not paid the most recent coupon due on the Notes.
In light of the above and as previously announced, Petropavlovsk has engaged external advisors to assist in determining the Company's course of action and the available options include the sale of the Company's entire interests in its operating subsidiaries as soon as practically possible. That process is continuing; however, it is highly unlikely that any return will be secured for shareholders as a result of that process given the level of the Company's indebtedness.
Just released
Castillo Copper’s Managing Director Dr Dennis Jensen commented: “The Board’s core
strategic intent is to create value for shareholders via developing the core projects. With cobalt
remaining over U$$70,000/t, the priority is to extend known mineralisation across the BHA
Project’s East & West Zones via targeted drilling campaigns and formalising a clear path to
market. Similarly, with copper above US$9,000/t, the Board will apply the same formula for the
Big One Deposit within the NWQ Copper Project. Concurrently, the Board intends to align with
development partners to advance the Cangai Copper Mine and four prospective copper projects
in Zambia”.
113 pages long, hopefully this one gives us a decent push up.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02527247-6A1093931?access_token=83ff96335c2d45a094df02a206a39ff4
Caracal Gold plc, LSE listed gold producer and explorer focused on East Africa with current operations and projects in Kenya and Tanzania is pleased to announce that further to the announcement dated 7 December 2021, it has agreed a revised Share Purchase Agreement ('SPA') to acquire 100% of Tyacks Gold Limited ('Tyacks'), the holder of the licences collectively referred to as the Nyakafuru Project ('Nyakafuru' or the 'Project') in Tanzania. The Project is located in the world-class Lake Victoria Gold Fields in northern Tanzania, 140km southwest of Mwanza, Tanzania's second largest city, and 60km from Barrick Gold's 18Moz Bulyanhulu Gold Mine.
The changes from the previous SPA include the extension of the completion date, revised commercial terms (which are summarised below) and the exclusion of the Nyakafura Reefs project and the Simba projects for the moment.
Tanzanian Gold Acquisition to Double Resources to 1.3Moz
Robbie McCrae, CEO of Caracal, said,
"Signing the revised SPA allows us to immediately begin work on Nyakafuru with drilling to commence in the 4th quarter of 2022.
"Since we reached the initial agreement with the vendors, we have been working collaboratively together to reach the stage where we can begin to advance the project. We have worked hard to identify and acquire a project that meets our stringent investment criteria, namely offering near term development opportunity and significant value upside whilst complementing our current portfolio. Nyakafuru meets the brief, with proven high-grade shallow gold resources and historical mining and development studies. Nyakafura will more than double our total resource base, provide exploration potential and allow for accelerated mine development through a conventional open pit operation and conventional processing plant.
"With over 1.3moz in gold resources and with the planned updated resource at Kilimapesa, expected to be completed by the end of June, we consider Caracal will be well positioned to create value for our shareholders if you consider the recent B2 Gold acquisition of OKLO Resources, which implies a value of US$100 per ounce on OKLO's 669,500oz resource. The coming quarters are expected to be transformational for our rapidly growing gold exploration and production strategy in East Africa."
Scheme of Arrangement: Judgment from second Court Hearing
Amigo Holdings PLC (LSE: AMGO) provides an update on the Schemes of Arrangement (the 'Schemes') of ALL Scheme Ltd ('SchemeCo') announced on 6 December 2021, following the Court sanction hearing which took place on Monday 23 May 2022.
Amigo announces that the High Court has released the Judgment confirming the that New Business Scheme has been sanctioned. The Judgment is available on www.amigoscheme.co.uk. The Court Order has been registered at Companies House and the Scheme Effective Date was 26 May 2022.
Amigo is continuing to engage constructively with the FCA to satisfy its requirements for Amigo to start lending and will update the market as soon as we are able.
Just for info, I'm with Halifax who send me a ballot form through the post. This was something I had to phone and request, The form asks whether I want to attend and my votes and a prepaid envelope for its return. Its probably the same with Lloyds as they use the same platform. I find this preferable to phone votes.
Other Brokers who charge a fee may do the same, it's worth asking.
Vast Resources plc, the AIM-listed producing mining company, announces that further to the announcement made today regarding the issued conversion notice by Atlas Special Opportunties LLC (“Atlas”) of USD 800,000, the Company has received the monies and can now confirm that it will satisfy the exercise of the Conversion Rights through the issue of 241,799,020 ordinary shares of 0.1 pence each in the Company (‘Ordinary Shares’) at a price of 0.27 pence per Ordinary Share. Following this conversion, Atlas no longer has any conversion or any right to call for the issue of Vast ordinary shares and Vast has no further financial obligations in respect to Atlas.
Gary Jennison, Chief Executive Officer of Amigo, commented: "We are pleased that the Court has decided to allow creditors the chance to maximise their redress payments from Amigo. While we must secure the FCA's permission to resume lending and raise fresh capital, the Court's ruling is good news for creditors, customers and employees, and it takes us a step closer to delivering compensation as well as drawing a line under the mistakes of the past.
A successful New Business Scheme will open the door to a fresh source of responsible, regulated finance for millions of people in this country who don't have access to mainstream banking. We have developed new products to serve this market in a responsible way and believe we have a valuable role to play."
Amigo announces that the High Court has completed the hearing and the Judge has stated that he will sanction the New Business Scheme. A written copy of the Judgment will be released later and will be published, when available on www.amigoscheme.co.uk. The Board is pleased that the Court has accepted the New Business Scheme is the best option available for redress creditors who are owed compensation because of Amigo's past lending practices. A further update will be given in due course.
Thought I would change the thread title:
Highlights
· Sampling of the remaining four 'Priority 1' grids is now complete for a further 3,114 samples (including QAQC);
· Samples for Grid 2 and Grid 4 have been dispatched for analysis and results are anticipated by the end of Q2 / early Q3;
· Sampling has also been completed for a further 1,239 samples (including QAQC) over an extensional grid ('Grid 6') at the Mbe licence, along strike from where the Company previously reported a best result of 838 parts per billion ('ppb') gold ('Au') from a circa 11.5 kilometres ('km') anomalous gold-in-soil zone (announcement dated 14 March 2022);
· Multi-element review of the pilot area has identified a number of pathfinder elements that will aid future targeting;
· A technical study is underway to compare laboratory and handheld X-ray fluorescence ('XRF') data to help reduce the time and cost of multi-element analysis going forward;
· Geological line mapping over the Mbe anomaly is approximately 70% complete;
· A further licence, 'Maboum', has been applied for to the east of the CLP and is contiguous with the existing package. The licence application is now live on the Cameroon Mining cadastre;
· A series of maps and images can be viewed at the following link:http://www.rns-pdf.londonstockexchange.com/rns/3457M_1-2022-5-22.pdf
Oriole Resources CEO, Tim Livesey, said: "It's great to see such good progress from our early-stage sampling programmes on the eastern CLP prospects. The field crews have been busy with mapping and sample collection - the boots on the ground de-risking that every project requires in the early stages of exploration - trying to cover as much ground as possible before the rains restrict access.
"Orientation work, utilising multi element data, is providing interesting leads, and the potential for identification of overprinting mineralised systems adds a further layer of opportunity.
"Through this work, we are seeing yet more evidence that this package of licences has great potential to be a new gold district.
"With ongoing mapping, and more sample results in the pipeline, we look forward to updating the markets as we continue to unlock the Project's exploration potential."
I'm of a mind that if we had been liquidated then we wouldn't be showing on here as being suspended?
Still have my fingers and toes crossed for a return but my mind isn't so sure as times gone on with no updates.
Even Drkrebs hasn't made an appearance to reassure us, but then I was never sure of his motivation.
GLA
.E
Thanks SI I've got it now
I don't get it...
So there's no debt, we're In credit by $25 million, why not just say that?
Net free cash at 31 December 2021 $52 million
Net debt at 31 December 2021 $27 million
... JonesRichard? His positivity gets rid of derampers
RNS out now update