Member Info for Montyfino

I used to think eh was small. It could be 5 to 10 times bigger than current thinking and probably is.

Mop of gold

Im with s widows to in my sipp. It was switched from Iweb last year. They offered everything for free for a couple of years except dealing fee.

Sovereign states should be buying gold mines, not football teams.

I know Bruce is getting on a bit but he does have a good habit of getting stuff done. Something we have been sadly lacking.

It will be up tonight big time element.

There is no other undervalued silver play for uk investors. Only UFO

Have a look at this pdf from 1999. In year 1 they got over 330,000 ounces. In year 2 they got over 800,000 ounces.

https://acrobat.adobe.com/id/urn:aaid:sc:EU:85ddfe74-4888-4b6e-a7c6-9b240b2c8268

AI opinion

Can Wombat legally force access?

Almost certainly no.

Even if they own the tailings:

They cannot enter ML47/342 without permission

They cannot remove material without approvals

They cannot process anything without a mining proposal

They cannot force the leaseholder to cooperate

Ownership of the tailings ≠ right of entry.

This is the key point.

🟧 4. So is it difficult to “kick Wombat off”?

⭐ In practice: No, it’s not difficult.

Because:

They don’t own the lease

They don’t control access

They appear inactive

Their agreement with Alien was already in negotiation and never completed

The leaseholder has all the leverage

The only thing Wombat can do is sit on the legal ownership of the tailings, but they cannot do anything with them without cooperation.

🟨 5. What usually happens in cases like this

In WA mining, stranded tailings owned by a third party almost always end up:

bought out cheaply

written off

or abandoned

The leaseholder has the power, not the tailings owner.

If wombat own it because they lease the land there may be a way to kick them off.

If they can get 1m ounces a year for 10 years thats 30 mill a year to ufo in dollars.

This should be a priority. Get a 3 deal done, get it processed and get some funds in.

No I cant. Wombat seems to be a dormant shell co.

Wombat appears operationally dormant: there’s no public evidence of processing facilities, mining licences, or recent ASIC insolvency/charge actions; that implies limited ability to exploit the tailings without a new agreement

AI re tailing

You’re reading the RNS wording correctly — Alien Metals did explicitly state that the Elizabeth Hill tailings “belong to Wombat Resources.”

But that line is often misunderstood, so let’s unpack what it actually means in mining‑law terms.

🟦 What the RNS wording really means

Alien’s RNS said something along the lines of:

“the historic tailings on site… owned by Wombat Resources”

This refers to ownership of the tailings material itself, not ownership of:

the mining lease

the land

the mineral rights

the project

Wombat owned the tailings as a movable asset, because they were produced by the previous operator and then sold/assigned to Wombat years later.

This is similar to owning a stockpile sitting on someone else’s land — you own the material, but you do not own the land or the mining rights.

🟩 So can Wombat “take” the tailings away?

Not freely.

Even if Wombat owns the material, they cannot remove it without:

permission from the mining lease holder

compliance with environmental regulations

a rehabilitation plan

transport approvals

a processing agreement

Because the tailings sit on ML47/342, which is controlled by Alien (or its successor), Wombat cannot simply drive in and take them.

Ownership of the material ≠ right of access

Unfortunately the tailing are not ours.

Looks like we do own them but the land they sit on is leased.

History of the tailings

Located within the Company's mining lease ML47/342 there remains the partly retreated tailings from the original silver mine operations at Elizabeth Hill. This is currently subleased from Alien by Wombat Resources Pty Ltd (Wombat).

Alien's preliminary assessment indicates that there remains about 16,000 tons of silver tailings on site, based on tonnage of ore extracted from the mine however further work will be undertaken during the exclusivity period to confirm available tailings for reprocessing.

So do we own these tailing worth 20m.

Alien has been run terrible since before bbg said reopening of EH in 2021. Imagine where we would be now if that had happened. Hope Mr Garlick is a decent guy and looks after us shareholders.

According to the report they were only recovering just over 51% silver and banked 338,000 ouncesin 1999.

Https://acrobat.adobe.com/id/urn:aaid:sc:EU:85ddfe74-4888-4b6e-a7c6-9b240b2c8268

Looks like that was just 2 years 199 and 2000. A new mine with all the start up commissioning issues managed that.

Is there anyone who know what happened to the tailing that were being looked into at EH. I can't seem to find much out unless ive missed an rns.