Member Info for news

Summary:
--Goldfields offered US$70m for Mankayan [JORC 2004] at US$12bn value in-situ US$12bn+ [Edison figs] = 0.58% which is 70/$12bn [21:50 post below].

--Today*s value in situ per JORC 2012 [MMIH] = US$48 billion.
0.58% of US$48 bn = US$178.4 million.

-BZT holds 27.2% in IDM International on ASX to be re-listed = 27.2% of US$178.4 million
===== US$ 48. 52 million or £26. 95 Million [£1=US$1.38 today].===
versus £6.4 million mkt cap @0.16/0.18p, Mon, 13 Sep 2021 [BZT Mankayan RNS].

IDM International ASX RE-LISTING
An ASX listing is more superior than the previous listing. For one thing, there is a trade relation agreement between Philippines & Australia. It depends on whether IDM International will sell the resource after updating it to JORC 2012 [MMIH already updated to JORC 2012] or develop it.

Meanwhile, BZT in effect will be able to sell their shares in IDM International once they re-list on ASX in theory. However, BZT may update further once IDM International is re-listed as to the details.

So, it would appear that the solution is ideal in that there was no need to take the matter to the Spore Tribunal etc. This way, the solution was to put Mankayan into a ASX re-listing vehicle ie IDM International.

Mon, 13 Sep 2021. DYOR.

For completeness, the IDM International re-listing document will be very detailed.
The resource has to be stated etc.

JORC 2004:
1.3 million tonnes of copper
4.3 moz gold.
Gold Fields offered US$70m for the above at the time. I recall Edison*s value in situ was around US$12 bn +. [0.58%]

JORC 2012 Updated by MMIH & to be updated to this 2012 Jorc standard by IDM.
2.8 Million tonnes copper
9.7 Moz gold
20 Moz silver.
Today, copper is US$9,515 per tonne [2.8x5.5=US$26.6bn], gold US$1,786 per oz [x9.7moz=US$23.54bn] & silver US$23.54 per oz [20moz x 23.54= $4.7bn]. Total US$48bn.

So, say for example, one were to use the JORC 2004 figures which is about 1/2 the resource, then it is in the area of US$24bn [48 divide by 2 roughly]. Edison had it as US$12bn+ then at the time of the Goldfield*s offer of US$70m. So, this appears that the prices of the metals have roughly doubled given it was $12bn then, now around $24bn if one uses the JORC 2004 standard.

The resource has DOUBLED once the JORC has been updated to 2012 standard. MMIH also said so in an interview which I have posted before.

Just posting the old figures so that one can see the picture. Of course, Mr Bird himself said in an interview in one of his co*s that he reads the forums. This is well known as investors are aware of this in one of Mr Bird*s other co drilling in Australia. So, Mr Bird can correct if anything is not accurate etc.

Mon, 13 Sep 2021. With thanks to Mr Bird for the resolution of Mankayan.

1] IDM Mankayan Pty Ltd - Australian registered ON 6 Aug 2021.
This shows that the matter was already resolved BEFORE 6 Aug 2021 otherwise the incorporation of this co could not take place.

2] IDM International Pty Ltd will be RE-LISTED on the ASX with BZT owning 27.2% and "72.5% owned by established investors in mining." We, shareholders will find out who they are upon the listing documents.

3] JORC 2004 for Mankayan:
1.3 tonnes copper
4.3 MOZ gold.
vs MMIH UPDATED JORC TO 2012 STANDARD- 2.8 Million tonnes copper & 9.7 MOZ Gold & 20 Million Ounces of Silver."
Described then by the CEO of BZT re: Mankayan Tier 1
Described by Laurence Read, CEO of BZT re: Mankayan Soft Tier 1.
With the updated JORC 2012, the resource has DOUBLED and with silver found.

4] Goldfields OFFERED to buy Mankayan for US$70m having already paid US$10m to BZT.
That was BEFORE the prices having risen ie gold, copper and silver.
One has re-calculate the resource in-situ vs Edison*s report simply by MULTIPLYING the 2.8m tonnes copper by current copper price, gold price and silver price. I have not done one for today but a few months ago, it was around US$48 billion - it may be a bit less now given the prices have softened a bit. I will do one later.

5] Or even take US$70m offered by Goldfields, BZT*s 27.2% = US$18.9 million.

6] BZT*s mkt cap has fallen to £6.3m at 0.16/0.18p despite a resolution to the Mankayan project and a lifting of the moratorium .

7] A more accurate figure would be to re-calculate the in-situ resource value to update Edison*s figures at the time of the Goldfields offer with today*s prices. Then, to take the US$70m divided by the in-situ value to see what % was offered then by Goldfields just to get an idea. It was done some time ago ie a few months.

8] The ASX co IDM International Pty Ltd intends to do a JORC 2012 update. This is a given as that would have to be in the listing documents.

9] Point 5 as above is just to refresh one*s mind given that Goldfield had ACTUALLY OFFERED US$70m for Mankayan at a time COPPER/GOLD/SILVER PRICES WERE MUCH LOWER AND THERE WAS NO UPDATED JORC 2012. Goldfield already paid US$10m to BZT which BZT distributed as a dividend then. So, with COPPER, GOLD & SILVER PRICES at decent prices currently, it is reasonable that the Mankayan project is as Mr Bird said "WOULD BE WELL RECEIVED ON THE ASX." Few projects are Tier 1.

All the info can be found in this thread done today, Mon 13 Sep 2021.

I have just checked:
"IDM MANKAYAN PTY LTD"
"ACN NO: 652618758"
"INCORPORATION DATE: 06/08/2021"
"CO STATUS: REGISTERED."
https://australia-corp.com/co/idm-mankayan-pty-ltd

Page keep freezing so I have had to type short posts rather than put it all in 1.
Mon, 13 Sep 2021.

"Bezant takes major step forward in unlocking the value of Mankayan."-Proactive Investors, Mon 13 Sep 2021.

"Conditional agreement with IDM Mankayan Pty Ltd, a co incorporate in Australia to take the Mankayan project in the Philippines forward. IDM will acquire ASEAN COPPER Investments, the holding vehicle for a major stake in Mankayan, while Bezant will retain a 27.5% stake in IDM."

"THE REMAINING 72.5% WILL BE OWNED BY ESTABLISHED INVESTORS IN THE MINING SECTOR."

"The co previously reported a JORC of 1.3M tonnes copper and 4.3 Million Ounces for the Mankayan project and it is the intention of IDM to update this."

Comment:
My earlier post below taken from MMIH shows Mankayan*s updated JORC to 2012 standards. The above is the old JORC 2004.

From MMIH site:
https://www.mmihgroup.com/mankayan/

"Combined Mineral Resource of 793 Million tonnes containing
2. 8 M illion Tones of Copper {>0.25% cu],
9.7 Million Ounces of Gold &
20 Million Ounces of Silver."

BZT 0.16/0.18p
Mkt Cap £6.3m
--

Some highlights from today*s RNS:
1. IDM International will relist on the ASX.
2. Mankayan JORC 2004 with cut-off 0.4% cu will be updated to JORC 2012.
3. BZT will hold 27.5% of IDM on the ASX when it is re-listed.
4. Mankayan*s licence application was sent in on 16 Mar 2021 and ends on 11 Nov 2021.

Colin Bird, Executive Chairman, BZT: " We share IDM*s view that the Mankayan project will be well received by the ASX in that the proposed listing on the ASX will enhance value for IDM shareholders. " - BZT RNS, Mon 13 Sep 2021.

"Mankayan is well placed to benefit from recent projects for the electric vehicle and copper markets at a time when the Philippines govt have announced they wish to revitalise mining , said boss Colin Bird." -Proactive Investors, BZT, Mon 13 Sep 2021

I have just read the KDNC interim results again:
"ALL of our shareholders are AWARE that the REMAINING M A J O R PRE-CONDITION for Cadence to make its F I R S T STAGE INVESTMENT IN AMAPA project requires DEV [Cadence & Indo-Sino JV] to reach a SETTLEMENT with the SECURED CREDITORS.

We understand this process has been frustrating, given that we agreed on the principal terms on Sep 2 0 2 0, but this matter is OUTSIDE OUT CONTROL.

T H E A L T E R N A T I V E to the current agreed [in principle] SETTLEMENT WOULD BE HUGELY DETRIMENTAL TO THE SECURED CREDITORS, N O N E T H E L E S S."

"As of the end of Aug 2021, Dev shipped 3 cargoes totalling approx 143,000 wet tonnes of 58% iron ore. DEV is also contracted to carry out logistical and shipping services for 3rd parties who have STOCKPILES held at Dev*s port which it has been doing SINCE IT COMPLETED ITS 3RD SHIPMENT IN MAY OF THIS YR. These 3rd party stockpiles are separate from the 1.25m tonnes of 58% iron ore [+/-10%] owned by Dev. At this point, DEV intends to CONTINUE to carry out these shipping activities for THESE 3RD PARTIES. This is because CURRENT SHIPPING RATES have increased dramatically....THEREFORE THE SHIPPING OF DEV MATERIAL WILL COMMENCE AT A L A T E R DATE." 21 Aug 2021 KDNC RNS, INTERIM RESULTS

Comment:
So, 1, KDNC says ALL SHAREHOLDERS KNOW as above. 2. No JV iron ore shipping SINCE MAY 2021. 3. Recommencement of Dev-KDNC shipping of stockpiles will be at a "later date." 4. KDNC says that the "ALTERNATIVE" - in the context it does appear to mean if NOT SIGNED re: agreement for Amapa settlement. So, all clear from the RNS.

Sat, 4 Sep 2021. Answers all my questions on this forum and from the horse*s mouth.

"Celsius Resources GRANTED 2 YEAR E X T E N S I O N for Sagay Project."- The Market Herald, 12 Aug 2021.

"Extension for the exploration PERMIT. The Philippines Mining & Geoscience Bureau granted the extension as part of the govt*s NATIONAL RECOVERY PROGRAM. It is very pleasing to see the Philippines govt*s recent commitment to re-invigorate the country*s MINING INDUSTRY translating into MEANINGFUL action and GENUINE SUPPORT of our PHILLIPINES SUBSIDIARY*S ACTIVITIES. Aim to deliver a MAIDEN JORC."

Industry news for Philippines where BZT*s Mankayan is situated. Mankayan is also AWAIT THEIR PERMIT RENEWAL and update on MMIH relating to the end of the JV.

Fri, 3 Sep 2021.

The last KDNC RNS was just issued relating to the Interims results. Kiran Mozaria has said in one of the later interviews that the economic interest is upon the agreement. Check a few posts down for the reference. That is commonly known.

AMAPA IRON ORE PROJECT, BRAZIL
The 1st 20% of the project is dependent upon 1 LAST BANK SIGNING THE AGREEMENT.
This is the moment of TRUTH coming as to the OUTCOME that is awaited.

HEDGING
I posted that KDNC has taken a DIFFERENT DIRECTION but no one has noticed which was stated in the said lastest RNS re: Interim results.

So, all waiting. Fri, 3 Sep 2021.

contd:
As said, the KDNC interims and tweet showed a change in heart over Litchfield lithium licence, Northern Territory, Australia.

This is a historical account of the REM II.

One that will need re-visiting in the years to come given that the re-commissioning of Amapa will take X period per the information provided and this will be after the technical studies etc & of course the financials as norm.

News, Sun, 29 Aug 2021.
Rem * er.

Cadence Minerals:
The NEW KDNC has moved to the AMAPA IRON ORE project in Brazil vs REM plc in lithium
namely Bacanora Lithium [20% region share stake] + 30% JV of the Greater Sonora , Mexico lands, European Metals, Cinovec, Czech Republic [20% region share stake] & Hastings JV Yangibana Greater Lands , Oz @30% [Rare Earths]. Founder & Chairman of REM plc was David Lenigas. Name change to Cadence Minerals [KDNC] with Kiran Mozaria, CEO & Mr Suckling, Chairman.

AMAPA IRON ORE, BRAZIL
At this time, Sun 29 Aug 2021, the AGREEMENT to take the 1st 20% of the project has NOT yet been signed. Read the interim results dated 26 Aug 2021 for details.

INVESTMENTS BOTH PASSIVE AND ACTIVE FOR KDNC [CLASSED AS INVESTMENT HOLDING CO];
EMH £14.8 Million
MacArthur Minerals £324k
Celsius Resources £103k
Eagle Mountain £153k
Charger Metals £109k
Other £6k. [All are passive except European Metals [EMH]. From recall, the stake is some 9% region but check latest if interested. EMH mkt cap £152.54 million @87p with 52 wk high £1.10 & low 18.5p]. T O T A L : £ 6 9 5 K [Passive Investments] T O T A L : £ 1 4 . 8 MILLION [Active @26 Aug 2021 Interims].
--------------G R A N D T O T A L : £ 1 5 . 7 5 M I L L I O N.--------

---------------HELD IN ESCROW : £ 2. 5 M ILLION FOR INITIAL 20% OF AMAPA.-----------
KDNC Share price: 23p/24p -4.08% [Fri, 27 Aug 2021]
MKT CAP: £35 MILLION
Mkt Size: 10,000. Shares in Issue: 149 Million.
52 wk high 32p & low 10.4p.
No of shares sold £38k [162,058 shares] & shares bought £6,913 [29,418 shares] on main KDNC forum data from London South East.

BACANORA LITHIUM TAKEOVER BY GANFENG
Offer was for £284.8 Million or US$391 Million. Initial offer: 67.5p cash. New offer: 73.6p but this includes free Zinnwald shares with provisos although the cast offer 67.5p remains. Bacanora owns 50% of Sonora Lithium & Ganfeng 50% although in the 1st stage potential production, KDNC does have a very small %. At this time, stated potential production is 2023.

RE-VISIT:
I SHALL RE-VISIT in the year or years to come as the Amapa iron ore project has a mine life of 14 yrs once commissioned. At this time, KDNC/Dev JV has shipped some of the left-over ore but as the interims said it appears that other ore is being shipped etc - see details in the said interims.
One has to also note that Ganfeng has NOT taken over Bacanora as a pure greenfield project with only PFS but one in which Bacanora has already paid for their share of capex for the 1st stage. I have a theory about Litchfield lithium licence, NT, Oz near Core Lithium*s FINNISS but I await to see further evaluation per interims @26 Aug 2021.

contd
So, I was hoping for some common discussion on all things KDNC but it was NOT to be.
Those days of co-operation & GOODWILL at REM plc are LONG GONE.

On stocks, all stocks one cant afford to dream - REM plc [old name for KDNC] SURVIVED the lithium DOWNTURN & COMMODITY BEAR MARKET by its PORTFOLIO consisting of BCN SHARES & EMH shares which were bought when they were in the early cycle. The co survived but had to sell some 20% OF BCN SHARES and nearly 10% of EMH SHARES from recall? HISTORY NOW.
I recalled that the co had SOME 20% of both co*s?

I have just seen a side post on the left - it is on one of the co*s and the post stated:
"PLACE YOU BETS, ITS AS SIMPLE AS THAT.."
It is of concern that share buying is thought of as PLACING BETS and that its as simple as that.
ONE IS TOLD TO DO DUE DILIGENCE, NOT PLACE BETS. Its a wonder how people just press the BUY -SELL BUTTON WITHOUT THE REQUIRED DUE DILIGENCE etc.

With that, I take my leave. On Twitter, I am taking a rest so that I have more time to do more research as the market/s continue to change with the changing economic scenario etc.

So, INVEST WITH CARE.

News, Sat 28 Aug 2021 @6:10pm.
I am hurrying off for dinner so will not edit.

I would like to explain my position:
Bannor said that those who want to discuss KDNC can come to this site & others can discuss other topics on the main KDNC forum.

THIS FORUM:
On Fri, 27 Aug 2021, I saw on Twitter how someone lost more than £50k on one helium stock. This was not something pleasant but one which I have come across over the years. How did this happen? I think people buy stocks WITHOUT knowing the subject matter very well eg basins in general and in particular given that it is speculative - drill 1 hole & it could turn red or black sort of situation as is common to even wild cat oil drilling.

POSTING RESPONSIBLY:
For this reason as above, one should always post responsibly ie bear and bull points like how IC does on features. That way, people can see and check for themselves and do further research which is due diligence. Over here, REM iers in the early days said they wanted to go out to MEXICO to CHECK OUT SONORA etc.

SUBJECTS ON THIS FORUM:
1] KDNC*S LITCHFIELD - it is in the BRYNOE BASIN near Core Lithium*s FINNISH lithium project in Northern Territories. One said on this forum that KDNC*S LITCHFIELD LICENCE ONCE BELONGED TO CORE LITHIUM? I did not see that anywhere. Oh, it was explained that Core owns the BRYNOE BASIN!! It is significant that if Core indeed owned it, then why did they relinquish it? In fact, there are DIFFERENT SECTORS TO THE BRYNOE BASIN - proof? CHARGER in my earlier post IPO*ed on ASX to explore for lithium in the BRYNOE BASIN so it may be EAST, WEST, NORTH OR SOUTH OR NEAR CORE*S FINNISS. KDNC is near FINNISS. We can now see that Kiran Mozaria NOT ONLY TALKS OF LITCHFIELD NOW BUT ALSO INVESTED IN AN EARLY STAGE EXPLORER IE CHARGER per the interim results dated 26 Aug 2021. When, it does not say in the interim results as is norm. SO, IT WAS IMPORTANT TO DISCUSS LITCHFIELD as that would give an idea given KDNC did not say much then about this.

EVERYONE HAS THEIR OWN IDEAS, VIEWS, VALUATIONS ON A ENVELOPE:
Per BCN [JV partner to KDNC], one said that to win the takeover vote, Ganfeng needed 75% or 90% of the votes but I posted an article from the FT that said the co NEEDS 50%. Is this splitting hairs? Ah NO. Why? If one were to check the INSTITUTIONS HOLDING BCN stock, one can see the numbers & % so, any holder of BCN would need to know if it would PASS OR NOT PASS.
It involves $$ £££. If it needed SUCH A HIGH THRESHOLD, then there is some risk attached if the takeover fails to go through as norm. I thought that the FT may have CHECKED with CORPORATE ADVISORS - INVESTMENT BANKERS IF THEY WANTED TO to get the % right so I went with the FT*s %.

Money is involved and BIG OR SMALL, FEW CAN AFFORD TO LOSE SAY £50k+ AS IT IS HARD TO RECOVER it. Reading that tweet on Fri brings home this truth. Hence, it is NOT a matter of
WHOSE RIGHT. WRONG SUMS = LOSS OR WRONG TAKE ON THE SITU.

Most AIM stocks due to the regs are under-researched and that is something that is known.
So,

The above also shows KDNC*S INVESTMENTS:
"EMH £14.8 million [active].
MacArthur Minerals £327k [passive] on ASX, TSE
Celsius Resources on ASX £103k [passive]
Eagle Mountain Mining ASX £153k [passive]
CHARGER METALS ASX £109k [passive]
Others £6k [passive]"

I recognised Eagle Mountain Mining as another AIM listed co also is holding this which is copper related [copper project in Oz]. I have just read an article from Oz and noticed the name CHARGER METALS from what I read from the KDNC interims yesterday.

LoL -CHARGER METALS "IS NOW UP 250% FROM ITS IPO PRICE OF 20C PER SHARE. FIELD WORK HAS KICKED OFF AT CHARGER*S B Y N O E LITHIUM PROJECT, NEAR DARWIN IN NT. BYNOE IS S U R R O U N D E D by Core Lithium*s FINNISS project." -Source: SH, Oz, 12 Aug 2021.

Comment:
I recall that a co floated on the ASX to look for lithium NEAR FINNISS [Core Lithium] ALSO IN THE BYNOE area. KDNC*s LITCHFIELD LICENCE is also in the BYNOE area. I said L o L because KDNC has A L S O invested in this new ASX IPO exploring for LITHIUM near Finniss. Core has now advanced their project further via a raising.

"CORE LITHIUM INKS OFFTAKE DEAL LITHIUM POWERHOUSE G A N F E N G AMID TRANSFORMATIONAL MULTI-STAGE A$140 MILLION EQUITY RAISE."-Proactive Investors AU, 10 Aug 2021

"Ganfeng , mkt cap US$40 Billion has promised to OFF-TAKE 75k of spodumene every year for 4 years from FINNISS. The lithium powerhouse has also COMMITTED A$ 34 MILLION at 33.8c per CORE SHARES, a 10% PREMIUM." Other conditions securing Chinese regulatory approvals, Core entering binding agreements with GANFENG INCLUDING THE EQUITY INVESTMENT BY GANFENG AT N O L E S S THAN A$80MILLION. OBTAINING APPROVAL FROM CORE SHAREHOLDERS.

Comment:
Core shareholders AS COMMON to all stocks have the RIGHT TO APPROVE OR NOT APPROVE, same as it was with BCN then = CHOICE. The money to be raised is to help Core INTO PRODUCTION. Notice IT IS NOT A TAKEOVER PRIOR TO CAPITAL RAISING OF A$140 Million.
Thereafter, TIME WILL TELL what happens next?

All very interesting especially KDNC*S COMMENTS IN THE INTERIMS ABOUT LITCHFIELD, NEAR FINNISS in my last post yesterday and also that KDNC bought CHARGER SHARES, a project near Finniss also. In the mix, GANFENG.

KDNC TWEETED THE ABOVE WITH PICTURES:
"Cadence Minerals interim results
-AMAPA iron ore remains out top priority.
-Early stage N Australia LITHIUM prospects could be of STRATEGIC IMPORORTANCE.
-Equity holdings performance driven by EMH delivered PBT of £2.8m."
https://twitter.com/CadenceMinerals/status/1430851764161585155 dated 28 Aug 2021
------
LoL - Early stage N Australia lithium [Northern Australia] in LIGHTS.

Just read it ie above. Highlights:

IRON ORE:
"After the period end, we saw a SOFTENING OF IRON ORE & other commodities [although lithium compound pricing remains strong]. We believe this is driven by C H I N A * S protectionist policies, including the imposition of steel quotas, crackdowns on speculative trading & Covid 19 Delta."

LITHIUM ASSET IN NORTHERN TERRITORY:
"We are also in the process of reviewing our privately held assets, in particular, our early stage lithium prospects in North Australia. We believe that these could be of some STRATEGIC IMPORTANCE GIVEN THEIR PROXIMITY TO THE FINNISS PROJECT, owned by ASX Core Lithium."

"Our assets are prospective for pegmatites especially our LITCHFIELD exploration licence, which is adjacent to Core Lithium*s Finniss project. A FS was completed on Finniss which shows a PRE-TAX NPV of A$384m."

"Given the PROGRESS being made at Finniss project, we will be reviewing the targeting of FIELD STUDIES carried out in 2019 to determine if its worth PURSUING FURTHER EXPLORATION IN OUR JV areas."

BACANORA-GANFENG TAKEOVER
"As far as the co is aware, the possible offer has no DIRECT effect on our JV. Should the cash offer be successful, it will be highly encouraging for the development of the project, given Ganfeng*s...."

My Comment:
I mentioned on this forum about the potential softening of the iron ore price ie China in relation to NOT TAKING the iron ore price at the HEIGHT. So, given it is factual now, it is insightful.

I also mentioned Finniss and interesting to see KDNC fully COGNISANT of it possible or potential significance. Look forward to further news on this.

Have not seen any other mention about the BCN-Ganfeng takeover so good to know KDNC has included it in their interims.

News, Fri 27 Aug 2021.

The above has been just published today in German but translated into English. Its been posted on the Bacanora Lithium forum as it is relevant given that Ganfeng*s offer for BCN INCLUDES shares in Zinnwald.

On Advfn ZNWD, one poster has got the translation in English:
"A show mine is already feeling the boom. the raw material, which is so important for e-cars & smartphones is ALSO AROUSING DESIRES IN CHINA."

I cant get the full version as I have already clicked on it once and it is by subscription if one clicks for the 2nd time. Read it on ADVFN ZNWD . According to bounty hunter after reading the article above today : "Even if not the Germans then given the scramble for lithium the days left for ZNWD as an independent co must surely be numbered?" Wed 25 Aug 2021.

LoL.