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"ALASTAIR FORD, MINING CAPITAL ANALYST ON MMIH-BEZANT MANKAYAN DEA."- Proactive Investors, 11 Oct 2019.

https://www.proactiveinvestors.co.uk/companies/news/904651/mining-capital-s-alastair-ford-on-bezant-resources--makayan-copper-project-financing-904651.html

Alastair Ford:
"BZT retained 20%. BIG PROJECT.
Not 1/2 million ounces of gold or small copper project.
Taken over by largest gold co.
Major geological change in FOCUS [he means the reason why they Goldfields did not complete]
BIG OPPORTUNITY
BALANCE SHEET ORDER OF MAGNITUDE SEVERAL TIMES OVER [he means re: the sale]
Andrew Scott asked about copper ie 2019 copper not a stand out?
---
The situation with copper in 2019 is well known - Laurence Read, CEO of Bezant said he anticipated the copper price to be good due to green energy etc also in a 2019 interview.
HISTORY TELLS US TODAY, MR READ WAS RIGHT BUT EARLY.
ONE KNOWS THAT TODAY, FRI, 7 MAY 2021 COPPER HIT NOT ONLY US$10,000 BUT WENT FURTHER TO SOME US$10,400 quoted on ADVFN BZT.

Always good to listen to an outside view. Mr Ford is well known and generally covers co*s like Greatland Gold*s Havieron and the bigger Tier 1 deposits or near Tier 1*s.

Gerry Nealon , Executive Chairman of BZT quoted in an RNS in the past that Mankayan was "TIER 1" whilst Laurence Read, CEO of Bezant later called it "Low Tier 1" in 2019.

MMIH has updated the Mankayan resource to 2012 JORC standards and it has increased in size as said.

Edison said that prior to the Goldfield offer, BZT was trading at "DISTRESSED prices." [share price that is].

Value will out as it did then: Edison*s Value-In-Situ came to US$12.57 Billion for copper and gold at Mankayan and this was what Goldfield offered for at US$70m [0.5%].

Today, Mankayan even at the 2004 JORC is NO longer at $12.57 bn Value in Situ but it is now US$20bn+.

What really bowled me over was the MANKAYAN MMIH 2012 UPDATE JORC with increased the resource Value -in-Situ by 4 times at US$50 billion as an example done at today*s prices.
This JORC was done by De-risk of Queensland, Australia.

No doubt BZT may either commissioned another 2012 JORC or CHECK IT as is norm.

PERSPECTIVE:
Alpala has a Value-In-Situ of US$130bn which is quoted by the co in their latest Apr 2021 Presentation on their website. It is shown RANKED among the world*s largest copper projects.
Alpala is well known and only has an MRE , NO PFS YET.
---MKT CAP OF THE CO: £708.9 MILLION OR US$ 9 92. 46 million.---
ONE CAN SEE THAT ALPALA [ONLY 1 TIER 1 PROJECT CURRENTLY] , THE CO IS TRADING AT 992.46M DIVIDE BY US$130BN VALUE-IN-SITU [provided by co]. It is situated in Ecuador and is also a porphyry like Mankayan.

********************MKT CAP = 7. 6 % OF VALUE IN SITU.***********
There has been no TAKEOVER OFFER OFFICIALLY for Alpala. However, the CEO said in their presentation by way of 2 other co*s that Tier 1*s get re-rated to a US$1 billion mkt cap.
The CEO retired recently and the write up was

Part 2
-LEPANTO PHILIPPINES FAR SOUTH EAST COPPER & GOLD [JV partner Goldfields @40$ as they have not yet taken up the further 20% at US$110m].

Link: https://www.lepantomining.com/our-company

"Far SouthEast {adjacent to BZT*s Mankayan]
19 . 8 MOZ GOLD
4.45 MT COPPER

Today*s VALUE - IN -SITU [terminology and metric used by Edison for BZT Mankayan] =
19.8moz gold x US$1,831/oz= US$36.25 bn
4.5Mt copper x US$10,000/t= US$44.5bn

TOTAL: US $80.25 BILLION @Fri, 7 May2021.

Nick Holland, CEO of Goldfields in the only 1 video entitled : FSE said FSE was targeting 50 MOZ OF GOLD EQUIVALENT. TO PUT THIS IN PERSPECTIVE, MR HOLLAND SAID THAT GOLDFIELDS GOLD RESERVES [TOTAL] WERE 80 MOZ.

However, out of this 50 moz gold equivalent target, GOLDFIELDS WOULD ONLY EARN 20 MOZ GOLD EQUIVALENT FOR 40% OR 30 MOZ EQUIVALENT. Mr Holland was keen to buy 100% of FSE but he said that Lepanto was happy with their situation %.

Perhaps that was the reason why Mr Holland turned to BZT*s Mankayan.

Here*s the FACT:
===MANAKAYAN 2012 UPDATED JORC VALUE-IN-SITU [Edison metric updated]= US$51 BN [100% BZT]===

===FAR SOUTHEAST VALUE IN SITU: US$80.25 BN [from US$12.57bn at the time Edison calculated it by using the 2004 JORC by Snowden].===

Conclusion: Any wonder why Mankayan is of interest and for Mr Bird to tell us shareholders yesterday that "THERE IS NO SHORTAGE OF SUITORS"- this is Thur, 6 May 2021, not yonks ago when Goldfield offered US$70m [US$12.57bn value-in-situ per Edison] or 0.5% or 1/2%.

So, over to Mr Bird - I am sure that given he said yesterday that he has "BEEN CHASING COPPER FOR 3 YRS" , HERE THE COPPER-GOLD-SILVER PROJECT THAT IS NOW GOT SUITORS.
Cant be bad?

News, Fri, 7 May 2021
Mkt Cap: £12.59 MILLION @0.33p.
Goldfield offer: US$70m = £50million [using today*s exchange rate of £1=US$1.4. I dont have the exchange rate then at the moment.].

Value in Situ has risen from US$12.57 BN [time of Goldfield offer per Edison*s metric] to US$51bn today. THAT IS 4 T I M E S MORE.

So, come rain or shine, those are FACTS.

News, Fri, 7 May 2021
Mr Bird reads forums [his stocks] so he can correct if any errors.

After reading MMIH*s Linkedin, these are my observations:
1] Mr Bird said that "promises were made and promises were not kept - EXPENDITURE per contract, our advice." So, one can see all the obligations that MMIH were supposed to have done and which they themselves acknowledged.

2] So Singapore Counsel has advised BZT [28 Apr 2021 RNS] and from Mr Bird*s interview yesterday, we now know the LEGAL POSITION. From what Mr Bird himself stated from legal counsel, my understanding is that it would appear MMIH has NO case. In law, an asset has to be paid for ie consideration.

3] The MMIH Linkedin on the status of the Mankayan licence is insightful. As I said from the lexology, the process is a standard one laid out by the regulations. That is now confirmed by MMIH themselves. One knows now that the Philippines Mining Dept HAS THE MANKAYAN LICENSING in hand ie the requirementS etc.

4] Mr Bird tells us shareholders yesterday that: "MANKAYAN - NO S H O R T A G E OF S U I T O R S." This is based on Mr Bird*s enlightenment that there are " NOT MANY PROJECTS." Glencore*s CEO has told Bloomberg this also today and that only at $15,000/t for copper will projects be developed. CEO of Newcrest tells FT that "NEW PROJECTS ARE HARD TO FIND" yesterday.

When Mr Bird said mentioned SUITORS, one takes it to mean they are pursuing BZT and not BZT pursuing co eg by cold-calling them.

WHAT IS NEEDED?
From all the MMIH posts on Linkedin, it would appear that BZT*s Mankayan [website] also spells out these obligations which MMIH has not upheld. That means that LOGICALLY, Mr Bird may have to STEP IN to where MMIH LEFT OFF?

Herein, one has to think that if there are co*s or SUITORS, then perhaps Mr Bird is discussing the above otherwise what is there to talk about?

Meanwhile, from the days of EDISON*S BROKER REPORT JORC 2004 [1.3Mt copper, 4.3moz gold] with "VALUE-IN-SITU"[EDISON*S METRIC]
of US$12.57 BILLION ,

it is today at US$ 51 BILLION VALUE IN SITU BASED ON THE UPDATED JORC 2012 [9.6 moz gold, 2.8 mt copper and silver 20 moz. I used $1,844/oz gold, silver $27.39/oz [Kitco Hourly Quotes] and US$10,000/t for copper [copper is higher but I merely used the lowest fig] for EXAMPLE using the same EDISON*S METRIC].

So, NOT DIFFICULT TO SEE WHY THERE ARE SUITORS. IC informs that Goldfield contracted their capital expenditure across the board. Goldfields took over FSE first for US$220m for 40% stake and then offered for BZT*s Mankayan at US$70m [Edison metric US$12.57 bn =0.5% or 1/2%].
So, that is real live M & A.

My view only-if Goldfield took over Mankayan, they would be sitting on today*s metrics. FSE does NOT want to sell 100% [Lepanto] so at the most Goldfield can take a further 20% fixed at US$110m.

-----Open Letter to Mr Colin Bird, Executive Chairman, BZT---

Mr Bird,
Your career height was when you sold Kiwara for some US$250m in Zambia.

At the current moment, if one scans all the projects, there is NO project that is ready to sell yet except Mankayan.

As you are aware, Mankayan*s Updated 2012 JORC by MMIH is out of this world , in that just the copper alone is 2.8Mt which is close to the No 10 ranked copper project ie Galeno at 3.3Mt.
Nick Holland, CEO of Goldfields has the adjacent deposit at FSE to Mankayan. FSE is said to be akin to Wafu Golpu which is ranked No 8 [close to]. Mirabeau the broker suggested to share FSE & Mankayan via a vertical shared shaft.

Newcrest*s CEO, Sandeep Biswas in a global online meet told FT that "NEW DEPOSITS ARE HARD TO FIND." [6.5.21]

You, yourself said so. Newcrest has an office in Makati, Manila and therefore one does wonder if they had already been poised to look for projects in the Philippines.

Mankayan is NO small project going by the 2012 JORC commissioned by MMIH @De-Risk Geo Mining of Queensland, Australia.

The final stunner was yesterday when you told Zak that "MANKAYAN: NO S H O R T A G E OF SUITORS."

Could one not conclude that the MMIH with Counsel*s advice is now a settled matter?
Also, how could there be no shortage of suitors if the ownership of Mankayan is not settled?
As for the licence, BZT and all your other co*s are experienced in licence renewal and there has been no red flags like alteration of documents etc that one can find in the Philippines recent history that licences have been NOT renewed. For this we would be pleased if you could update us shareholders relating to how BZT will forward this prize which can be DRILLED FURTHER to prove more resources given it is OPEN on STRIKE & at DEPTH.

I am sure if you can tell us in an interview, there "IS NO SHORTAGE OF SUITORS", then
there is NO DIFFICULTY in opening the data room for Mankayan or to inform us shareholders like at the time of Gerry Nealon, Executive Chairman, BZT that the co is discussing with various parties relating to the SALE OF MANKAYAN via BZT Annual Report or Interim or RNS [normal]?

Thank you so very much.

Shareholder of BZT. News
Fri, 7 May 2021
I heard in 1 interview that you read the forums to see what research shareholders are doing etc.

BCN Chatter:
For avoidance of doubt, Mr Lenigas did NOT comment for BCN but for REM-KDNC yesterday from what I read on Twitter.

If people did NOT want the T/o, this could have happened:
1] Per Nick Mather, he does NOT want any JV and he has stated why. Lithium Americas*s Nevada lithium project is NO 2 and that is NOT under JV with Gan. Lithium Americas has a big mkt cap with 2 projects, only 1 JV*ed in Argentine. So, this is WIDELY KNOWN from these 2 examples etc.

2] Many stocks are traded - example KAZ wherein the directors bought the co given the low share price. In academic theory, this is also known given that where a share price is low, it is taken over or there is a management buy-in. Biz 101.

3] BCN*s top people are NOT founders of the co as akin to Nick Mather who founded the co. They have a different outlook in that they want to keep their co. Employees may NOT have that same objective which one sees in so many examples.

4] Before the t/o, the % was already 29% of ownership and NO ONE said anything but instead there was such praise etc. One has shareholders rights and that is via voting etc.

5] Everything was O.K and the strongest nay nay did not object at any point.

6] Now, people talk of £1 t/o from REM plc. Who knows what would have happened if Mr Lenigas took over BCN at £1. From what I could gather , he may have sold the whole co but that would be at a later point closer to production. Mr Lenigas may have been able to have raised the capex. One cant tell as that is now history.

Suffice to say, the t/o is of interest to REM holders in that now there is a M & A benchmark as I posted which is positive from certain angles.

Takeovers are happening in the lithium space and even in property this morning. T/O happen at a time when prices are attractive to buyers, again biz 101.

That*s is reality on the ground and if one does not want a co taken over, then the following must be considered and stronger hands to hold shares etc.

Historical and only for disussion.

Fri, 7 May 2021.

cjmorley
In answer to your comment which you directed at me:
"The market is scared that the LICENCE RENEWAL may NOT happen."
As I have posted from the Lexology last night, the regulations are there to view and ONLY in circumstances as mentioned eg alteration etc, then the process is stated clearly.

CHECKS & BALANCE:
One can check the RECORD for Philippines for example wherein LICENCES HAVE NOT BEEN RENEWED. I have already done that for myself. One can check easily and that is due diligence common to ALL stocks.

2} "Given change in DEMAND and price of cu and au the govt may alter significantly the TERMS OF RENEWAL."
My reply: I think there is a CONFUSION OVER RENEWAL OF LICENCE and DEMAND/PRICE OF CU AND AU. Why? The Philippine mining legislation is FIXED and any de-viation from that is subject to judicial review if at the extreme case as is in ANY JURISDICTION. Govt*s do not NOT attach or change TERMS OF LICENCE RENEWAL at will. If they want change, that COMES UNDER TAXATION or cess etc which is COMMON EVERYWHERE including even one state in Australia. No one can ever GUARANTEE that even for a Tier 1 Western jurisdiction, that cannot happen.

Hope that answers all the question [2]. As I said, Mr Bird needs to UPDATE on Mankayan and if one does take Mr Bird own words: "MANKAYAN; NO SHORTAGE OF SUITORS", that is self-evident from the horse*s mouth that both the questions you raise may NOT be present? I CAVEATED my post with NEED FROM HEAR FROM MR BIRD FURTHER.

If you go to Twitter, you will find that Australian and Australian counsel have welcomed the Philippines lifting of the ban and are looking to ....

Fri, 7 May 2021
Like ALL STOCKS, do wait FOR RENEWAL ON 11 NOV 2021 and unfortunately as for a guarantee that the govt will not impose taxes is NOT only applicable to Philippines but for all jurisdictions.
As the CEO of Glencore said, that $15,000 copper will bring out NEW PRODUCTION. What does this mean? It means that MASSIVE PROJECTS have high capex and unless $15,k copper is present, then new projects cant come on. Govt will be made aware of that from the MAJOR MINERS LIKE GLENCORE and indeed the CEO has stated so.

MANKAYAN
This is the MOST PRIZED in the Colin Bird suite of copper projects that is ready for sale.
GoldFields [NYSE listed & JSE] offered US$70m for Mankayan with a JORC 2004 -
Edison put the Value-In-Situ at some US$12.57 Billion [copper @$8.08b and gold @$4.49b]. https://www.edisoninvestmentresearch.com/?ACT=18&ID=2316

That is about 0.5% or 1/2% of the Value-in-Situ by Edison at US$12.57b.

=CURRENT VALUE-IN-SITU=
If one were to update Edison*s V-In-S, it would be
1.3Mt copper x $10k/t [currently $10,227 per Hulme FT today at https://twitter.com/humenm]= US$13bn
4.3 Moz gold x $1,818/oz =US$7.81 bn [Source: https://twitter.com/KitcoGoldQuotes]
TOTAL: 13+7.81 = US$20.81 BILLION @ Fri, 7 May 2021.
So, if a similar Goldfield transaction offer = 1/2% or 0.5% of $20.81 bn

=US 1 4 0. 5 MILLION OR £ 1 0 1. 8 MILLION [ Exchange rate say £1=US$1.38]
-----
BZT MKT CAP £14.15 Million @0.37p , Fri, 7 May 2021 @10:10am
At today*s V-In-S, say, it could be 7.19x = 2.66 PENCE [Example only for discussion]
---
COLIN BIRD INTERVIEW WITH ZAK MIR, ZAK*S SHARE CAFE, THUR, 7 MAY 2021
Mr Bird, Executive Chairman of BZT stated:

"NO SHORTAGE OF SUITORS"
"NOT MANY PROJECTS.." { Similar to what Glencore CEO said today on Bloomberg per my last post]
"COPPER PRICE DOUBLED." { shown as above from the example of the S-In-V]

Comment:
From all the Colin Bird co*s, I have NOT seen any ready for sale with such a high VALUE-IN-SITU as above [Value-in-Situ was used by Edison then].

Moreover, MMIH has commissioned a NEW UPDATED MANKAYAN 2012 JORC at
9.6 Moz gold
2.8Mt Copper
20Moz Silver
As I have shown via a link from the Official JORC site of Australia, the 2004 JORC has been updated to 2012 so at some time, this is now relevent?

On 28 Apr 2021, BZT issued an RNS to state the MMIH deal has been terminated. BZT also said they were consulting legal COUNSEL in Singapore. From yesterday*s interview, Mr Bird informed that MMIH entered into contract and EXPENDITURE per contract has NOT been met, our advice [taken to mean advice given by said Counsel to BZT]. Otherwise, Mr Bird COULD NOT HAVE COMMENTED TO SAY "NO SHORTAGE OF SUITORS" RE: MANKAYAN. On 28 Apr 2021, Mr Bird could NOT comment as he had NOT had legal advice yet. So, it appears that BZT DOES OWN 100% OF MANKAYAN and that MMIH has NO CLAIMS TO BRING GIVEN THE EXPENDITURE WAS NOT MET. As said, BZT could ONLY have transferred 80% of Mankayan on the RTO OF MMIH VIA MMJV INTO ASIAPHOS???The AsiaPhos RTO has fallen through and they issued an RNS on 7 Apr 2021 to the Spore Stock Exchange to state so.

Laurence Read, CEO of BZT in 2019 said that the fiscal issue in Philippines and the price of copper was the reason for the sale of Mankayan to MMIH. THAT IS NO LONGER THE CURRENT STATUS as Philippines LIFTED THE MINING BANK ON 15 APR 2021 [MMIH deal terminated on 8 Apr 2021] and COPPER PRICES NOW $10,000.

-------AWAIT MR BIRD*S FURTHER UPDATE ON MANKAYAN---{Caveat]

Fri, 7 May 2

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