Member Info for PaulFG

Non-binding is exactly that, but yes it adds some pressure on GSMB (whether they're receptive or not is another matter).

What this tells me is that the LB have indicated an interest in proceeding with this project on these terms (effectively we're giving up 50% of the project for their financing and purchase agreements of future product flows in titanium products).

SO we're seeing what the deal could look like, if/when it's signed. But it's not there yet and all this could fall apart if SL authorities don't get their act together and reissue these licences. It's problematic, IMO, that we are having to instigate formal legal action against GSMB.

AS I/we know well enough from other investments it ain't done until it's signed.

I guess the fact that this is non-binding until July 31st reflects the need, as we all know, to have the licences reinstated.

Therefore, I expect the major rerate in SP to come once the the GSMB get their ruddy act together.

Absolute amateur political shenanigans on SL if they b*gg*r this up for the country. If they do I don't see international companies flocking to invest there.

So non-binding until July 11th 2023 - not long.

Heads up, not just to GSMB but SL Government, you are not just dealing with a small AIM listed company but major Chinese concern (i.e the CHINESE)

LB has effectively valued the company willing to pay $81m approx for 50% of the company PLUS buy all heavy mineralsands at market rates when producing.....work out the full valuation

@JUSTONE I agree I can see the CHinese buying out the full 100% interest in due time.

As reported here demand for mineral sands remains robust globally. If we ever get to production...

https://youtu.be/gpZmedms0hI

Drilling for Gold - you don't necessarily want everyone knowing exactly what you're up to - part-time amateur weekend gold panners etc etc

Other issue is suppose you hit a truly bonanza grade - I mean like kilos not grams, you don't want people knowing where that is...seen it with other companies. NOT that I'm saying we've even had a hint of this scenario...

here you go: https://www.youtube.com/watch?v=4mfPCPf_NF8

Pretty much the entire junior sector is suffering - there will be a change - did you see Sprott's speech over the weekend in Canada? Worth a viewing.

well he did say on last Stockbox - 3 drills-a-drilling - hopefully lots of news heading our way.

Honestly, Legal, who knows what the blazes is happening here?

Two things I do know:
1. I will not be investing in a MF company again;
2. I will not invest in Sri Lanka again.

Another thought occurred it seems, I won't say obvious, but clearer from the RNS that the company is ready to conclude an offtake agreement, subject to the licence being reinstated at least that's how I read it. In which case they may have not been previously hassling the GSMB much as the offtaker wasn't ready, but perhaps that situation has now changed and this RNS and formal letters are a firing shot across the bow so to speak.
Who knows? I am starting to conjecture as much as you, legalwolf. But I would like to see our Newly appointed strategic partner in Sri Lanka Being a little more successful in lodealing with the civil service there

I disagree. Having lived in these type of countries the bureaucracy is such that unless the top guys are there and because of the nature of their removal none of the remainder will want to comment/stick their necks out for fear of getting the sack. Not ideal given the economic situation.
I could be wrong but I wouldn't want to proceed to the wildest explanation in the first instance.

My gut feeling here is that the GSMB need to have replacements appointed for the two seniors sacked and this is holding up the reinstatement.

The fact that we're not trading sub 1p leads me to believe we've quite a sticky shareholder base. The stickiness remains to be tested if we do proceed out of this mess, land the offtake and onwards to construction...

@Justone - extremely frustrated

hot money in from low 30s, not seeing significant changes prior to 'early Q3', now flowing out. It'll be back early July. and out again on financing update.

ProfC certainly appears very relaxed and in very good humour. Might just be as a result of f-2-f rather than zoom.

Like ye, I'm eager to see the next set of drill results.

@legal - we get it you told us so, many times. Read the room.

Getting v messy
Sounds like gsmb need the appointment of Senior people to take these decisions.

LOL - won't develop either until they build the jorc resource

https://twitter.com/StockBoxMedia/status/1650872586140565510

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