Member Info for Poppyseed

Finals to Jun 23 will be the next results, by 31 Dec.

However, I'd say it's highly unlikely that will the next news and Align appears to agree. After saying this about their Put Option with AMS for 280m shares @ 1.5p "Put's watertight. Very relaxed, Counterpart solid too", they added:

"We are in probably the severest micro cap bear market I have ever seen. Opportunities abound everywhere but one where market cap backed by debt & cash, a corporate buyer at twice current price for 30% of the Co, HMS about to come on stream with steady state profits of prob 80% of current market cap then this is plainly bonkers. And if the "Market" believes AMS are going to be passive and have their stuck valued at half the buy in I suspect they are in for a rude awakening shortly."

No, f1nesse, CEO has confirmed several times that KZG retain 100% of Aftan until Xinjian pay in full, including interest @ 8% on sums outstanding and KZG keep the money paid so far if KZG cancel for breach of contract.

The video on the home page of the website is a most recent source and this subject in particular is dealt with between 4:50 and 7:50 minutes, ending in DE confirming, against the backdrop of Xinjian having just paid a further $1m or so, that such payment is a "...substantial indication of the fact that they are still very much intending on completing this deal because every single dollar they pay us, is a dollar they don't get back if we cancel..."

Indeed that was the expected final date for completion but there was also a staged payments schedule which, as the extract below states, Xinjian is not in compliance with. As the extract also covers, KZG could already exercise its contractual right to terminate the contract but is currently choosing not to do so for the reasons detailed.

Clearly, this means that the coming of 31st Dec brings nothing new to the circumstances that does not exist already. They could terminate now should they so wish. I have no doubt that Xinjian are fully in the picture as to potential consequences.

The Aftan buyers are already in default. Last that was said was that we were living with this and trying to help because it was felt their intentions were good - my summary, the actual words as at 5th July were:

"...Xinjian is currently not in compliance with the Agreement, with payment arrears of c.US$1.9 million (excluding interest). Nonetheless, at this time the Company has elected not to exercise its contractual rights to terminate the contract given that:

· Under the terms of the sale agreement with Xinjian, Kazera retains ownership of 100% of the shares in Aftan as security until all amounts owed by Xinjian have been paid in full.

· All ongoing operation costs in respect of the Aftan business have been borne by Xinjian since the beginning of 2023

· Communication between Kazera and Xinjian remains positive and constructive, with the Company believing that outstanding balances will be forthcoming

· Outstanding balances are accruing interest at a rate of 8% per annum.

Nonetheless, the Company is also exploring alternatives avenues for the future of Aftan should Xinjian not be able to fulfil its contractual obligations, including seeking an alternative buyer..."

More being added there by Align if you follow the string of replies

https://x.com/AlignResearch/status/1707354768559964358?s=20

Noticed a little exchange here which may be of interest. Align apparently feeling quite relaxed over completion by AMS. Surely got to start seeing something from that AMS relationship soon then?

https://x.com/steddieddie/status/1707321668077605047?s=20

I have little doubt these two "excited" "entrepreneurial geologists", one most recent arrival in particular, has a very clear idea of why he joined and what was already in his sights

"...we have a strengthened balance sheet and an exciting opportunity to bring in new ventures to create a platform for strong shareholder value growth in the near to medium term..."

I don't think the future valuation will work like that Adamsky. While all the things you mention are important in terms of an attractive platform, I think the future valuation will be based more on the type of things I listed yesterday. In other words, a "step back" revaluation of NewCo on its new assets and prospects, a return to market at that sort of level and thereafter settling down in line with the normal market forces of supply and demand. At the moment, of course, it's a matter of how long's a piece of string and taking a punt, or not, according to how we read the runes.

I read them positively and, like bankrupty, have added substantially at current levels against the backdrop of my own take, again similar to bankrupty's. It's a punt but the way I see it is that once they're ready to go forward with something, the chance to add will be very likely be gone until after the RTO process is completed and the current £2m market cap is less than demanding against what the new "entrepreneurial geologists" are deeming to be an "exciting" future. DYOR.

Indeed bankrupty and, as you suggest, that certainly would matter if they were to dally excessively in lining up the way ahead. However, assuming they have something already in their sights, the consequent RTO would aim to wrap things up within an entirely different, newly-financed wrapper.

With similarities to the way an IPO comes to market, certain assets would be assembled within a proposed company (that is currently PFP) and the SP at relisting would likely be unrelated to the current SP. Instead it would come back from RTO process at an entirely new valuation based on a number of factors, such as asset valuation, shares in issue post-RTO, stage of project development, perceived timeframe to production/asset realisation, confidence in characters involved, level of appetite shown by instis and/or HNWIs etc. etc.

Well, we are due some so maybe you can hold your breath just a little bit!

Further cash receipts? Further share transfer Align to AMS? Big Daddy HMS Plant arrival/ (albeit production now with a NNA permit hurdle)? Diamonds? AMS new venture introduction(s)? Offtake agreement?

Adamsky...Only that major shareholders quite often hold back their TR1 declarations, either through tardiness or until their actions are completed - or until another event such as the RTO document either compels them to notify or otherwise reveals current shareholdings as part of the RTO Circular.

Either way, we must decide for ourselves what we believe are the best pointers here. Personally, I think the situation is significantly simplified here now that the IMM situation is out of the way. Right now, it has become a simple case of whether we think the current market cap of c. £2m (incl current cash and tax losses) offers good prospects against our assessment of the rather unknown backdrop of an RTO but with a creditable pair of new Directors with good past form. DYOR.

There's something else that raised an eyebrow this morning when researching Mark Gasson's form - his close association with a certain named major shareholder here, also a senior geologist:

https://www.africabusinessplus.com/en/816816/lithium-active-in-drc-klaus-eckhof-and-mark-gasson-are-also-making-inroads-in-uganda/ (need to be a subscriber to read but even the headline is tantalising)

Googling both names together produces further interesting connections. Coincidence? Perhaps, but makes me think, watch this space.

Firstly, this co will not become an investment company. From the earlier Circulars "Finally, the Board understands that Shareholders do not wish for Pathfinder to become an AIM Rule 8 investing company."

To me, the outlook is verrry positive. Paul Barrett's appointment was not without purpose and points strongly to a vision of a reverse into assets of meaningful prospects or even "exciting" as he chose to describe his own take on the future this morning.

The pairing of him with Mark Gasson as the current Directors here which he describes this morning as "entrepreneurial geologists" embolds the good feeling I already had about the future plan here. I think it's important to note the bio's of these two. Properly qualified blokes with good if not great backgrounds. Not "city circuit" Boardroom free-lunchers by any stretch.

I've previously posted on Paul's success with OK Energy and Southwind and I've taken a closer look at Mark Gasson this morning following Paul's "entrepreneurial" description of the pair. Here's an extract of what PFP said about him on his appointment:

"...Mr Gasson is an accomplished geologist with 35 years of experience in gold and base metals exploration and development across Africa and South America....Mr Gasson has been instrumental in major discoveries including one million tonnes of contained copper at Tiger Resources' Kipoi Mine, 250,000 tonnes of tin (grading at 3.5% tin) at Alphamin Resources' Bisie Tin Project, three million ounces of gold at Amani Gold's Giro Project, two billion tonnes of lithium for AVZ Minerals - all in the Democratic Republic of the Congo - and two million ounces of gold in Tanzania....."

The Interim Report isn't due till Mar 24. The finals will be the next report due by 31 Dec.

Either RLL is on something or I am! Amusing fantasy though.

Any particular reason, Felk? I can think of one or two things that might begin to blossom very soon, how about you?

Yes, would be nice. I think you're right that things will become more open once they can give details of an RTO but I see Interims to 30 Jun are due out by 30 Sep which would normally mean an outlook statement so let's see!

See 1 Sep RNS Caran. They'll be issued only in the event of a successful settlement.

"In the event that the Claim is successful, a further announcement will be made by the Company detailing, amongst other matters, the timings of the distribution of the Bonus Preference Shares to those shareholders of Pathfinder as at the record date as well as the settlement date for the transfer of the Bonus Preference Shares to Pathfinder shareholders."

Yes, many will have done the same as you baldmark but I feel many others, including some of the largest, will still be substantial within PFP's new ID.

I'd describe PFP now as a cash shell (also with tax losses), don't think anyone has mentioned a SPAV, merely a SPV and in this context, only for the purpose of harbouring the Pref Shares if and when issued in the even of a successful claim. For sure, it's now a bit of an unknown until we hear more but, to me, looks more than worth a punt at these levels given the new appointment.

I'd see the next action here as coming quite suddenly, probably in conjunction with a suspension while the RTO gets sorted and funded, ahead of a return in its new form and newly priced according to the institutional market's appraisal of the assets and prospects.

In terms of the Pref Shares, I'd add a breadth to your number 2 in that one other possibility (there may be more) is for the BIT outcome to re-award the misappropriated licence back to IMM. In my view, a more likely outcome in that it would take the matter of a cash settlement away from the Moz Gov and place the ball firmly in TZM's court. Given their investment there to date, will they attempt settlement so as to keep it or will IMM gain back the valuable partially developed licence for onward re-sale to the likes of Kenmare? A likely TZM vs Kenmare tussle in these circumstances?

Re your 3, I think there's little doubt that AAG are legally bound by the IMM sale agreement to then pay the agreed share of the settlement sum to PFP and re your 4, personally, I'd say PFP have the same responsibility to their shareholders on the register at the Record Date to divi the spoils up accordingly. Although the actual legals are less clear on this one, I think it's a fair bet that between the legality of the actual sale agreement and AIM Regulation, statements made to the market and all that, Pref Shareholders will get their dues in the event of a settlement.

Well spotted FB!