Member Info for Professor1

Hi Imac

My sincere apologies - I clearly misread the line which stated 60%. This would not take long to rerate massively

Hi Imac

I have no doubt in the scenario you have mentioned that £10 per share is highly probable. I realise you have assumed we may end up retaining 20% and we may well do. Somehow, I feel that the Board would want to end up with a 51% / 49% structure with PAT retaining the control over the JV considering what PAT has experienced there for the past few years.

Obviously, we would want the JV to extract the value by mining ourselves as opposed to being acquired by a third party.

Mickey

I would agree. I am very optimistic about Bhukia license being granted to us and this in my view will very strongly rerate the SP several fold. You can almost relate it to early days Continental Gold. Continental has 250m shares on a fully diluted basis whereas we have @90m. Continental was acquired by Zijin for cash consideration of C$5.50 in March this year. This followed their company presentation in December 2019 with the following estimates:

- Proven and probable = 3.71Moz
- Measured and Indicated = 5.42Moz
- Inferred = 6.02Moz
- Anticipated AISC = $600 per ounce

I can see PAT in the same boat BUT with 3 times less equity.

ST

These are fantastic credentials indeed. I was also very impressed by Tony.

MEM

Thats highly likely - possibly even more. My gut feeling is 9th.

I was in GGP first @ only 0.6 and ending up finally with average of 1.2p after doing a lot of research but was very naive (being my very first stab on AIM) to get influenced to sell when Newmont left. Rest is history and I have learned the hard way.

Sorry latter

MEM

You are welcome.

I am also in OMI and EUA - hoping for the later to come good so I can invest more here and in Omi.

Ian -
Should have said from 7th Dec to 9th Dec

Thanks

Sbrace

This deal is happening. I joined after the suspension and knowing what we all know now, wish I had not sat on the fence prior to suspension. However, I have built reasonable here.

My prediction is £2.44 and based on this I am hoping to top up even at the current price.

Ian - sorry, please can I change my predicted date from 7th to 9th.

- RIGHTS TO PROPERTIES LEGALLY ENTITLED TO
- STRONG LEGAL ENDORSEMENT OF OUR RIGHTS
- EXPLORATION ON HOLD UNTIL NECESSARY LICENSE AND PERMIT SECURED

EXTRACT FROM 6 SEPTEMBER 2018 RNS

India

During the period the Group continued its efforts to secure the mineral rights to the key properties it is legally entitled to in India. While the bureaucratic process in India continues to improve at the GoI level, progress at the state level was much slower than hoped. The strong legal endorsement of our rights via an Order from the Court issued on January 22, 2018 required the GoR to make a final recommendation regarding the grant of the Bhukia PL application in line with a Letter of Intent negotiated between the JV and the Government in 2015. This decision regarding grant of the PL was required by the Court, preferably within three months, by April 23, 2018. Despite the Company's consistent efforts to achieve a positive result, it was not forthcoming, and the subsequent PL rejection means that exploration efforts remain on hold until the necessary licence and permits are secured.

" A RECONNAISSANCE PERMIT HOLDER ENJOYS PREFERENTIAL RIGHT FOR GRANT OF PROSPECTING LICENSE ".

THE RAJASTHAN GOVT HAVE GOT THEMSELVES INTO A REAL MESS !!!!!!

KEY TAKEAWAYS FROM THE POSTS BELOW:

(a) 3.1 Foreign equity holding is allowed upto 100% on the automatic route for all minerals except of diamond and precious stones for which the limit for automatic approval is 74% foreign equity.

(b) 3.2 that the development of mineral resources keeps pace, and is in consonance with the national policy goals.

(c) 3.3 (iv)With the 1999 amendment, a concept of reconnaissance operations as a stage of operation distinct from and prior to actual prospecting operations was introduced. The period of reconnaissance permit is three years. A reconnaissance permit holder enjoys preferential right for grant of prospecting license.

(d) 3.3 (xi) A time limit of ninety days has been prescribed for the Indian Bureau of Mines and the State Governments to convey
decision on the mining plan submitted for approval.

(e) 3.3 (xii) Time limits have been prescribed for conveying a decision on applications for mineral concessions, viz. six months for reconnaissance permits, nine months for prospecting licences and twelve months for mining leases.

(CONTINUED)

India-Australia Joint Working Group on Energy and Minerals

8.5 Australia has a highly developed and competitive mineral exploration and mining industry using advanced geological
concepts and technology and has a comprehensive and high quality geoscientific knowledge base. There has been a very rapid
growth of mineral industry in Australia and their exploration techniques have been innovative and successful.

8.6 The sixth meeting of the India-Australia Joint Ministerial Commission held on 26th February, 1999 at New Delhi reiterated
the need to establish a Joint Working Group on Energy and Minerals. It was, therefore, decided that the Department of Mines,
Department of Coal, Ministry of Power, Ministry of Petroleum & Natural Gas and Department of Non-Conventional Energy
Resources would form the Indian Side for the Joint Working Group.
8.7 The then Minister of State for Mines (Independent Charge) visited Australia in September, 2003, to review the progress of
the projects/proposals under the India-Australia Joint Working Group on Energy and Minerals. The Indian delegation presented an overview of the investment climate in the mining sector and informed about the major liberalisation steps introduced in India. The Australian side showed great interest in investing in India. It was felt that dissemination of information about the latest technology would be useful to the mining industry in India.

(CONTINUED)
(viii) State Governments have been empowered to permit amalgamation of two or more adjoining mining leases.
(ix) State Governments have been empowered to renew prospecting licences/mining leases in respect of specified minerals listed in Part C of the First Schedule, and approval of Central Government is not necessary.
(x) State Governments have been delegated powers to approve mining plans in respect of 29 non-metallic/industrial minerals in case of open cast mines.
(xi) A time limit of ninety days has been prescribed for the Indian Bureau of Mines and the State Governments to convey
decision on the mining plan submitted for approval.
(xii) Time limits have been prescribed for conveying a decision on applications for mineral concessions, viz. six months for
reconnaissance permits, nine months for prospecting licences and twelve months for mining leases.
(xiii) The provisions of MCDR, 1988 were amended on 11th January, 2002 inserting a new rule providing for intimation of
amalgamation of mining leases in 30 days, enhancing the penalties for violation of rules, etc.
(xiv) Rates of royalty on coal and lignite were revised on 16th August, 2002 under Second Schedule to the Act.

International Co-operation

8.1 International co-operation continued to be a thrust area in the Department of Mines during the year 2003-2004. Concerted
and continued efforts were made to project the mineral sector as an attractive investment destination. The International Co-operation Section of the Department played an active role in achieving this goal, the key objectives being to further strengthen areas of bilateral co-operation with countries where bilateral agreements already exist, and also to enter into fresh agreements with countries that are technologically advanced, and to offer India's assistance in developing the mineral resources of other countries. Attracting foreign direct investment (FDI) and facilitating inflow of state-of-the-art technologies, was another area where emphasis was laid. The total number of Foreign Investment Promotion Board (FIPB) approvals till date has reached 73, indicating an expected FDI flow of Rs. 4,044 crore.

(CONTINuED)

3.2 In pursuance of the basic structural reforms initiated by the Government of India in July, 1991 in fiscal, industrial and trade
regimes, the National Mineral Policy was announced in March, 1993. The National Mineral Policy recognised the need for
encouraging private investment including foreign direct investment and for attracting state-of-the-art technology to the mineral sector. Further, the policy stressed that the Central Government, in consultation with the State Governments, shall continue to formulate the legal measures for the regulation of mines and the development of mineral resources to ensure basic uniformity in mineral administration so that the development of mineral resources keeps pace, and is in consonance with the national policy goals.
3.3 In furtherance of the objective of the National Mineral Policy, the MMDR Act, 1957 has been amended twice in 1994 and
1999. The Mineral Concession Rules, 1960 (MCR) and the Mineral Conservation and Development Rules 1988 (MCDR), framed
under the MMDR Act, 1957 have been also modified. Salient features of the amended mining legislation are as follows:
(i) There is no restriction on foreign equity holding in mining sector companies registered in India.
(ii) There is a greater stability on tenure of mineral concessions, since the minimum period of a mining lease is twenty years
with a maximum period of thirty years. The period of prospecting license is now three years, with possibility of renewal by
a further period of two years.
(iii) Thirteen minerals like iron ore, manganese ore, chrome ore, sulphur, gold, diamond, copper, lead, zinc, molybdenum,
tungsten, nickel and platinum group of minerals which were reserved exclusively for public sector exploitation have been
thrown open for exploitation by private sector.
(iv) With the 1999 amendment, a concept of reconnaissance operations as a stage of operation distinct from and prior to actual
prospecting operations was introduced. The period of reconnaissance permit is three years. A reconnaissance permit holder
enjoys preferential right for grant of prospecting license.
(v) Area restrictions notified for reconnaissance permit, prospecting license, mining lease have been made applicable state-wise, instead of the country as a whole.
(vi) In 1994, fifteen minerals were removed from the list of minerals included in the First Schedule to the MMDR Act, 1957.
With further amendments in 1999, the mineral limestone was deleted from the First Schedule, and permission of the Central
Government is now required for grant of mining lease, prospecting license, and reconnaissance permit in respect of only 10
non-fuel and non-atomic minerals. These minerals are asbestos, bauxite, chrome ore, copper ore, gold, iron ore, lead,
manganese ore, precious stones and zinc.
(vii) State Governments have been delegated powers to grant mineral concessions even for areas which are not compact or
contiguous.
(viii) State Governments h

Hi all

Chapter – 1
Highlights of 2003-2004
Mining Policy and Foreign Investment
1.1 The process of liberalisation in the mining sector, which was initiated with National Mineral Policy, 1993, has been further
strengthened. It has been the endeavour of the Department of Mines to encourage greater private sector participation in exploration and exploitation of minerals. Mines and Minerals (Development & Regulation) Act, 1957 (MMDR) was amended and notified on 20.12.1999 delegating more powers to the State Governments. With the amendment in MMDR Act in 1999 the concept of reconnaiss-ance operations as a stage distinct from and prior to actual prospecting operations was introduced. This has made investment in the state-of-the-art technologies in mineral explorations more attractive. The policy changes have attracted many multinational companies for investment in exploration of basemetals, noble metals and other scarce minerals. 165 Reconnaissance permits involving an area of more than 2,19,665 sq. km. have been approved.

1.5 A meeting of the reconnaissance permit holders, State Governments and concerned Ministries of the Central Government
was held on 6.10.2003 under the chairmanship of Secretary (Mines) to review the progress of Large Area Prospecting Licences
(LAPL) and Reconnaissance Permit (RP), and to remove the bottlenecks in the way of LAPL/RP holders in achieving their intended objective of exploration and identifying minerals and their development. To examine the changes in mining laws and procedures suggested in the meeting in detail, a committee was constituted under the chairmanship of the Additional Secretary (Mines). The Committee has since submitted its report and it is being considered

Chapter – 3
Mining Policy, Regulation and Conservation
Mining Law and Policy
3. 1 The Central Government can exercise power for regulation of mines and mineral development to the extent to which such
regulation and development under the control of the Union is declared by Parliament by law to be expedient in the public interest, as per Entry 54 of List-I of the Seventh Schedule to the Constitution of India. The State Governments on the other hand have been given powers under Entry-23 of List-II for regulation of mines and mineral development subject to the provisions of List-I with respect to regulation and develop-ment under the control of the Union. Parliament has enacted the Mines and Minerals (Development & Regulation) Act,1957 (MMDR Act, 1957) under Entry 54 of List - I to provide for the regulation of mines and development of minerals under control of the Union. Foreign equity holding is allowed upto 100% on the automatic route for all minerals except of diamond and precious stones for which the limit for automatic approval is 74% foreign equity.
3.2 In pursuance of the basic structural reforms initiated by the Government of India in July, 1991 in fiscal, industrial and trade
regimes, the National Mineral Policy was announced

Imac

I would agree with your comments. In fact one does not have to go along with the likes of Newcrest or Newmont who usually take juniors to town. There are mining conglomerates in India who would drill for potentially less than 40% considering the resource potential and prize for them

Intothedeep

The judge possibly could not defer for another 4 weeks as per Indian Law though need to check this out

Agree- that's precisely what he utters in his solo video. The Board I think want to play this quietly until everything is sealed