Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
No cap on China's steel output this year leading to higher iron ore prices. No doubt some short covering involved.
https://www.ft.com/content/b47c78f6-f618-4af6-9a51-ec4869ddc67a
What to expect next:
1. Native title agreement.
2. Mining permit from DMIRS.
3. Sirius extension resource upgrade.
4. Definitive Feasibility Study. (DFS)
5. DSO Offtake agreement and funding packages.
6. Decision to mine.
7. Commencement of pre-mining works.
No normbeef, IOCA have already agreed the heritage rules going forward in a previous RNS, which I am not going to dig out for you. They don't have to survey the entire license areas up front, only prior to significant work commences.
Goingtomoonufo, we will not need another placing because once we have a mining permit and DFS is completed UFO can agree CAPEX funding, which will be a combination of funding by the offtake partner and loans from financial institutions.
Unclejim, the MoU expires 1st Oct 2024. It is just a contingency and the actual agreement will likely replace it well before that date.
No, the reason for setting up IOCA was to make it more straightforward in the case of a joint venture or spin off. Its a very common strategy in exploration and mining.
The £2 million in cash UFO currently has will last well into next year. Don't forget there is no expenditure on actual exploration now, just running costs, general running costs and administration fees. Payment for DFS, etc. will be rolled up into the funding packages following decision to mine.
My understanding regarding a performance payment to Winfield in that the whole deal was renegotiated and there is no performance payment in the new deal.
Tangodog1024,
Why don't you read the RNS notices released subsequent to that?
The option to acquire an additional 39% was executed and the shares issued long ago. There is nothing else to do relating to that transaction.
So, 5p would mean a mcap of well over £300m - that will come after a few years of expanding iron ore production and advanced development of Munni Munni. It's totally realistic in the next 2-3 years.
ReddyP, the important point about performance rights is the the recipient does not own the right to take advantage of those shares or options during the "vesting" period. In this case the vesting period lasts until Dec 24. There will be no new shares issued as a result of performance rights until then.
That's right, napthman1. A lot of positive developments have occurred, but the market hasn't noticed yet - they will soon.
Chris2, it's much more likely that you will miss your chance to invest and be forced to watch from the sidelines and sulk, as everyone else is making huge profits.
Unclejim, the funding could easily be a loan from whoever UFO signs an offtake agreement with. There would be many institutions willing to load £5million or so. There are many possibilities and a placing is the least likely.
Chrisatbirdies, don't just make stuff up. It doesn't take another 3 months after native title. Fenix Resources got the mining proposal approved by DMIRS and then the native title afterwards, all in the same month.
The shares are already registered with the London Stock Exchange. What are you talking about?
So 12Roses, do you think UFO will be a £12m mcap company when DSO is being shipped, or do you think it will be closer to £100m mcap? I think the latter must be right.
Cjmorley, obviously they haven't got around to updating the website yet.
Key agreements, approvals and permits could arrive anytime between now and the end of the year. The new presentation timelines are likely to be conservative estimates.
Metal detector, why do you care how many shares are in issue if the SP gets to 1p. The market cap will be a lot more than £75m once in Hanc0ck is in production and other assets are being progressed.