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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.
Peanuty, it's a shame you have no idea how the process works. Alien does not need the DFS to complete before agreeing the native title, getting permission to mine, sign a deal with AA. The DFS is purely about providing confidence to lenders for funding. The DFS should be completed by the end of this year, and by that time everything else should be in place for funding and decision to mine in H1 2024.
I think the Fenix Resources timeline of achievements may help as a rough guide to how Alien might progress. H1 2024 is achievable for Alien Metals.
Fenix timeline from 2029-21
Oct 2019 - Feasibility Study completed.
Apr 2020 - Mining proposal lodged.
Aug 2020 - Mining proposal approved by DMIRS.
Aug 2020 - Native title agreed.
Sep 2020 - Decision to mine.
Oct 2020 - Binding offtake agreement.
Oct 2020 - Mining contract signed.
Dec 2020 - Port access secured.
Feb 2021 - Maiden iron ore shipment.
I think the Fenix Resources timeline of achievements may help as a rough guide to how Alien might progress.
Fenix timeline from 2029-21
Oct 2019 - Feasibility Study completed.
Apr 2020 - Mining proposal lodged.
Aug 2020 - Mining proposal approved by DMIRS.
Aug 2020 - Native title agreed.
Sep 2020 - Decision to mine.
Oct 2020 - Binding offtake agreement.
Oct 2020 - Mining contract signed.
Dec 2020 - Port access secured.
Feb 2021 - Maiden iron ore shipment.
*may come back with a question
Cjmorley, yes and DMIRS come back with a question about it, but that's all par for the course.
Dip666.
"2/ why set december 2025 for han**** to be operational as a performance option for troy, seems overly generous to some or an indication that cy 2024 may not be a feasible target for some reason to achieve production?"
Alien has not set Dec 2025 for Hanc0ck to be operational. The reason performance rights are vested until the end of 2025 is to keep the chairman onboard well after the start of production. It's just a margin of safety by having the incentives in the right place.