Member Info for Sharetrader123

Dr exactly. If the asset was not going anywhere then you would not be seeing all this fuss and as you say Agnico have more or less revealed their hand in relation to where they think this is going.

Impecunious2, I may be way off the mark but something is not stacking up here. Brad is now on record basically saying they did it wrong regarding the latest assays and Brad further stated he was at odds as to why they would do this.
The other issue that is bothering me is a while back,Brad stated that he was not going to sign the agreement unless the partners fully released all the data to him. It's strange that so far there is no indication from Brad that he is now in possession of it and if not then he could have used this as further justification for the delay.
I am still of the opinion that because Brad thinks there is a case for redrilling, if we did so then my gut feeling is that some of the samples might produce rather encouraging results.
Also it appears that the suspension of drilling has come out of the blue and has come as a bit of a surprise to Brad. There were one or two occasions during the Q and A when Brad displayed signs of frustration with the partners so I suppose. we have no choice to see how it plays out.

I may be way out on this but...
Brad first tells the partners they are drilling in the wrong direction and is ignored.
The partners forge ahead regardless waste time and lots of cash and don't really find anything (as predicted by Brad)
Brad then comments that they need to drill from a different direction and then the partners decide totally out of the blue to suspend drilling and lay off the workforce so the holes cannot be redrilled.
I find it hard to believe that the biggest miners in the world would get it so wrong which makes you think was it done on purpose? I would have thought that if the assays had revealed a vast find then the data would have been released now possibly giving OMI a more advantageous position prior to signing on the dotted line. I'm just putting it out there as a few things don't seem to be adding up here.

Wolfy ******.

Yelacoirii I agree with your analysis. Although the SP is weak at present I'm sure this will change dramatically in the next 2 years when hopefully the whole sector improves and gold prices begin to rise. We must not forget that phase 2 will be fast tracked and the hole results should come a lot quicker than previous. I'm sure by the time phase 2 finishes they would have unearthed some pretty amazing holes and if this turns out to be the case then phase 3 will be a formality and at that point the SP will be far in excess of where it is now and closer to some of the figures you have mentioned.

There's more good news coming for sure with possibly better results. Lifted from the RNS.
"It is encouraging therefore that further holes have confirmed this first result and we eagerly await results from better positioned holes that are currently underway to get a better sense of the scale of what appears a most exciting prospect."

I think we can safely say that these results remove any doubt about the JV being signed off.

Dr I think they pretty much know how good the other holes are but need it confirmed.

Seingred
What I expect from phase 2 is regular updates. If they are completing the programme in half the time then we should get double the news flow. The fact that the partners have already overspent and continue to drill would indicate that they like what they are finding and have a hunger to keep at it. You can never predict what phase 2 will throw up but early indicators are looking good. What we can be sure of is that if they are hitting good grades then they are prepared to throw the kitchen sink at it and would have no issue in overspending if they see great potential.

Seingred
I don't agree that we are reasonably valued by the market at present. Our low mcap is a joke in my opinion considering all that we have going for us and the potential of phase 2 and 3 to follow. The depressed market has had a huge affect on most juniors thus masking our true market worth. I can't fault your strategy of lowering the average which is always a wise tactic especially on AIM stocks. We have endured many things holding us back such as Covid and lack of regular updates but I'm confident all this will change with the commitment to complete phase 2 in half the time. The SP will build as phase 2 reveals itself and will build further when there is a commitment to progress to phase 3. If the timings work out in relation to a big run on gold then I'm sure the SP will easily surpass previous highs. As you say we all have our strategies but good luck to all.

Rob I have always maintained that the fact the partners are suggesting completing phase 2 in half the time tells us all we really need to Know.

Seingred why is it more sensible listening to predictions of sub 10p opposed to 50p?
We all know the SP is artificially low and we all know the reasons why. Just because we are in the 10s now does not mean we cannot reach 50p in an instant. This share has always had the capacity to double in a day which is even more likely now given our lowly position. There will come a time when will not retrace to these levels and even 50p will be a distant memory.

Seingred why is it more sensible listening to predictions of dub 10p opposed to 50p?
We all know the SP is artificially low and we all know the reasons why. Just because we are in the 10s now does not mean we cannot reach 50p in an instant. This share has always had the capacity to double in a day which is even more likely now given our lovely position. There will come a time when will not retrace to these levels and even 50p will be a distant memory.

Wolfy why you would gloat at the dwindling share price is beyond me. We are in unprecedented times and our SP is currently subjected to the current state of depressed world markets rather than being a reflection of our current healthy position in the junior sector. Let's be honest here, It's the current state of the economy responsible for our decline and nothing else. So you had a lucky guess wow.
Most positive posters were not so concerned of your predictions of a fall but the fact you were failing to recognise that the SP could not break out towards the end of the year which cannot be ruled out. It's easy to predict gloom in gloomy times and always remember even a stopped clock is right twice a day.

Seingred, it was Brad who suggested we were about 2 years behind GGP but that was in the days of Covid which with that and a few other delays washed timescales off the map. Brad is not renowned for over egging a situation and after all he is a geologist and well qualified to make comparisons in his specialist field of knowledge, certainly more than most posters on these boards. When Brad uses words such as transformational and once in a lifetime find then he must think that we have something special here and by the looks of our latest grades and phase 2 confirmation, I see nothing to suggest otherwise. There are plus points and minus points of being in a JV and being fully funded and a typical example of this is the GGP share price suffering because they have to stump up everytime their partners Newcrest want a push to their drilling campaign causing GGP to do a raise which directly affects the share price. I'm confident we will see our own SP moving north soon so strap yourself in and enjoy the ride.

Seingred, I have been reading some of your posts with interest. I can see you are on the cautious side in most posts and there is nothing wrong with that as it all adds to the balance of the debate. My own personal view is that I do think we are capable of doing a GGP and that's why I continue to hold and have not sold a single share. We are not guaranteed to do a GGP granted but I cannot think of many juniors who have the same potential. Everything is currently in our favour, the low mcap, mining in a proven postcode, cash in the bank, 2 majors who are fully committed, a balanced portfolio and other JVs with low cash burn. We may also get a leg up when the price of Gold recovers and we might be in the right place at the right time when that happens. I also think that anything under 50p is cheap and I would quantify that by the fact that when we last hit the forties it was built on a lot of hype and we were no where near in the stable balanced position we find ourselves in now so we should have the potential to push past previous levels. What I do see is a lot of frustration here because we are not currently flying but we must remember that GGP did not rocket overnight and in fact started to rise in December 2019 and took almost a year to reach its peak.

PS,, the fact I last posted in July is irrelevant. You state that the tax bill is bigger than our market cap but only as it stands and could be appealed and downgraded or disappear altogether. My theory here (right or wrong) is that the higher up the appeal system it goes then the bigger the headlines it will attract and it's not something the Moroccan government would want to promote given that they are trying desperately to attract companies to develop the gas infrastructure. Saying that, if the bill is due then it's due and beyond everyone's control but I am comforted somewhat in the knowledge that someone as prudent as Graham is currently dealing with the situation.

This tax issue is a blow however it's not cast in stone yet. There is still an appeals process where it may be reduced or go away but worse case is it will have to be paid. Will the company have to do a raise? possibly, or can the money be raised by a farm out then possibly or can any amounts owed be paid over a longer period then again all possible.
We should not direct anger here at Graham as he has done a very good job and we must remember that he did inherit the problem from the previous board. Whatever happens I'm glad that Graham is here to steer us past this and hopefully on to better things.

28jaczar01 Thanks for the information.

No worries Wolfy. I can see you are more of a deramper preferring to look on the downside but each to their own. I'm sure the fish will chip in shortly to complete the misery.