Member Info for slowlyslowly

The 79th Group is currently being investigated for criminal activity, so we must not comment to say they are guilty of anything. Innocent until proven guilty. But that funding deal did not work out, that is true. Happily, those shares have all found sticky new hands.

Nobody was saying that the expected deposit some would be in the millions. Simply that the whole deal could be. And, if they get the $6m minimum, that is indeed in the millions and very good indeed.

Be careful bringing the 79th Group into it. You seem to imply that nGRND is a shady operation, bordering on alleged criminality. Unless you have evidence for that, take care. You're bordering on libel.

We have no reason to suspect that both parties of this deal will do anything other than do what they've agreed to in a binding contract.

They haven't yet got transformational cash. But they will soon. The legal papers are signed.

I'd love to know what motivates you to spend time on here being so negative and suspicious, casting aspersions on two different businesses, given you apparently don't own shares here.

Restorationalist you are being deliberately obtuse. You have a deliberate wish to make this look bad, for reasons of your own.

The deposit is $160k. The intention is to buy 77k oz of gold at $138, adjusted as the gold price moves. The binding minimum is 60% of that over the first 12 months. But looking at nGRND's website and PR, they're marketing this heavily their end and are clearly not expecting it to take 12 months to fulfil. Indeed, it looks like FCM is their first actual deal with a mining licensee. I'm sure other junior explorers will follow suit, but for now if they get the level of take-up their intensive marketing has suggested they expect, FCM's resource will get soaked up quickly. What a thing to be the first cab off the rank.

That's what's transformational. Not the deposit.

But that's obvious to you and to everyone. Nobody thinks the deposit is the reason why Marc is calling it transformational. That's just obtuse, as I say.

Yep, I reckon Fourprinces is spot on. Indigo have 7.8m warrants at 3.18p issued to them on 12th November. I was fully expecting them to use this news to rinse those through. As Fourprinces just said, they're making fast work of that.

The good thing is that there's loads of buying demand to soak that up. Clear the warrant shares, and the buyers are unimpeded.

Multiplier, ask yourself: What makes someone so angry to see a company they're not invested in doing well that they go to the trouble of creating an account here, and then spend valuable time ranting about it, rather than just (say) getting in a round of golf.

Now you're just making stuff up. Nowhere does it say that they can't sell tokens until 8th. The downpayment you despise is actually about 75% of what FCM paid to buy Kerrs. Not so bad when you put it that way.

But as I say, you clearly have an axe to grind. This seems personal to you. None of your comments are about whether FCM have done any good or not. It's just that you are clearly determined to rubbish them in public because of your own beef with them.

This is an account that only registered on this site this month, and (other than a couple of other posts) has solely used their account to spout negativity about FCM. That suggests they created the account here in order to do just that. That, in turn, suggests this is someone with a bit of a grudge against FCM, some sour grapes from somewhere. No matter what good news the company announced, this person would find some way to latch onto the most negative angle, to try and distort any sentiment.

The deal is an absolute cracker. Would I have liked a larger initial payment? Yes, of course. But every development on this deal so far has confirmed this is the real deal and is all going through as it should do. IMO you'd have to have prejudiced reasons to conclude it's not exactly what it says it is.

Don't miss this bit:

“An additional bonus payment may be paid by nGRND to FCMC for any carbon, biodiversity and ESG attributes that are generated on the Property by nGRND and any specialist experts they engage. Importantly, the Agreement allows the Company to retain ownership of the underlying mineral asset and upside from approved future exploration.”

And watch Marc's video. They can prove up the ounces to indicated, and then nGRND have extra ounces to buy.

Bear in mind that the consideration paid for Kerrs was CAD$150k cash, and CAD$150k shares. That's a total of CAD$300k, about USD$211k. So they've just turned $211k into $10.64m. Not a bad return.

The market may be shut, but the RNS machine doesn't turn off until 6.30pm. Indeed, the company could get news the deal is closed any time after that and we'd discover it at 7am tomorrow morning. Remember a lot of their operations are based in Canada, and June has 12½ hours to run still in Canada.

Restorationalist, I take it you haven't followed the advice given by Urban Racer a few posts back, and actually taken the time to watch the material nGRND have put out in which they explain how they price the gold they buy to back their tokens.

People here aren't just pulling numbers out of thin air, "I am hoping for £Xm cash". They're doing the sums based on information in the public domain.

If there's anyone drawing conclusions out of thin air, I'd suggest it's you.

They tell you exactly where it is: https://hemlomining.com/news/hemlo-mining-corp-intersects-16-1-gt-au-over-8-1-metres-in-newly-interpreted-south-rim-zone-adjacent-to-active-mining-in-c-zone

What colour of the rainbow comes between blue and violet?

What did you just call me? :-)

And we're now clear that both equity and debt finance are binding, the equity is being drawn first (a process that's begun) but in stages to minimise FX risks. That answers that question.

One ounce of silver for every two of gold is a happy bonus I wasn't expecting.

Darren, development time has always been two years, and it remains two today. 2026+2 and all that

They've activated the contract with Lyco. You don't sign the contract to commit to paying your biggest contractor for their part unless you know the funding is over the line.

RNS 20th October

@Magic-orb no, but you need to read that against the backdrop of the RNS of 20th October, as I explained at greater length in my earlier reply to you.

@Magic-orb It's like walking forwards - each leg has to take a turn.

The equity funding partners would not put in project level equity unless they knew that the debt was in place so that their equity would be sufficient to fund the project to production. So they did the debt first. The RNS on 20th October told us that: “Debt capital signed: The co-lenders and KEFI have signed the US$240 million debt offering.”

The debt won't lend the company money until they know that the equity portion has been raised, otherwise they're lending against a project that won't fly, and they risk losing their loan. So they close the equity before they can draw down the debt.

We’re now told that it's standard to draw down the equity first, and then the debt. So that's going to be happening so they can start work this year as promised.

The conditions that still need to be met are the conditions for drawing down the debt, which will be done during H1 2026, so that before the equity funds are all spent they can have access to the debt funding and keep building the mine.

@Robjm66 - absolutely, because in Ethiopia one key requirement is the goodwill of people on the ground, whether that's politicians at all levels or the local people in the areas around the mine. By giving them a stake, they're all on the side of this succeeding.