Member Info for stephen_pearce

I would refer you to the 24 July 2019 RNS which contains a comprehensive update on Mambare...

"Mambare Nickel-Cobalt Project - Papua New Guinea

The Mambare nickel project is the Company's largest historic project, and one which saw the majority of the Company's focus and expenditure prior to 2017. Regency currently holds a 50% interest in the project through a stake in Oro Nickel Vanuatu ("ONV"), which owns 100% of the operating entity, Oro Nickel Ltd ("ONL"). The Company's partner in the project, originally called Direct Nickel Pty Ltd ("DNI"), has recently been supplanted by Battery Metals Pty Ltd ("BMA"). BMA has signed an agreement with the Company by which it has been substituted for DNI as a member of all agreements previously in place. BMA has further assumed all obligations of DNI including those that had arisen prior to the effective date and is owned and operated by former members of DNI.



The Mambare project sits on licence EL1390 and, as previously announced, contains a JORC Indicated and Inferred Mineral Resource Estimate of 162.5m tonnes at 0.94% Ni and 0.09% Co. With only 3% of the 80 square kilometre (km) main plateau target tested by drill to date, the joint venture partners have long indicated the project's potential to be a large nickel laterite deposit with by-product credits in the form of cobalt.



Currently, the ONL JV awaits renewal of its exploration licences for Mambare, having recently renewed for the prior two-year period June 2017 to June 2019, only in Q2 2019. A work programme was put forward for the 2019-20 programme to the Mineral Resources Authority ("MRA") in Papua New Guinea.



Current plans sent to the MRA include a revised ground penetrating radar ("GPR") work programme, estimated to complete in the second half of 2019. To date, track and road clearing to support this effort has been largely completed with some bank cutting remaining. Spot gravelling and stump removal is scheduled for later this summer utilising heavier earth moving and bulldozer equipment. The two existing exploration camps have been put in good order and additional telecoms equipment is being installed.



GPR walking is now, subject to JV funding, scheduled to start by September, with proposals from Canadian service providers under consideration. The ONV JV's environmental permit has been released by the PNG Cultural Department, so the Commonwealth Environment Protection Agency ("CEPA") environmental assessment team has recently begun work on site at the project.



Given the recent recovery in nickel prices, the JV partners will seek to convert the current exploration licence to a mining licence based on a direct shipping ore ("DSO") operation plan presently in development. Proposals call for a DSO operation exporting a minimum of 1.2m wet tonnes of laterite a year as an alternative to a much more complex local processing operation that might require over $1bn in capital expenditure.

RGM have made announcements about the coal, and Mambare.

Coal is now "non core" RGM won't invest any more money, nor do they owe any money.

Mambare licence, as you full well know, is renewed every 2 years retrospectively. A quirk of the PNG system, you also know that Mambare will shortly be applying for a mining licence, which negates the need to renew every 2 years.

But, you already know this, just trying to create rumour where there is non.

Not to start with. JP buys the debt, presumably at a discount from YA/ RF.

Remains to be seen whether that debt is converted into something else later on.

Point is, the debt is in company hands, not distressed sellers etc.

2 reasons..

Better for the company going forward to be debt free, and he gets his stake in RGM that way.

It makes perfect sense

The remaining debt of £729k will be purchased by the Chairman's own company, meaning RGM will effectively be debt free.

It what JP does, look at his more recent deal in NUOG too. C4 Energy took out the old debt there.

As for Mambare..... :):):)

Welcome James Parsons.

RGM effectively debt free once James' group acquire the residual.

Been a painful few years, but the company has reset and never been stronger than it is now.

Very happy with this deal.

Nuff said

Got there in the end

Now, we move onwards

I wholeheartedly support AB's venture into politics

I'm even willing to make the sacrifice that he'll be too busy to be involved in RGM business.

Oh well....

They ought to be camping outside Legacy Hill's offices

Blimey

So only 7 days after the new 50% owner of the site invests $750k , Carraigbarre Capital Limited.

No Colin, no liability to RGM as shareholders in Omega

And, did you find what/ if DNi are up to at the moment?

Like I said, have a look at DNi

Probably the better direction to go in your research

DNi are most definitely not dead. I'm trying to lead a horse to water here.

Suhail

Do a bit of research on DNi, our JV partner at Mambare (in one form or another) and see what you come up with.

See, there you go again, not being able to understand simple English.

My comments to BooBoo were in response to his ascertain that RGM need £4m to remain a going concern. And I was pointing out the difference to what is an actual liability versus something "owed"

The more interesting part from the Jan 14 RNS, was the mention of paying some fee in cash to YA/ Riverfort when the company NEXT raises cash.

Then, the apparent default notice and 2 conversions when RGM hadn't missed any payment.

Obviously it's pure coincidence this happened around the time of the GM's

Booby

You claimed RGM needed £4m to remain a going concern, which is grossly incorrect

The 14 Jan element isn't repayable in cash, instead at a fixed price some 550% higher than the price now.

Albeit not to say that won't get reprofiled again, but nevertheless, that is as it stands now

Actually, while you're at it..

The 14 Jan CLN are different term to the original one, have yourself a look at those terms, fixed price at 0.42 conversion, not payable in cash

Wrong, wrong and wrong again

Read the RNS again.

I said there was a smaller PI CLN, but the bulk of the 676 in the 14 Jan was a reprofiling, the 676 is not on top of the original.

The RNS isn't that easy to read, but its all there, and you can work out how much was new money

Nope, not really.

Just prefer quotes from known/ reported info, not just speculation.

You guys seem to think I'm blindly following the pied pipper, throwing good money after bad..

It's the exact opposite, instead of filling my days bashing away on a keyboard for years, I'm actually trying to force the issue and get this company to become something useful !!

The appointments this week are a step in that process, more needed of course