Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Anybody got anything on this announcement?
No it does not - only if they decide to 'dispose' of the asset within 5 years of making a decision to mine - clause 4 to which clause 5 links.
@JAllis - why would they do nothing for 5 years? There has been numerous mentions of JVs, partnerships being considered. As each milestone towards production is reached, the risk reduces, making UFO's projects more attractive to potential partners. In the latest funding agreement, the BoD were very careful to not allow the lender to garner more than 30% of the company's shares. Why? Because the lender could or would be required to initiate a buy-out as per AIM rules. You should be more concerned with what the BoD decides to do with IOCA - no necessity to put to shareholder vote according to the company's articles of association.
It only becomes an issue should UFO decide to 'dispose' of the assets. With such a performance payment hanging over a disposal, it is much easier to keep hold of the assets for 5 years. It has a mining licence for 21 years, enough of an encouragement not to dispose.
The news many of us have been waiting for and sells outnumber buys by 50%. You couldn't make this s**t up. Almost every time UFO releases positive news, there is a concerted effort to stop any meaningful increase in the SP. It increased more this week on no news.
@5x5Croire - I assume from that statement that you have not registered at the WA Mining website:
https://emits.dmp.wa.gov.au/emits/enquiry/home2.xhtml
I have - it's there in black and white
@stevebt - it's on the WA mining titles website - status on licence application was updated today from 'pending' to 'granted', for an initial period of 21 years. Why there has not been an RNS is anybody's guess but we are all familiar with the clowns running #UFO
00:00:00 hours on 18/04/2024
M47/1633 - Has been updated from pending to live - granted for 21 years
There are definitely new exploration applications been submitted according to the WA Mineral Titles website - all within the last few days - E47/5157, E47/5158 and E47/5158. Not sure of the significance or if it is purely housekeeping.
Are not UFO's headquarters in London?
I see that referral under NTA for E 47/5001 was completed on 26/03/2024 - a little bit of progress. Just need the planning objection by BHP et al to be sorted
Are we sure that Max111 hasn't hacked Goingtomoonufo's account?
"The Company intends to start civil and site works immediately after Native Title is received in parallel to the grant of the mining licence. " - well, that has not happened so another example of UFO bulls**t to pretend to investors that all is well. Just like being shovel ready 2023, just like the appointment of a CEO early 2024 - there's a theme here. Not entirely convinced by the enthusiam on display in that most recent interview.
Thank you, Hindesight, I'm more concerned that on the mining website the NTA agreement is still pending even though its agreement was announced in mid-December. Is this because the self-reported historical issues are more serious than the company have us believe? My understanding is that NTA has to be cleared before any mining licence is approved so are we any really further forward than we were before the RNS announcement of 14th December? It does not appear so at this stage.
@Max111 - I have heard numerous declarations by numerous UFO Board members over the years and very few, if any, have materialised in the timelines of those declarations. The heresay of the non-executive chairman means jack s**t when he can't even get correct his own official proclamations over the appointment of a CEO and the EMT. There's been one RNS this year which turned out to be the 'Emperor's new clothes'. We all expected a DFS and got a development study - as always with UFO - so close yet still so far away. On top of that, we learn that UFO has had to report itself for breaches of regulations and the mining licence is nowhere on the horizon. By your own example, we should have had it weeks ago. If something looks like s**t, smells like s**t, then there's a good chance it's a pile of s**t. I remain a disgruntled shareholder.
@Max111 - on what evidence are you basing 'coming any day' for the mining licence? M47/1633 still has KNAC as pending even though it was supposedly all sorted a few months back - the position has not changed for months.
@Max111 - "Doesn't take much to get UFO moving." Although it does seem to be beyond the capabilities of the current circus, sorry, Board.
They have to report it, @wentsland, because it is information that could have a material effect on the share price of the company and on decisions by investors on whether to buy, hold or sell shares. I'm surprised it took so long to be reported.
I admire your positivity @Max111 but I think you are stating to border on the delusional. What is stated during an interview means jack s**t compared to a regulatory RNS announcement. UFO has so completely f****d up since its announcement of 27th December that it's easy to ask "Why should believe any thing that comes out of the mouth of a representative of UFO?" To state on 27th "The Company expects to make an announcement in the coming week about the new executive management team, who are expected to commence in early January 2024." is mindoboggling incompetence especially given the almost total silence since.