Everything in mining is slow...14 May 2023 18:34
NB Nobody knows what is going on behind closed doors.......
Further to the proposal (the "Proposal") from the credible party (the "Buyer") on the potential asset sale announced via RNS on 12 May 2021, the Buyer has informed Eurasia in writing that it has successfully completed its due diligence.
As announced via RNS on 30 September 2021, since the receipt of the Proposal in May for the potential acquisition of substantially all of the Company's assets, additional interest from other parties is being considered by the Board.
It is the Board's intention to advance several options with advice from UBS, DLA Piper and other advisers.
1 A credible party (means UBS checked them out and had funds to buy) spent approx 5 months and a lot of money to successfully complete DD in middle of Covid times.
2 While "negotiating" with this party as to price, remembering it must have been in ball park of what BOD were looking for or they wouldn't have bothered if too far apart, the BOD were talking with other interested parties. Likely all sorts of options on the table.
3 Along comes a mad man and starts a war and slows everything up
Mining licences, DFS, JORC etc all notoriously slow in normal times. M & A, Buy outs in Mining the same. A complex one with foreign (BRICS) countries could take over a year in normal times. We get hit with Covid and next up Putin's ego war.
I don't believe for one minute that the credible party who spent so much time and money successfully doing DD has simply left the table. Neither the several other interested parties. They are simply biding their time, heads down like us. The world needs our PGM's, Russia will need foreign investment back to rebuild economy. The West WILL allow this.
Meanwhile, we keep mining, close to value unlocking DFS, stockpiling, advancing green credentials, massively cutting costs, cash in bank, NO DEBT.............Patience still required.....called INVESTING. GLA LTH