Member Info for Timmit

That's my take from it. It's surely easier to ask for additional scope to be added later once the licences are resolved rather than significant amendments causing a delay. I agree with SidR and I think they will get it (government also benefits...) but it's just the timing to get things started ASAP.

Agreed. As confirmed by MAFL announcement this morning it’s not guaranteed until signed but the prospect of 70% capex being funded without dilution is good for shareholders.

Both announced after hours. Up to $610M support on Cerrado projects and $190M on Ascendant's.

https://www.ascendantresources.com/English/Investors/press-releases/press-release-details/2023/Tender-Process-Oversubscribed-and-International-Bank-Selected-to-Act-as-Mandated-Lead-Arranger-for-Export-Credit-Agency-Supported-Non-recourse-Project-Financing-for-Its-Lagoa-Salgada-Project-in-Portugal/default.aspx

https://www.cerradogold.com/news/cerrado-gold-tender-process-oversubscribed-with-two-international-banks-selected-to-act-as-mandated-lead-arrangers-for-export-credit-agency-supported-non-recourse-project-financing-for-its-monte-do-ca/

He may have been including the option conversion....

Glad that the Lagoa Salgada option with Ascendant will be priced in the NAV to 30th September as the value of our holdings in Ascendant, Luca and Cerrado have dropped significantly over the last three months. We should still show an increase overall...

Also, in the interview that JV explained why they had to make that small raise to satisfy the Swiss Tax authorities I'm sure he said there were a few investors rather than just one...

I think that's a coincidence. The date they went over the threshold (according to the form at least) was yesterday. The form appeared 3 minutes after a trade of 166,667 shares. This amount would be enough to take them from under 3% to the 3.2%

Due negligence?

:-)

You know that JV doesn't live there, right? That's just where the company was incorporated...

He's as likely to pick up the phone in Canada/USA as he is in the UK.

Same on Cerrado Gold

https://www.cerradogold.com/news/cerrado-gold-enters-tender-phase-for-mandated-lead-arranger-for-its-export-credit-agency-supported-project-financing-at-its-monte-do-carmo-and-mont-soricer-projects/

The “drift back to 9p” bit…

I’d be surprised - there were mooted to be 11 RNS poised for release imminently and we’ve had 5 of them in just two days…

That refers to the price JV negotiated with Ascendant. It cost them warrants in Ascendant for a small delay. JV must have been asking for a lot more for a longer delay (as he should...). This is really Ascendant's problem more than MAFL's.

Agree totally with the interviewer style. He runs a family investment office and I prefer an interviewer who's prepared to say "what's that about?" like he did about the optimising software rather than just nod and smile...

I know the option is payable in cash but what about an agreed variance that a proportion of it could be paid in Ascendant shares. Ascendant market cap less than £14m so even 10% could be a growing stake for future years as resource is increased.

A gain on paper of 72% in less than 3 months…

Even at C$0.57 the warrants are now in the money by C$200k added to the C$1.25M profit. That profit is worth just over 2p per share….

He comes across as a real steady leader, focused on what needs to be done. Good communicator, I was impressed.

This Luca update from 4 days ago...

https://www.youtube.com/watch?v=XKOkAm0oCnE

Hi Justone, I was the other AGM attendee just over 9 months ago. I'm still in here and hoping for improvement...

Brief update from Mark Brennan about the potential UK Export Credit Agency Project Finance at Cerrado Gold

https://www.youtube.com/watch?v=uXvxCGwF6ps

Same is true of Cerrado Gold announced today - another tie up with the UK Export Credit Agency worth potentially up to US$610 million in Export Credit Agency ("ECA") support via long term ECA Project Finance to cover up to 70% of pre-production costs plus additional support to cover Interest During Construction and Insurance Premium Costs.

Looks like Mark Brennan is probably the common denominator in these as he's CEO/Chairman at both companies...

https://www.cerradogold.com/news/cerrado-gold-announces-potential-uk-export-credit-agency-support-for-project-finance-at-its-monte-do-carmo-and-mont-sorcier-projects/