Member Info for TrickyDicky2

"One potential concern is that if the Ni price gets too high there will be powerful I'm encentives to seek other supplies or to reduce demand"

That's already happening. LFP batteries are the dominant type in the Chinese EV market and are becoming increasingly accepted elsewhere. The last time we saw a spike in the price of nickel we saw a move from 316 to 304 and then from 304 to 200 series stainless so yes I agree a run away nickel price is not good for anybody in the long term. The recent spike, however, has been short-lived and there appears to be a gradual deflating back down to a more sensible and sustainable level at the moment. Is this due to restricted supply coming out of Russia being offset by a slow down in China's economy? Russia's nickel supply is almost exclusively Class 1 whereas China's nickel consumption is predominantly Class 2 so that complicates things somewhat.

Which ever way you look at it there's never a dull moment with nickel.

TDT

Ant1986

Echo that.

TDT

mjb606

You can't help but wonder, sometimes, what its going to take to get this moving. When you compare Horizonte to an empty vessel like Eurasia with a similar market cap it does leave you wondering. What other junior explorer is out there with clearerly defined resource and reserve statements on huge high grade deposits of a metal that's in high demand with completed engineering studies that's fully permitted with all the finance tied up and in place and II's on the share register to die for. And that's before you get into the safe jurisdiction, adjacent infrastructure, ESG compliant issues. It just doesn't make an awful lot of sense sometimes but then again that's the market for you.

It's still only 08.45 so plenty of time to get going.

TDT

Yippee!

At last. If that doesn't move the dial, at least a little bit, nothing will.

TDT

.....almost 36 hours after the news was first released. Doesn't really inspire confidence does it.

TDT

There is nothing on Rumours that even comes remotely close.

https://www.youtube.com/watch?v=kTvKaLW5bu8

TDT

They were never the same after Peter Green left.

TDT

Littlepost

If you're logged into TSX Venture Exchange you'll get the notification but they're suppose to announce in all markets they're listed on at the same time and not reply on people here in the UK picking on what's announced on the TSX.

Unless I'm very much mistaken they still haven't published here and that is a consistent failing with Pure. It's almost as if they've forgotten they are listed in the UK.

TDT

The fist payment gets used to buy another project, the next payment gets used to pay expenses, salaries, maintain the listing and a little bit of exploration work over several intervening years until the $50m of the third payment is made which is now worth about $45m several years hence due to inflation. They then argue it needs to be retained to progress the new project. Or at least that's what I "anticipate".

I don't see much if anything at all being distributed to PIs because that's how this payment structure appears to have been arranged.

Also what happens if they can't find another project to buy within 6 months? Will that put pressure on them to buy any old tat just to keep the listing. What a cluster feck this all is.

TDT

....."anticipated" and "portions of".........

TDT

There should have been an RNS first thing this morning but as usual the Canuks couldn't be arzed.

TDT

Gold Production

Gold production for the quarter ended March 31, 2022 was 6,653 ounces
Gold sold for the quarter ended March 31, 2022 was 7,876 ounces
Processing

For the first quarter ended March 31, 2022, the PureGold Mine processed a total of 50,892 tonnes of ore, or an average of 570 tpd, at an average head grade of 4.27 grams of gold per tonne of ore (“ g/t Au ”) and achieved an average recovery of 95.2%.
The main operating units in the mill and process facility are performing as expected. During the quarter, the Company completed upgrades for the gravity circuit which is expected to increase gravity recovery by 10-15% and overall gold recoveries by 1-2% to 96-97% from 95%. The upgrades are also expected to reduce operating costs by reducing cyanide dosages (consumption) in leaching, carbon in carbon-in-pulp (“ CIP ”), and metabisulfite/copper sulfate in the detox circuit.
The regulatory process to increase the permitted mill capacity to 1,000 tpd is well advanced, and expected to be completed in Q4 2022.

Mining

For the first quarter ended March 31, 2022, a total of 44,716 tonnes of ore were mined from the PureGold Mine, or an average of 497 tpd.
During Q1 2022, several new initiatives were launched which are expected to improve stope access and ultimately result in increased ore throughput, improved grades, and reduced costs in 2022. These initiatives include faster sill development to expedite access to higher grade stopes by developing sills faster, by taking longer rounds and improving definition drilling and grade control procedures. Definition drilling remains a key component in the plan to improve both ore production and grade. The Company significantly increased its definition drilling program in Q4 2021, the positive impacts of which are expected to positively impact short-term mine plans and production beginning in the second quarter of 2022. Finally, in support of an updated life of mine plan, significant data has been gathered with respect to 2021 grade control sampling and work is underway to compile and reconcile this data with the Company’s Mineral Resource and Mineral Reserve models and with mill production. Together, these changes are expected to drive sustainable increases in both ore throughput and head grade, and will be implemented progressively throughout 2022.

This is what you need to focus on, from the RNS.

US$15 million upon Completion of the Transaction (to occur within 60 days of signing the SPA);
US$10 million within 12 months of the date of the SPA; and
US$50 million within 48 months of the date of the SPA.

"The Company intends to use the proceeds from the payment obtained on Completion for an acquisition via a reverse takeover within six months of Completion. Funds from the Completion payment will be utilised to evaluate and acquire one or more projects located in mining friendly jurisdictions. It is anticipated that portions of the second and third payments (totaling US$60 million) will be paid as dividends to the shareholders."

The first payment will go on buying another project so nothing for PIs from that.

What do you think this open ended statement means:-

"It is anticipated that portions of the second and third payments (totalling US$60 million) will be paid as dividends to the shareholders."

"Anticipated" and "portions of" could mean all of the $60m or none of it. There is no firm commitment to distribute anything to PIs. It's only "anticipated" that you'll get a "portion". You are being asked to trust that the BOD will put your interests before their own because let's face it after they've spent the first $15m on buying something else they're going to need the next $10m to keep the show on the road until the next payment is made. What will $50m be worth 4 years from now and who's to say the "portion" they "anticipate" paying PIs will be anywhere near $50m?

Let Spiv make an offer for the whole company, $105m where Amur get's wound up and the whole proceeds of the sale distributed to share holders.

TDT

If you look at the way this deal has been structured and the woolly wording around payment I think PIs will be lucky to get anything from this if the yes camp prevails.

The BOD recommended voting for the Crede deal several years ago and that was rejected. I don't think there's anybody on here who now thinks that was the wrong decision.

TDT

Geng

They could try forcing it though on a show of hands in the room on the day. That's why it's so important for people who are against this disposal to turn up. As for them relying on votes cast I'd guess Amur to have been a minimum 90%+ PI held stock. Sure somebody has been accumulating but if you add what they might have been able to acquire since the last update together with what the BOD hold I'd be surprised if they could muster more than 15%. If PIs are really intent on stopping this deal they are more than able to do so. All they need to do is vote.

With the decision being scheduled for the 25th. we are unlikely to ever get another holdings update. If somebody is continuing to buy up shares then there should be a whole series of TR1s. If it is being done surreptitiously then the BOD should be taking action if they are acting in concert and should, theoretically, cancel their voting rights. This could get awfully messy, especially if PIs are determined to see this played with a straight bat.

TDT

I very much doubt that whatever happens with EUA will be of any relevance to Amur.

TDT

You never accept the first offer.

TDT

Geng

If your shares are in a nominee account all you need is a letter from them to attend.

MD

I’ve seen a resolution carried in the room on a show of hands before although on such a controversial issue as this I think it unlikely.

TDT

Hi Geng/Sasa43

As you know I think somebody has been accumulating for several months now but I'd be surprised if they have much more than 5% of the shares in issue. Apart from that I'm not clear on what the requirement is for disposal of an asset. Disposing of the whole list company is different to the company remaining listed but selling some or all of what it owns. I think for an asset disposal is merely a majority of those voting. Having said that I think they'll try and push this through on a show of hands in the room on the day. Safest way to make sure this doesn't happen is to turn up on the day.

TDT

Hi MD

The £6m or so in the bank is, of course, the position now and not the position post any deal since there wouldn't be any fees or taxes associates with a disposal since there wouldn't be a disposal. What that means in terms of how long they can keep going before the tank runs dry is isn't entirely clear at this point. Some serious pruning of both salaries and non-execs would make it last longer but of course you are asking the proverbial turkeys to vote for Christmas and that's not likely.

TDT

Sorry, that should be:-

"You can blame covid-19 for failing to make progress but you can't then still claim significant expense over the same period."

TDT