Member Info for TrickyDicky2

Hi MD

They did and equity raise in 25/08/2020 that brought in £6.1m. They then got another £92,950 from a warrant exercise on 03/08/2020. Directors took shares worth £184,432 as part settle for fees on 15/10/2020 thus reducing outgoings (RY didn’t participate). They then received US$164,768 from the NRR loan deal on 14/01/2021 and a second one for US$161,206 on 01/04/2021. When NRR exercised their rights to buy back the CLN’s on 05/07/2021 Amur netted a US$1,467,019 profit together with the return of the original investment of US$4.67m

I haven’t checked what they had in the bank prior to 25/08/2020 but as I’m sure you can remember the annual accounts contained that “going concern” statement which implies the tank had nothing other than vapours prior to the £6.1m raise. When you consider all the other amounts raised in the interim; interest payments, sale proceeds, warrants exercised and the fact that some fees were paid in shares I’d expect them to have a minimum of £6m in the bank. There hasn’t been any work done at site, the assays have been done all they’ve done between 25/08/2020 and now is collate data and sit in their collective fingers waiting for better times. You can blame covid-19 for failing to make progress but still claim significant expense over the same period.

They should still have quite a bit of cash in the bank is the short answer.

TDT

I called them this morning in that very topic any they couldn’t answer why it doesn’t appear ( I have one for Horizonte so it clearly does work for some companies).

You have two options. Get a letter from them which will allowing you to attend the AGM and vote in person or give Interactive your voting preferences which is essentially a proxy vote. If you chose the latter there’s no guarantee that your vote will be registered/counted.

TDT

MadMat

"I would bet that secretly Robin hopes the deal is rejected."

That's exactly what I thought when I first read the terms of the deal. It couldn't have been set up to be more unpalatable if it tried. As for the break neck speed with which it's all being done, again agreed. It seems like it's being rushed in an attempt to force it through by default.

I think the best course of action for PIs intent on blocking this deal is to turn up at the AGM to vote in person.

TDT

GlobeNewswireMay 12, 2022 6:14 PM EDT
VANCOUVER, British Columbia, May 12, 2022 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”) is pleased to announce that its lending partner, Sprott Private Resource Lending II (Collector), LP (“Sprott”) has agreed to extend the period wherein it will waive any existing defaults under its Credit Agreement, Stream Purchase Agreement, and Production Payment Agreement with the Company (“Waiver Period”) from May 15, 2022 to May 23, 2022. The details of the Waiver Period and other terms of the Company’s agreement with Sprott are included in the Company’s press release dated April 22, 2022

Lowbands

Instead of spewing out a load of bile and invective why don't you have a go at listing out what you think they could have done better? Before you go off on one about them selling or doing a JV keep in mind that until about 18 months ago the price of nickel was so low that KM would not have been viable. I'm sure the covid-19 crisis didn't pass you by nor the impact it had and unless you've been living in a cave somewhere the Ukraine war as well. Also give a bit of thought to what Tom Bowens managed to get when he sold Malmyzh to Russian Copper, a project much bigger than Kun Manie with none of the access or power problems. Then go trawl the net for other western owned project that have been sold in Russia, in particular ones sold before covid-19/Ukraine and come back to me with a list what you think are examples of what RY could have/should have been able to match. Of course you won't because you can't.

Pointing the finger when something hasn't gone the way you want is common practise amongst PIs. We all think we could have done it better, or at least some of us do. That's no defence of Robin Young because this really isn't about him, its about the jurisdiction, the remote location, the depressed nature until recently of the nickel market, the $1B price tag to get things moving and all of that's before covid-19 and the war in Ukraine.

I'm ****ed off that I'm not going to make what I hoped. I don't like the terms of the deal on offer either but it is what it is.

TDT

Lowbands

"I’m personally hoping Robin doesn’t live long enough to enjoy a single penny of my money."

I will watch with interest you telling Robin your thoughts at the AGM. I presume you'll be the one wearing the crash helmet and running shoes.

TDT

Geng

Agreed.

TDT

Lowbands

Well at least you now have the opportunity to tell him that to his face.

TDT

MadMat

Very true although I don't think anybody expected Kun Manie to be sold on HP. $105m in one slug would help sweeten the bitter disappointment but this current arrangement with all its if's and but's and maybe's is a bit of a nonsense. The best we can hope for from today's RNS is that it flushes out another interested party although I have a feeling there's a bit of grasping at straws with that.

TDT

ShadowLess@12.46

A rational and pragmatic post of which, today, there hasn't been many.

TDT

"So it's worth 7p a share then?"

No. Its worth 6p. $105m is bout $85m but there's 1,441,664,541 fully diluted shares outstanding. They're only proposing paying out $60m to investors which is about £49m so that's about 3.5p per share. I don't see this going much above 3.0p today if that. The news obviously slipped out last week hence the rise so the insiders will be selling into any uplift in the share price today.

TDT

ART123 came close to getting it right on Sunday at 07.38.

The one intriguing thing for me is the proposed sale price. Its the same as the figure being discussed prior to the war in Ukrinse starting so it doesn't look like that has affected what the buyer was prepared to pay. Its the payment terms that's the problem. £85m in one chunk, no strings attached, is one thing but payments being strung out into the next decade! That's just pizzing on what is already a pizz awful deal.

They're going to struggle to get this one approved by investors.

TDT

Davethedumplin

Not particularly, no.

TDT

It seems you can get a solid state LFP battery.

https://www.quantumscape.com/resources/blog/lithium-iron-phosphate-on-the-quantumscape-solid-state-lithium-metal-platform/

TDT

A solid state battery merely swaps the liquid electrolyte for a solid one. This can be done in existing battery plants with a little re-tooling and tweaking. The materials in solid-state batteries would largely mirror those used in conventional lithium-ion battery cathodes, such as nickel, cobalt, manganese, iron and aluminium. It only gets problematic for the likes of Amur with the rolling out of sodium ion batteries because they don’t use any nickel at all.

I haven’t seen anything that suggests LFP batteries might eventually swap the liquid lithium electrolyte for a solid electrolyte but I would that thought that an option.

We’re just at the start of the transition to EVs so I think it fairly safe to assume that battery chemistries 5/10 year from now will be quite a bit different to what’s used today.

TDT

I think 9p tomorrow might be the floor.

TDT

ART

At the moment nobody is going to be selling anything in Russia. As for starting again with new management on a new project I very much doubt there’s the appetite for that amongst PIs. On top of that how easy do you think it would be finding a new project?

We need everything in the Ukraine to normalise and we have to hope that when it does nickel is still an EV battery critical metal.

TDT

mjb606

Fair point hence the ferro nickel reference in the original post. NPI or ferro nickel, no matter which one you produce your market is going to be stainless steel.

The issue, however, is what A1 and A2 will be prdoucing is not suitable for use in batteries and Vermelho is a good 5 years away from producing anything that might be. At this stage in the game its the stainless steel market that's important for Horizonte. It's anybody's guess what the metals in an EV battery will be 5 years from now. At least Vermelho has the fall back position of producing nickel for the stainless steel market if EVs have moved on in the interim.

TDT

Mullins58

That's a Class 1 nickel sulphide story that's not really directly relevent to HZM. 5 years from now HZM might be producing Class 1 nickel or at least a nickel intermediate but at the moment its NPI or ferro nickel if you prefer that's on the horizon for us and that's the stainless steel market. It would be more relevant to keep a close eye on that sector going forward.

TDT

The PI gets zhat upon from a great height yet again.

TDT