Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Although if it's right that heads of terms are agreed first, and the exclusivity is for due diligence etc, then getting stronger in that period would be of no effect. A placing may be necessary to contribute further to costs, but I would expect that after the news of the JV when it could be done at a much stronger price. Better to be in a stronger position for any placing than to seek to posture during the exclusivity period.
I agree. Neither partner can make an offer only just better than a placing. If they do, they won't be the successful candidate. So they have to decide how much better an offer to make. They may consider gambling on a couple of factors better, but what if the other candidate offers a few factors better. It's the beauty of blind auctions.
Quite possibly - I used "we" in the PRD sense more than the PI sense. It raises a question as to whether we would need to know as something likely to affect the company significantly. Quite possibly not as its not an actual agreement, only an indication of an agreement.
That must be right, there are two candidates currently negotiating. In that period they will be setting out some form of outline/heads of terms as to what they expect to propose pending due diligence.
Out of those negotiations, PRD will choose one (from a successful candidate) to grant a sixty day period of exclusivity to run their checks and formalise their offer. Exclusivity would not make sense if more than one person had it either. However, at that stage, we ought to have an expectation of what the deal is likely to be pending due diligence and any last minute attempts to make modest changes to the framework, and agree more favourable specifics for the deal.
This is fundamentally different from those worst case death spirals. Shares are converted at a premium, not a discount. To take the shares, the lender must confirm they are undervalued which sends a positive message to the market. It is more likely to send share prices spiraling up.
It's just as easy to enter an echo chamber of negativity as it is positivity. All the concerns are about timing, not results - nothing has changed in all the well presented geological research on this board. The contingent resources are there or they are not, and whatever the financing options it doesn't really matter. You will only be worrying about how many multiples of the current price we end up with.
I understand the nervousness and concern, but I ask myself whether the probability of a positive outcome has actually changed? No, I don't think so.
I've sent something small to international committee of the red cross for now. For the time being at least I'm working on the basis that the more international/neutral the charity the more likely they may get in safely and effectively.
We mention it often. The FUD brigade just don't care to engage in debate after throwing it out there. Lots of options have been discussed, we just don't know which is most likely because we don't know what negotiation is taking place behind closed doors. The balance of convenience in those discussions are changing swiftly though.
I expect it would be declarable income as foreign dividends. I.e. taxed at dividends income rates with different reporting rules. Possible different personal allowance levels, I would need to refresh memory on that.
I haven't yet looked at whether there would be any normal withholding tax I jersey. However, if you own over 2% there may also be some tax implications in Jersey for a distribution from the company. If that occurs, then it gets complicated as you have to deal with the double taxation treaty between UK and jersey.
Ten times as many trades as we have seen in recent 'busy' days and even those could see the price moving up a reasonable amount. This buying is nothing to what we can expect when testing results are released or similar good news from Ireland.
This is the thread: https://mobile.twitter.com/lseaim/status/1490287086267731970
I know it's quite amusing this evening. Some better than usual attempts but the combined surge makes the FUD unusually transparent.
I see no reason why we need any settled posit on funding yet. There is nothing we need funding that is not already paid for in the immediate future, and one which I am more comfortable with following each new update.
I'll admit it was nerve racking back in July when the data looked good but the market reacted so badly. Each announcement since has justified that positive interpretation of MOU-1.