Member Info for Wildcamper

I sold out Dusty at 2.1p after holding for years and averaged down to 16p.

Took a big hit but I'm glad to be out. Good luck to you and others still holding but I don't trust anything that comes from the company now.

they made a bit of a **** show of going underground at yanfolila, i wouldn't look forward to doing the same at kour!

GLA. I fear they have more tricks up their sleeves

This PUSU extension takes Coris to within one week of the deadline before which they can't buy more shares in the market.

I can't see why this would be significant, or how it plays to their hand, but it seems to be what they're aiming for 🤔

Maybe Donald's threat of 100% tariffs on BRICS nations in the event of them coming up with a currency to rival the dollar will make then rethink their strategy ...... ?

As predicted, Coris parties are dragging their heels with due diligence, or any other excuse they can come up with.

To what end? Obviously no one knows but IMHO the mining licences will end up being cancelled, Coris will somehow get its money, shareholders will be completely shafted and another African mine in the hands of Western shareholders is back in the hands of Africa.

The government can then start again and do whatever they want with the licences.

This has BRICS written all over it.

If this scenario is practically or legally impossible please feel free to tell me why.

Thanks Bushy, I understand 👍

Nobody has really answered my question, does anybody know .....

IF the waiver is blocked, can Coris then drag their heels and keep tightening the screws, picking up the rest of the shares in dribs and drabs AFTER 10/01/25, during 2025, at next to nothing?

Most seem to agree that Coris parties want this as cheap as they can get it and won't lose sleep over screwing the unconnected shareholders in the process.

On that basis, can they pick up cheap shares as I have posited AFTER 10 Jan 25, just by dragging their heels and continually messing the board around with funding so the share price doesn't get the chance to recover?

..... unless Coris parties somehow manage to stretch everything and delay until AFTER 10th January can they then offer as little as they want?

To anybody more clued up on the rules, question - if the waiver is blocked, can Coris then drag their heels and keep tightening the screws, picking up the rest of the shares in dribs and drabs during 2025 at next to nothing?

Not guaranteed Latino! ...

When does that obligation to pay no less than 11.26p expire? I think it had a 12 month life on it?

Also, what's to stop Coris letting this go to admin, at which point presumably the mining licences would be revoked and left open then for another African corporation to take on Kouroussa at a later date?

On administration, presumably the assets will revert to the African government, they will make sure of that one way or the other?

Agreed Apro. IMHO there's one 'word' that describes what's going on here - BRICS.

Agreed Dusty ....

IF Kour is at commercial production

IF the relationship with Corica is sound

IF Mali junta doesn't expect huge hike in taxes on Yanfolila

IF Yanfolila AISC is reasonable for the underground works and less than the hedged price of gold

IF Kour AISC is reasonable

IF they haven't had to fork out too much capex across the group

IF they can get their VAT claim paid

IF there are sufficient profits after all of that to pay EY consultancy and the extra personnel they're recruiting - Chief Transformation Officer, an experienced mining professional, new CEO

IF there are sufficient profits after all of that to continue strengthening the Balance Sheet (remember they have now asked TWICE for extra funding and dilution in order to tackle these ongoing issues) and

IF they've still got enough left over to continue exploration and extending the LOM

A lot of IFS imo

Sadly for the guys still in it, especially those heavily invested (GI) I can only see this going one way - the equity swap is not blocked.

Ok you still get 2.6777, IF the offer still stands after the Coris parties have completed their due diligence, but we know that no offer is guaranteed either.

I hope I'm wrong, and GI obviously thinks I am 😉

Https://www.billionaires.africa/tag/idrissa-nassa/

I'll take your words for it, Bushy and GI, thanks for your clarification.

I know they're all related, but very difficult to find out anything about CIG, I have found.

Irrespective, clearly it's the Nassa family that is ultimately behind this proposed takeover.

Is anybody reading this?

This offer has NOTHING directly to do with Coris bank. Only CIG/Nioko will gain control of the company if this goes through.

It is NOT Coris that is making any offer.

It is CIG.

I've been going back over some of the detail of the current "offer" and would like to highlight some details that haven't been mentioned here, for added clarity.

Maybe everybody else already fully understands all these details but worthy of mention imo.

1. If the rule 9 waiver is passed, Nioko will immediately gain 49.9% of the company, by conversion of "an amount" of the new CIG loan. The remainder would be converted at a later date.

2. CIG has disposed of its holding in HUM, to Nioko, contrary to its own undertaking at the time of the last restructuring.

3. This has nothing to do with Coris debts. The transfer of ownership in the company to CIG/Nioko has been facilitated only through the loans advanced by CIG. Much mention has been made on here about "the bank" taking control, not being a core trade for them, not wanting to run it themselves etc etc. ONLY CIG, or more specifically its subsidiary, Nioko, will gain control of the company.

However, we are told that CIG and Coris are owned by the same person/people - the Nassa family (though this name has not been revealed in any company communications, as far as I am aware).

I'm not sure that this adds anything to the debate but maybe helps clarify the situation in the minds of some.

Let's see what update the Board published today if any!

Quote

"Dan Betts, CEO of Hummingbird, commented:

"Today's announcement of an equity placement, corner-stoned by CIG demonstrates the ongoing support for Hummingbird to implement our growth strategy. The Placement strengthens our balance sheet, increases our exploration activities, and advances the Dugbe Gold Project, through the soon to be controlling interest we have now established in Pasofino. The revenue protection strategy also locks a portion of our FY-2024 gold production as we move to materially deleverage and strengthen our balance sheet.

With the ramp-up of Kouroussa progressing, we are set to reach full commercial production in early FY-2024, and remain on track to be a c.200,000 oz per year gold producer next year."

"Today's announcement of an equity placement, corner-stoned by CIG demonstrates the ongoing support for Hummingbird to implement our growth strategy. The Placement strengthens our balance sheet, increases our exploration activities, and advances the Dugbe Gold Project, through the soon to be controlling interest we have now established in Pasofino. The revenue protection strategy also locks a portion of our FY-2024 gold production as we move to materially deleverage and strengthen our balance sheet.

With the ramp-up of Kouroussa progressing, we are set to reach full commercial production in early FY-2024, and remain on track to be a c.200,000 oz per year gold producer next year."

This RNS was issued just weeks before commercial production was due to materialise. Failure to do so stinks to me of a set up, private shareholders being sold down the river rather than our management incompetence.