Member Info for Y00020978

Agreed......I expect a combination of the 2 (funding from Middle East/Chinese) would be likely.

GLA - exciting times are ahead.

That is a highly significant RNS in my opinion:

1) Why would they appoint a new director if the EPC for their flagship project was about to collapse and fall through?

2) Financing is required very shortly after the conclusion of the EPC....and who have we just appointed as a new non exec director.....the Senior Manager in the Private Equity team at Oman Investment Authority (OIA), the Sovereign Wealth fund of Oman.

Coincidence?? In my opinion it's clear that our finance is ready to go as soon as they can tie up the loose ends on the EPC.

I'm sure our new heavy weight financier will be useful in the meeting in Beijing or Dubai next week.

Good luck all

Obviously frustrating for further delays, but as I keep saying....finalising contracts the size of this one can be very complex and time consuming so no need to panic and overreact. In my opinion it’s highly encouraging that all parties are working together to thrash this out and they have stated that they have progressed on many points.

Some very interesting snippets in the RNS too:

– Good to see a bit more detail around what the sticking points are – ‘devising a fixed price contract which allows only minimal possibilities for variation. As a result, further important issues have been raised recently around completion and performance guarantee tests which now need to be further discussed and agreed on with PowerChina’

- A further session with PowerChina in either Beijing or Dubai is now planned for early July 2024 – this is a week away. We know that when the company say they are meeting PC they o go and meet them. The last meeting took place at the back end of week commencing 6th May when the company said early May so they stick to their word.

- Most intriguing for me was ‘PowerChina has expressed interest in operating the mine after construction and the Company now also expects to receive a draft Operating proposal from the Chinese company in July 2024’. This is a major development….and potentially a real positive?

If you are confident that the project will be profitable....and planning to sell because of a drift in price because of a slight delay, imo it's a very risky strategy to predict when to time your re entry if you were planning to jump back in before the EPC conclusion.

Hold and wait, the patient will be rewarded handsomely from these levels.

Good luck all.

I know how valuable it will be, but also appreciate how long these things take to get over the line.

But for perspective, If you're buying a house that you're going to live in for 30 years.....if the legalities around completing the purchase are delayed by a few months, you won't care once you've finally moved in and nor will it impact the value of the house you've purchased.

We know PowerChina have paid $10m of their own money to progress the EPC.....if they weren't serious about the project they wouldn't have done that. It's just a matter of when not if in my opinion. A bit more patience required and we will have lift off.

Haha - no just the agreement of a multi hundred million pound contract.....these things take time to get full legal agreement :)

But when it does all shareholders here who bought at these levels will be greatly rewarded.

Good luck all

Without stating the obvious, the EPC concluding unlocks the full potential of this company:

- Financing agreement (expected to be 100% royalty based with existing Middle Eastern major shareholders so no dilution)

- Construction commencing

- Move onto main LSE board

All of these are transformational for the company and the current MCAP (and obv share price) will be miniscule compared to what it should become.

The timing of the actual conclusion of the EPC is largely irrelevant - it will happen.....if it's not this fortnight it doesn't really matter if you are invested for the long term here.

As the Chairman stated at the AGM a couple of weeks ago - The EPC is progressing well and both parties are ensuring that risks are covered.

Thank Rekash.

Progressing well and both parties ensuring that risks are covered - this sounds like standard procedure at this stage when signing such a large contract. No concerns from my side on that update from the Chairman.

He also said that the signing is expected to take place in Brazzaville with members of the government present.

And I caught the last part of my question about dual market listings for KP2 shares and the Chairman said that in time the intention is to move onto the main board of LSE............Wait....that is a huge statement of intent in my opinion! They don't allow junior miners onto the main board.....Kore would have to become a lot bigger ! Happy days ahead.

Transformational time for the company - what a time to be invested here.

Good luck all.

What did they say about the EPC progress? I was multi tasking on another call at work and heard they were answering the questions I submitted but i only heard the answer to the last one.....relations with the government are very strong and the new CEO has an excellent relationship with the minister from previous roles. this is a big positive.

The timings of the conclusion of the EPC don't matter in the grand scheme of things. If its not signed in June but signed in July who cares? The only thing that is massively significant for the project and the prospects of the company is that the EPC and subsequent financing get concluded to allow the construction to start.

We're on the verge of lift off.

Good luck all

Late rally for the day?

GLA

But in my opinion the chances of bust are around 5% compared to 95% boom.......given PowerChina have already sank millions of pounds into the project so far in good faith.

Just finalising the minor details now and we are up and running.

Good luck all.

We know the EPC is down to the final details - final elements of due diligence will be being completed and it's highly encouraging that the SP has risen so consistently over the last few weeks. Things must be progressing towards a positive outcome.

That may land any week now as the company confirmed in their latest RNS that they are still on track to sign the EPC by the end of June.

Following the EPC signing the financing should follow shortly after with construction commencing shortly after that.

This is a TRANSFORMATIONAL period for the company.

Good luck all.

Does anybody here have any communication with the company?

If not, i am thinking of reaching out to see if i can open some dialogue between the company and us 'smaller' investors....just so we can ask any questions or get clarity on anything we may be unsure of....all following aim regulations of course.

If anyone has any questions fire them over to me shaun dot gurney at hotmail dot co dot uk

A glowing reference from his time working in Democratic Republic of Congo:

I worked as Logistics and Purchasing Manager reporting to Mr André Baya, who was then General Manager of Congo Iron SA, a mine development company based in Brazzaville, Republic of Congo and I have very fond memories of our collaboration.

Honest, persevering and friendly, Mr Baya is a hard worker who does his job well, respecting deadlines and ethics. He is a leader who shares his know-how with his team and knows how to encourage and motivate them to perform at their best. He is careful to allow his employees express themselves and work freely. Concerned about the well-being of all, he knows how to create a pleasant, friendly and collaborative working environment around him.

I will always remember him as a committed Manager who works tirelessly and expects the same from his employees. Straightforward, he has zero tolerance for acts of corruption or embezzlement.

With a very large international experience in the mining and logistics sector, I personally benefited from his support and aura, which made me grow professionally, moving from the position of Head of Department to that of Logistics and Purchasing Manager.

Therefore, I can highly recommend Mr Baya for any business management position because his professionalism, his wide international experience and his human qualities are undeniable assets for any mission entrusted to him.

His Linked In profile makes a very encouraging read.

As a citizen of Mauritius, I have cumulated 24 years of leadership experience, having served as a Country General Manager, Managing Director, Chief Operating Officer, and Chief Executive Officer. Notably, I spent 22 of those years as a residential expatriate, immersing myself in diverse international environments.

Throughout my career, I had the privilege of managing companies in a variety of African nations, including Burkina Faso, Congo-Brazzaville, the Democratic Republic of the Congo, Gabon, Ghana, Guinea, Madagascar, Morocco, Mozambique, Sudan, Zambia, and Zimbabwe. This journey has provided me with hands-on experience and an intimate understanding of the African context, encompassing its rich history, diverse cultures, regulatory constraints, and legislation.

My academic background includes an LLM in International Business Law, which has been crucial in my career. Over the years, I have been primarily involved in the mining sector for 13 years and the logistics sector for 10 years, shaping my expertise within a dozen African countries.

My proficiency in both French and English, alongside my multicultural awareness, allows me to navigate and operate strategically within a wide range of environments. I have achieved success in Arabic, Lusophone, Francophone, and Anglophone countries, fostering strong working relationships and delivering results.

Now, as a Management Consultant, I am passionate about leveraging my expertise to drive growth and make a positive impact in the dynamic and ever-evolving African business landscape.

Very interesting appointment.

Let's hope it turns out more like Fortescue who's shares are +250,000% since listing (if it's the same company) than Sundance Resources:

Following the loss of the Congo mining licence in 2020, Sundance Resources delisted from the Australian Securities Exchange and sued Congo to acquire $8.76 billion in compensation.

As country manager for Sundance, hopefully our new CEO hasn't got a bad reputation with the government.

Exciting period ahead - we've been waiting long enough!!

Good luck all.

google finance now up to date:

CVE: RHNO.P

on stockwatch dot com I can see there is 0.60 on the bid and 0.75 on the ask.

Somebody is confident ;)