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Phase 2 confirmation could come at any point really. He said months on the RNS which is more than likely an overcooked amount of time.
The email from Brad I just posted is from the 02-11-2022, a month before we got the results from Pep8. The bitter stance shows the eagerness Agnico have for Anza, they are obviously trying to get as much as the pie as possible before we enter phase 2, the drill phase which should unearth Anza on a much larger scale. There’s no way Agnico will walk in my opinion. From 7p I wouldn’t be shocked to see the share price do 100% plus on phase 2 confirmation, which will come out of the blue.
It appears geologists on site, Agnicos, had a different opinion to Brads:
‘Some styles of deposits, such as sediment hosted do give away orientation info with the first hole, but these epithermal things do not – they just squirt up all over the place.
There was an initial thought that the structure dipped toward the west and thus drilling from the west makes sense. But this decision is also somewhat biased as the west is easier to get to. These people are far cleverer than me, but I have an inkling from what I have seen that it may dip toward the east, in which case these two holes being drilled are not in the right direction. I am probably wrong, but if not, they will soon find out and adjust. This is not an error, it is just the process of resolving the inherent uncertainty in these things, and Murphy’s Law will generally apply.’
Only a few holes been drilled on Pepas upto now so they’re still obviously working it out. Was more convenient to drill the way they did without having to move the pad. Not really the end of the world though if it was Orosurs money then it could be an issue, though more likely wouldn’t have happened as Brad would have been in charge….
Carltt, we’d gained 40% in the week previous to the drop on anticipation of more excellent drill results, as that is all we’ve had previously. Turns out we got poor drill results from Pepas which to be fair Brad had told me he expected and the phase 2 negotiations are still underway with our CEO standing firm for the shareholders benefit. We’re in all that do you see people losing there investment? We have a healthy cash balance of around $3m, we are paying for zero exploration currently…. All we’ve hit are a few delays. And if confident about Anza then a lovely price to add more.. I have no concerns here whatsoever and I have a large holding which will soon get bigger.
Newmont held 19.9% of Buritica, which was sold to the Chinese. They also hold 20% of Orosur and will eventually own 65% of Anza. Maybe there intentions are to sell to the chinese and are happy for Orosur to have a measley piece of the pie, afterall they wouldn't own any of Anza if it wasn't for Orosur. It sounds like Brad and Louie are sound and on good terms with Newmont and the original JV terms which started with Newmont are fine. It's Agnico's involvment which is the issue, maybe trying to flew there muscles since becoming the 3rd largest gold producer in the world due to there merger with Kirkland.
Bandit, I think hes held the drilling results off aslong as possible, they weren't really going to add any positivity. If he'd released them and then released the next RNS stating drilling temporarily stopped and a delay in Phase 2... That would have been much worse for the share price in my opinion. The fact is the original JV was with Newmont and sounds as though the terms favoured Orosur somewhat. Agnico have joined and now want to doctor the JV to favour them. Agnico will either have to heel to us and walk... That'll leave us with just Newmont and Orosur staff running Anza. That'd be a better scenario for us. The fact Newmont have entertained talks already in regards to Argentina and like what they saw is also a nice positive to come out of Bhargavs meeting with Brad. I'm sure we'll hear much more Monday morning. Good luck to all.
Thanks Bhargav for attending the AGM and releasing the info. It sounds like Louie's going for crunch talks then and hopefully the issue should soon be resolved. Realistically for me i'm in no rush to sell up and move on from here so Brad can keep his stance aslong as need be as long as terms of the contract arn't altered out of Orosurs and our favour. To be honest I prefer Agnico to bail and leave us as we were originally with just Newmont and let Brad and Orosur run the show with any help from Newmont and obviously there financial backing. Brad would be much better stationed in Colombia by the sounds of it, he told me weeks ago he thought they'd drilled in wrong direction for the most recent holes. Nice cheap entry price and time to add for anyone whose staying here long and strong or even trading here.
Surely some clarity on what exactly is going on is a legal duty to holders?
Jackbal, the AGM was today. That was his legal duty for any questions….
Yeh a big positive would be someone sparking him at the AGM. Jokes, it’s a blip that’s not unfamiliar to OMI holders. Not sure why the Phase 2 negotiations are taking so long, on a previous email a while ago he was adamant OMI was not signing off until they’d seen every single bit of the field work, sampling etc and that this was to be available to him in future. Hopefully he’s playing hardball with them and is on our side, currently you’d think he’s siding with them. Time will tell.
Brad will be in for some flack if anyone turns up. How can he give him self such a pay rise as he consistently misses deadlines and does nothing for shareholders. Phase 2 confirmation cannot come quick enough. The fact still remains Anza still looks tasty, the gold price is rising, didn’t think we’d see these lows again, not sure how low it’ll go now drilling has temporarily stopped.
Not the delay, news I expected but it’s not the end of the world. Mediocre results from Pepas. The wait continues.
I can’t wait to hear that the permits for La Virginceta & Apta North are sorte, hopefully they come with the confirmation of Phase 2. The phase 2 confirmation, which is inevitable now, shows the majors see Anza as a sizeable deposit Brad stating anything under 5m oz they have no interest in. With 100+ staff on site they’ll know a hell of a lot more than the market does. It’ll be interesting to see what Pep8 throws up. The best hits to date:
Pepas: 150.9m @ 3g/t Au./. 80.55m @ 3.05g/t Au./. 36.85m @ 2.13g/t Au....
Apta: 59.55m @ 9.61g/t Au./. 23.75m @ 17.40g/t Au./. 70.50m @3.53g/t Au./. 21.60m @ 6.02g/t Au./. 0.5m @ 970g/t Au
GGPs market cap went up as the resource got bigger, drill results came frequently. I’d imagine as Anza gets explored more and gets bigger than our market cap should rise, luckily for us we have no issue with finding funds for Anza, it is all obviously being paid for by the majors. Hopefully another blue day tomorrow before the AGM Friday.
Closer to the AGM the better, maybe it’ll come on the morning of the AGM which is Friday. Though that wouldn’t leave much time for attendees to digest. One thing that’s certain is that the news is very, very close.
I also thought we’d creep up into close with an influx of buys, any day that isn’t red will do for me these days.
Whose part of the ramp squad you speak of, the holders who’ve held and added through thick and thin, excellent assay after excellent assay… Let’s hope no news Monday which should see us continue to rise into news and the AGM. We rarely see any decent size trades here, nice to see the 250k buy pop up that’s more than some quiet days volume here. I hope phase 2 pans out like Brad makes out, drill drill drill, 5 years spenditure churned through in 2. Not long to wait now. No real ramping required here, the drills have spoke for themselves and at no expense whatsoever to OMI. I wonder if they’ve set up a base camp in the south yet.
Anticipation of assays, phase 2 confirmation which includes $2m payment within 30 days, permit news, drill plan amongst other things. Perfect time to enter the fray.
Nice to see something happening here, I’ve held for many many years, though don’t hold anything near the amount I used to. Good luck to all, especially those who’ve held through thick and thin. Beard, 4K etc.
Orosur Mining
Flagship asset, 100% Owned Anza Gold Project (soon be 49%)
51% will be owned by Newmont and Agnico (No 1 n 3 Gold Miners on the Planet)
Healthy Bank Balance $3.5m.
$2m payment due by end Jan 2023, Phase 2 JV agreement.
Drill, Drill, Drill Phase soon to start.
130+ Staff currently on site. Ramp up soon expected.
One of the best Gold regions on Earth. Housing many 10m Oz Gold assets.
Best Areas of Anza yet to be drilled. Permits pending, Overdue infact.
La Cejita = La Virgincita.. Jesusitas = Now Apta.. Are the most promising prospects…
Excellent hits to date: Pepas: 150.9m @ 3g/t Au./. 80.55m @ 3.05g/t Au./. 36.85m @ 2.13g/t Au....
Apta: 59.55m @ 9.61g/t Au./. 23.75m @ 17.40g/t Au./. 70.50m @3.53g/t Au./. 21.60m @ 6.02g/t Au
Everyone I know voted against his options last year, that’s the reason they have the Toronto listing so they can manipulate the voting there own way. News will deffo come in the build up to the AGM, let’s hope there’s a good few snippets of positive news to keep the momentum up. The phase 2 RNS will be a very welcome site which the $2m payment will proceed.