Wheres can this UPI article be found that everyone keeps referring to??
The Drudge report times out.
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Announcement from ERM has made my day. :)
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It is good to have you here @arsenic . Welcome.
You can simply hold and benefit from everyone else’s shared knowledge, gradually get to know the history.
A lot of information is contained even in HC here.
And in past MEP & DRM threads. And A1M threads since 2020.
Many of us, all longterm posters pretty much are from MEP/DRM.
We have held MEP, exploration company out of OZL until it was taken over, and then was a briefly recapitalised ongoing exploration company DRM and being one of the shortest listings ever on the asx —A1M acquired DRM very early after it re-listed, in the copper downtown and after Ukraine breakout and market weakness, 2022.
A1M wanted all the surrounding area to the Eloise mine assets, and of course especially the Jericho resources and exploration ground extensive, and took over DRM in November 2022.
NB. DRM was listed on the asx for about 5months only in 2022.
A1M pipeline is now decades long- high grade copper mining greater than 10 years mine life right now, already secure.
Many have been aboard through all the years of exploration MEP ( Minotaur Exploration) and the exciting discovery of Jericho.
But also understand how the formation and growth of MEP occurred through 15+ years history—
MEP as an exploration company were in a position of strength with OZL as friendly supporter partner , and could choose where and what exploration resources to pursue.
MEP chose the Cloncurry region - and the greater Mt Isa Inlier and copper exploration particularly, seeking large tier one or highly economic resources
In about 2012 MEP undertook a friendly merger, at undisclosed value, with company that originally held the Eloise mine and extensive ground, although the actual Eloise mine had been recently sold.
So MEP acquired the greater exploration ground basically then, and that ex -CEO came onto the MEP board back then.
Jericho was discovered near Eloise in 2015/16 by MEP, Glenn Little as lead geologist, although Tony Belperio who discovered Prominent Hill was still aboard all the way in MEP and finally DRM.
But was with OZL as the drilling JV partner then, substantially contributing to exploration costs always with MEP/ DRM geological team leading the exploration and drilling —the resources were drilled through until the A1M acquisition of DRM.
Now all of this is held together again in A1M, with acquisition of DRM , the follow- on from MEP company.
Ultimately MEP had carefully added to holdings of ground in past decade. (this also all now amalgamated once more in A1M )
A1M have -
—all ex MEP exploration tenements inc Jericho along strike from Eloise mine, which is now being developed and is seriously company making for A1M.
— ++ all ex SFR resources, and all OZL ground that they had, and all the ground MEP held in JVs with each of OZL and SFR at Cloncurry.
*This is how now BHP is a major enough shareholder in A1M. Because they took over OZL also in 2022, OZL had been MEP No2 shareholder.
Way back- BHP actually discovered Eloise ~ 1986- but that is the longer longer story
Good to understand also re past Minotaur Resources, taken over by entity which merged then to become the renamed newly created company~ called Oz Minerals.
Approximately 2002.
The same original geo accredited with Prominent Hill discovery, from Minotaur Resources then continued in MEP , the new Minotaur, Minotaur Exploration which then was spun- out of OZL with exploration ground (?2006 ?) - MEP being thought of originally as a proxy exploration arm company for the then fledgling Oz Minerals in 2000s, as they developed Prominent Hill etc and evolved on, as explained above.
A lot of nice history.
We are all happier now a few years on from when DRM was taken over very opportunistically and cheaply by A1M, with all of ex-MEP extensive exploration ground NQ, some SA—but the copper resources Cloncurry mainly, notably Jericho, & the greater longterm resources given in by Sandfire and OZL.
Management here is first class.
Aaron Colleran reputation esp in the region with Ernest Henry and now he built EVN , very respected and well- known.
And it is good that AIC mines management and board heavily personally invested with own money purchased shares.
Longterm shareholders and significant shareholders of A1M encompass —
•The mining contractor purchaser of Eloise mine, from the company MEP merged with then in ~ 2012.
Is substantial shareholder of A1M and have understanding of the Eloise mine completely.
•The ex longterm MD & Ceo of MEP , and then DRM.
(•? Unknown if the ex board member MEP, and ex CEO former company which had held Eloise mine and MEP land until ~ 2012/13 still holds. )
•There has been the no1 shareholder MEP, who held MEP/ DRM ongoing for even 20 years ?, surely for the longterm assets .
Unknown if they had somehow followed forever since from entire Minotaur company history inc Prominent Hill discovery and original takeover of Minotaur Resources by precursor OZL company ? Seems to be so.
•BHP. (Due to gaining all OZL shares in DRM)
OZL had recently added to their DRM shareholdings prior to being taken over by BHP in 2022- in a separate additional capital input they volunteered for , wanting to maintain their share % holdings in DRM, to be equal from MEP % holdings at least.
**OZL contributed greatly in MEP/ DRM , and originally had spun MEP out of OZL. **
DRM had to be recapitalised although held all the copper resources assets and copper and base metals exploration ground from after MEP was taken over for SA Kaolin assets, in 2021-22. (Cash goes with the takeover- but DRM also acquired significant extra ground in from SFR and OZL, SFR esp taking a substantial holding then in MEP / DRM. DRM needed to be recapitalised. New investors came aboard, including A1M shareholders it seems)
Value paid per A1M share, the last time OZL contributed via cap input , would be ~37c equivalent actually of an A1M share today, at a then very discounted value DRM, immediately after DRM had resisted , @ 27c DRM shares.
OZL contributed tens of millions of dollars directly into MEP and then DRM drill campaigns through a decade + however. (At 27c DRM was ultra undervalued, and merely mentioned as I’ve happened to just recall this)
OZL contributed way more with sunk capital and in being of course the initial company that launched MEP and retained shares ongoing through the years of exploration, ground acquisitions, and many annual capital raises.
SFR, Sandfire’s sunk expenses into drilling the greater DRM ground would have also been significant, including to drill MEP owned ground in JV .
Back in time BHP —itself drilled in the area and discovered Eloise ! and paid for ongoing drilling through next years and early development of Eloise mine. ( to point when they sold off the developing mine assets in second half 1990s)
I am sure that others could have explained this much better
I have a written history somewhere that might re- share sometime. All the best.Last edited by Aqua65: 09/04/24
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