We have short memories if anyone is construing the Quarterly Activity report as anything more than what it is! -- being a cut and paste exercise from previous statements, updates and/or announcements that occurred during the reporting period .. .. .. .. as there was no "subsequent to 30 September" items.
@intelseb re: "
tldr still waiting on government to approve the deed of sale, also another buyer has been brought into the discussions rather than the preferred one."
@xfactor1 re: "I may be overanalyzing this, but is it possible to perceive this as a step forward when the government is introducing a favored participant, referred to as a 'potential buyer,' into this process?
The preferred/second buyer was first (24 May 2023) alluded to https://hotcopper.com.au/threads/i-have-heard.7398688/?post_id=67946785~ see points 7 & 8,
The Company was also asked this at the AGM on 31 May 2023 (I can't be bothered getting the time stamp from the recording) but it was dismissed under the guise of confidential & continued negotiations
~ it isn't new information, it was officially first announced and is a cut/paste from Government of Mali - Update, 23 August 2023
@keen as re: see what a sale (Morila) looks like
~ from the rumour I have heard files, (see link above) again points 7 & 8
As for the quarterly being the best we have had? There is no new information in this Activities Report that hasn't previously been announced.
~ unless I missed something?
Considering the only hold up for the sale of Morila SA is the Government of Mali, the Companies preferred buyer had obviously done its due diligence and would have been aware of the tailings in the MSP as well as the rehabilitation of the tenements (this was carried forward when Firefinch purchased the mine from Barrick)
What I do not understand, what the Government is trying to get out of Firefinch is exactly what the buyer was willing to put in, (I have heard file has Corica as the preferred buyer)
~ will provide continued operations, employment, revenue, royalties, community projects, etc that is all part of the transferring of the operating licence and the Morila convention.
~ why is there such a fuss over the tailings in the pit? the (Company's preferred buyer) would have been aware of them. I can only conclude, that Dr Traore mentioned the sludge (tailings?) in the pit being a problem but to what extent?
++ Are they an impediment to mining that area?
++ Does the Mali government want Firefinch to pay for the removal and put them somewhere else? Dig another hole to put them in?
Traore also mentioned that they need to mine deeper and that they didn't have a contractor to do so? It looks like during their "up you FFX, we don't need you" posts across social media outlets has bitten them on the bum now they have used all the "easy gold pickings" to run the mine.
$1.6m spent for the quarter, other than the goodwill, nudge nudge/wink wink payment to Lowe ($402k gross) still leaves $1.2m spent on ......
~ lawyers, accountants, advisors and directors.
For the quarter:
Lowe - MD fee reduced from $550k to $440k = $76,140 (1 July - 31 August)
Fraser - Chairman fee reduced from $160k to $80k = $20,000
Hepburn - NED - fee reduced from $95k to $60k = $14,950
Gordon - NED - fee reduced from $95k to $60k = $14,950
+ $49,900 related party payments (directors) for the quarter, plus Lowes $402k + Lowes salary (9 weeks) = total of $527,140 but in Section 6.1 of the Appendix 5B "aggregate payments to related parties and their associates" is shown as $543,000.
~ the only thing I can think of is Ushers payments for secretarial services going to his and Frasers Corporate Consultancy gig?
@john_utah re: "translator" -- the Company will be no doubt using the in-country lawyers as well as the International legal firm Clifford Chance that has a 30 year history of working in Africa, I don't think translation between the government and the lawyers would be an issue, be more this end of correspondence?
https://www.cliffordchance.com/people_and_places/places/africa.htmlJust like to point out, when do the Company deem that an acceptable time has lapsed (going on 12 months now) to abandon the Corporate Transaction?
@WoodySpoon - mate can you make up your mind?
This week you are hoping the Company is wound up, last week you were rambling on about them keeping a couple of $ million, get some tenements and utilise the taxes .. .. .. ..
My biggest concern is the Company will be delisted by the ASX (automatic) on the 26th of June 2024.
++ currently they do not adhere to the listing rules and/or the Corporations Act for governance and/or reporting (1/2 yearly financials again) nor can they be bothered with continuation of suspension notices and/or reason to the suspension, the last being they needed until the 31st August to finalise funding packages, lol.
++ what hope would us shareholders have getting information, updates (last update gave no indication when we could expect the next) if they don't follow the governing bodies rules now?
You are correct (IMO) with the time to complete a Corporate Transaction is diminishing, and one does wonder why they are persisting with it?
The only way you can handle the escrowed LLL shares is via a SOA, and we both know that takes approximately 120 days to complete from the date the SOA is lodged with ASIC and that won't be happening while the Morila debacle is ongoing.
As for what the Mali Government want?
No-one knows, you can read between the lines all you like but the quarterly has not disclosed anything new.
Social media has gone quiet about the mine, no bragging about production -- is the thing still operating?
As for gold sales and who is entitled to the proceeds, I sometime wonder why people invest when these questions are raised .. ..
~ we have attempted to walk away from the mine and as such under Malian law we lost control of the Morila Mine but we have people suggesting that we legally still own it and we are entitled to the proceeds of the gold sales???
What I do note is that Firefinch has gone beyond "good will" talks and are committed to following the due process .. .. .. ..
Obviously, the "no parent guarantee" is being more than tested?
-- just offer them $20m of the remaining cash to sign the deed of sale.
cheers
