Chimera (including Jericho ) is fully paid for with Oz Minerals & Sandfire. No money is owing .
The two major copper companies took more equity and equity in Demetallica also.
Neither OZL or SFR are selling out to A1M on offer terms and relationship is good with DRM team and management . Oz minerals even wanted more equity in DRM after the IPO & put in more funds to DRM in separate arrangement , at about $1.5 million shares @ over 27c in May this year. (2022) OZL additional capital input added to DRM funds in the bank, after fact of the payment which was due was made immediately after launch.
Plus OZL are fully funding Peake & Denison expensive diamond drilling programme, committed to $10 million again it seems. Very specialised and costly exploration work - looking for big potentials and rewards . aka Olympic Dam/ Prominent Hill SA repeat resources or even an Ernest Henry style significant copper deposit.
Previously spent, Jericho + area —we are talking tens of millions of dollars drilling Jericho/ Chimera by OZL and SFR.
Last payment for all , including SFR and OZL holdings now amalgamated into DRM in Chimera — was paid for with proceeds from the low priced IPO recapitalisation for DRM after MEP taken over. (TO the way it occurred unfortunately for the SA kaolin & industrial mineral assets .)
But the copper and metals exploration assets ++ significantly expanded with Sandfire giving in their land & share of, & OZL also - for equity and the one payment , all is capitalised into Demetallica.
SFR and OZL both happy to have equity in DRM. Their shares are also in escrow as well.
DRM are an excellent exploration company , very advanced. Jericho ready to progress to mining of course. But there is much more to come at Jericho, more of the resource than is held by Eloise by AIC + Jericho land holds the Eloise deeper higher grade significant copper extension of Eloise mine, and with notably higher gold credits.
But main thing is Jericho itself is substantial. And growing. Plus there are other deposits and known resources— Altia, Sandy Creek in years ahead for whoever owns all for mining
There was never any way that this exploitive & aggressive takeover could succeed how occurring with the loyalty & value held. All been built into Demetallica over 20 years since the first Minotaur & everything that achieved including Prominent Hill discovery. (which became company making for Oz minerals ).
DRM geological team including Tony Belperio who is still a director DRM , was very active Exec director Minotaur for several decades, and MEP/ DRM have worked with and have very long relationship OZL— as discovered their lead resource, Oxiana/ Oz Minerals acquired; and MEP was spun out by OZL again with remaining exploration assets including from OZL, in about 2006. The dispersal of other tenements including from Breakaway which merged with MEP in 2013–was folded into, capitalised also into concentrating on the Eloise area, and in exploration work which lead to Jericho discovery and ongoing. (Leinster land WA spun out etc).
There were other joint ventures with OZL also along the way. All remaining and value of all achieved- is intrinsic in Demetallica and amalgamated holdings and significant resources held.
MEP shareholders and now DRM shareholders have supported all. This DRM team, then MEP chose to really focus on Eloise area in Cloncurry in early days. Merged with Breakaway who owned it. Huge buildup of work and money spent - incalculable with all the companies. Minotaur went in to JV first with Breakaway 10 years ago prior to well- managed merger / takeover Breakaway. Eloise mine was sold off to Barminco before MEP took over / merged, and Breakaway chairman joined MEP board .
AIC been around 5 minutes and very ambitious lead management, but aggressive. Not only not respecting but seriously seeking to invalidate all value - for their gains.
Main shareholders here have been through years. It’s not on. And there is no payment due - A1M also would capture all the capitalised value of the payments that have occurred & decades of drilling but notably full discovery & resources drilling programmes by all including the drill programme this year funded by DRM holders — all work since 2015/16 discovery, & 2017 onwards JV drilling by OZL & now DRM. Greater Chimera work and other JVs both SFR and OZL.
And we have $8 million in bank , exploration progression Windsor and Pyramid; and most compelling of all fully funded by OZL now, in Sth Oz at Peake and Denison.
** Demetallica— is good value buying for what is held, Way too cheap here. DRM should be bought for what is held. Way more than Jericho alone which being sorely undervalued by AIC in opportunistic & not fully honestly presented attempt.
DRM been vulnerable due to how all occurred, relaunch beyond MEP with bigger resource and exploration holdings and with all the copper resources and land ongoing.
Market just hasn’t had time to see Demetallica and understand the long history and all held here + excellent geological team & respected management. Same broker entity who worked on ADN / MEP takeover - working for A1M now in efforts to try to force and pressure DRM loose holders with the offer as sent. They’ve been involved basically in quite a lot of havoc too, undervaluing MEP for means and terms of deal for IPO ended up too cheap and MEP shareholders with not many ongoing shares— effected longterm Minotaur holders who all have had to buy back in, even OZL also , and management who haven’t had chance to with so much activity pre and through DRM launch & until now.
Apologies, only from my phone & posting before losing it again
