That Rumble would come out on the last day of February and announce that the definitive agreements that were to have been finalised by end-Feb have not been finalised, surprised exactly no one.
We all know that Rumble is a leaky ship, so the SP weakness in the lead up to end-Feb absolutely confirmed that it had missed another target like EVERY target it ever sets.
BUT
IF Rumble can be believed (and I know its a big if) the fact that Bain / MEGA have actually ordered equipment would suggest that the minimum 6-week delay to the agreements is just that - a delay. Frankly, from a risk perspective, ordering equipment is a stronger indication of progress than a finalised mining agreement (which in itself gives no real guarantee that mining would ever really start).
In the promotional video (see below), PH actually quantifies the mining target of 85,000 oz in the first two years after mining commences. Lets say at AU$4,500 / oz (current price), MEGA / RTR can net $1,000 / oz after mining and tolling expenses. This equates to $85m. The first $35m goes to MEGA and then (assuming PH's use of the word "share" means 50/50 .... very suspicious that it might mean something less for Rumble?) Rumble would end up with $25m over 2026 and 2027 to fund the Directors' lifestyles as well as anything else that it might be able to progress (Tungsten? Earaheedy?).
Can anyone with mining experience improve on this estimate? Are the figures in the ballpark?
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