Olympus Pacific Minerals Inc (OYM) (BEZ former name) Went Bankrupt in 2015.
This company was initially formed in 1996 by 3 Seton brothers : David, Paul and John.
John was involved from day1 until resigned on December 2023.
Long story short, the main reason for their demise was that they took too much bites that they could chew. Their U/G Vietnamese gold mines in Bang Mieu and Phouoc Son was producing 40,000 Ozs of gold in 2012 and was cashflow positive.
Unfortunately, they invested in Philippine and spent US$40 Mil just for drillings in BAU, Sarawak. They ran into too much debts and declared bankrupt.
https://info.creditriskmonitor.com/Report/ReportPreview.aspx?BusinessId=6435964https://www.delisted.com.au/company/olympus-pacific-minerals-inc/Not sure what all the legal proceedings about. To be fair, the new BOD and management have done a fantastic job to push the mining forward.
The old management under John Seton did not even realized that most of the titles of tenements were up for renewal. Many people did not know that the new management under Dato were shocked to find that out and quickly spent 6 to 9 months to talk to various Depts and secured the fore coming renewal.
Knowing the history as a guide and let us look to the future:
1. Most of the hard works had been done by OYM, spent US$40 M on drillings and established JORC 3.3M Ozs. With MC of $35M, our resource is priced at $11/Oz in the ground . The normal valuation is about $120 to $150 .
2. All components of Pilot Plant are on or near Jugan site and ready to be installed once permit is granted. MD and CFO for NBG have been employed to start to map out the actual mining program soon.
3. Has enough money to last 12 months of operation. Not too many mining companies have this luxury and constantly raise money from share holders thus dilute their value.
4. BEZ would be Quantum's best and most beneficial investment and hopefully they can solve their financial problems soon. When Dato first got involved with Bez, gold was under US$1,800/Oz; and now US$2,600+. For a guy started from nothing to get to this stage. Let's hope he can get over this 'bump' soon.
5. In the worst scenario: Quantum gone broke, some smart guy would pick this up and BEZ will still worth lots more than today's ridiculous valuation.
Good Luck to Long term Holders.
