I had a look at the prospectus, imo it looks very interesting, considering that the DFS is already done they are way more advanced that most recent IPOs.
The only thing that worries me is that the tenements are in Tanzania, and when you read stuff on the prospectus like :
" As announced to the ASX by Marvel Gold on 10 August 2021, Marvel Gold discovered that
prospecting licence 11034/2017 (PL 11034/2017) (which previously formed part of the tenements
comprising the Chilalo Project) had not been renewed despite Ngwena Tanzania having lodged a
renewal application for PL 11034/2017 and having paid the required renewal rent in March 2021.2
Following a due diligence process undertaken together with its Tanzanian legal counsel, the
Company confirmed that PL 11034/2017 had been cancelled by the Tanzanian Mining
Commission. Ngwena Tanzania has since requested from the Mining Commission a revocation
of the cancellation of PL 11034/2017 and is undertaking other actions to have PL 11034/2017
reinstated, including through the pursuit of a judicial review action to nullify the cancellation."
or
"In Tanzania, the State retains ownership of the minerals and
consequently retains control of the exploration and production of
mineral resources. Accordingly, these operations may be
materially affected by the government through royalty payments,
export taxes and regulations, surcharges, value added taxes,
production bonuses and other charges."
it doesn't make me very comfortable in putting my money on it.
What's your thoughts?
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