Simply put NO (opinion of course) .. .. .. .. .. and as per...

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    Simply put NO (opinion of course) .. .. .. .. .. and as per previous post by @intelseb re: "rumour has it drilling was awarded to one contractor without letting others bid" is starting to have some credence?

    If you read announcement related to any contractor service requirements, you will note that in the best interests of shareholders (cough, cough) tenders are (and should be) put out;

    ~ Mining Contractor, even though EGFT were already engaged by Firefinch, after tenders the contract was awarded to ME-IM (June 2021)

    ~ Laboratory Services, after the laboratory was refurbished & following the tender process (July 2021) MSLabs were awarded a 5 year contract to provide services, even though SGS were the licensed operator of the Morila laboratory at the time.
    ++ 22nd Oct 2021, company announced that in collaboration with MSALabs (Majority Owned subsidiary of Capital Drilling) a Chrysos PhotonAssay to be installed at Morila. In April 2021, MSALabs announced a global partnership with Chrysos with a revenue outlook of US$3M - US$5M per unit.
    https://www.capdrill.com/media/investors/Announcements/CAPD-2022-_MSA-announcement_20220714_Website.pdf

    ~ Power, expressions of interest to supply a hybrid power solution were being sought with submissions due July 2021.
    ++ I actually cannot find anymore information on this.

    Back to drilling;
    4th September 2019 - Mali Lithium to drill gold portfolio following review;
    ~ the Company already had a drill rig planned (Capital Drilling) for Goulamina and will move the rig to gold assets when completed.

    18th September 2019 - Disclosure document
    ~ Capital Drilling sub underwriter of Rights Issue for $900,000

    3rd October 2021 - Drilling at Koting
    ~ Capital Drilling named as contractor

    24th September 2020 - General Meeting
    ~ Capital Drilling Resolutions (2 tranches) for the conversion of A$1,250,000 of debt to equity for previous services - as per previous post.

    28th August 2021 - the Company executed a binding agreement to acquire 100% of Morila Limited (subject to conditions) with the transaction targeted to be completed on the 31st October 2021. This was extended to the 6th November 2021 but on the 6th November 2021, the company was placed in a Trading Halt (till Tuesday 10th November 2021) pending an announcement regarding the purchase of the Morila Gold Mine, subsequently followed by a voluntary suspension announcement on the 10th November 2021 and finally on the 11th November 2021 the acquisition was completed.

    The following day:
    12th November 2020 - Drilling commences at Morila
    ~ Capital Drilling are Firefinch's preferred drilling contractor.
    ++ this preferred drilling contractor status, included Firefinch payment guarantees up until June 2023 was in announcement of Capital Raise (9th September 2020)

    For your information:
    It is part of Capital Drilling business modelling consistent with their partnership approach they have created through these investments that generates ongoing business for Capital Drilling.
    ~ contracts from investee customers generated US$41M (18% of group revenue) in 2021.
    ~ contracts from investee customers generated US$51M (17.5% of group revenue) in 2022.

    The core pillar of their strategy;
    Group investment strategy commenced formally in January 2019. We identified a significant disconnect between the positive macro fundamentals in the mining sector and the scarce access to capital particularly for the junior mining companies in the regions we operate.

    We therefor allocated funding to these companies, in a number of different forms, which created alternative partnership models and became a very successful business development tool.

    You tell me if their was a tender put out for drilling services or bidding quotes for any comparisons?
    Remembering we took ownership one day and the next we were drilling!!!

    cheers
    Last edited by fooca: 28/12/23
 
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