so DYOR+DYODD read the relevent CRE asx announcement for the exact/correct details
Indago as part of lending money to CRE on a short term tide me over loan when the floods occurred secured an off the top royalty i believe on all? resources on CRE tenements.Last time i worked it out worth around $75 an ounce on gold(1.5%?).
Magma metals by filing against CRE is also arguing that CRE when it signed with Indago had no right to give such a royalty on resources not in its sphere and that it had passed exploration and other rights to Magma and others in preceeding agreements.
Personally i suspect a winnable case (Indago)for CRE on the surface.Magma also suports the argument concerning stress?/duress? at the time of signing i believe.However,that'll be up to the judge with all the relevent information as it should be.
It would appear that maybe some other interest holders are also trying to secure their position should CRE falter and fall into the hands of FML 100% via its debt facility without CRE's tacky contractual obligations.Would be lovely.
Cre tenements do have some copper,unfortunately currently it makes the gold with it we're after milling unmillable.
Such are the many complications of having ore and no specialised mill to mill it and contractually dirty tenements/company where minerals that come with your ore may belong to someone else.
Magma under offer from PANoramic resources who owned 9% to start with.
I would hate to think Panoramic are nibbling around the edges of FML to pocket Nepean to add to their nickel interests along with the rest.Also Recently aquired Gidgee from AXM as Panoramic leaps into gold,while its got some cash from its forward nickel sale contracts.
DYOR+DYODD i suspect the bonus will be CRE costs will fall by around $75 an ounce the Indago case is settled.
FML Price at posting:
5.0¢ Sentiment: Buy Disclosure: Held
