Company has a $4m mc and nearly $4m in cash in the bank. Signed deal with Anglo American who must spend a minimum of$1.6m before 30/11/2013. Total of $10m by 2016 option of spending a further $10m,ARX to be free carried after that.
I can't wait til the drilling starts, still some time away, maybe another 12 months before we start getting the positive news.
No way Anglo American will be spending the money unless they are extremely confident that they have something good in the ground.
I intend to buy as many as possible (small parcel already purchased) between now and this time next year.
"The key terms of the Trenggalek Project Joint Venture are: * Anglo American has the right to earn a 51% interest by sole funding US$ 10 million before 1 October 2016 of which not less than US$ 2.5 million shall be spent before 30 June 2014 and a minimum spend of US$ 1.6 million is required before 30 November 2013 before Anglo American can withdraw from the project * After spending US$ 10 million Anglo American can move from 51% to 75% by sole funding an additional US$ 10 million. * On reaching 75%, Anglo American will free carry ARX for its remaining 20% through completion of a Pre-Feasibility Study. * The Joint Venture is deemed to have commenced on 1 November 2012 and formal legal documentation is now in the process of being finalised."
I hope it takes awhile to get noticed, i don't hold anywhere enough shares as yet.
ARX Price at posting:
0.4¢ Sentiment: LT Buy Disclosure: Held
