Asiamet Resources Share Discussion Threads

[adw198] 21/8/2023 12:01

“The Company and DOID have been engaging on the financing process for the BKM copper project. The Company has made substantial progress and negotiations are being advanced, with a preferred bank to be appointed by the Company. The bank will appoint an ITE to undertake an independent review of the BKM copper project feasibility study to ensure it meets their required standards for debt financing”

This is what we were told in March 2022. We were also told the ITE doing the review on the old study would fast track the finance process. They’re not even good liars anymore!

[adw198] 21/8/2023 11:56

@dorset no that doesn’t really help my understanding.

Who is paying the ITE?
What is their remit?

My understanding was the lead bank would appoint them to do most of their due diligence, so the bank could have confidence in the project when deciding what, if anything, to lend.

[bradshaw980] 21/8/2023 10:04

That's actually the correct attitude in this junior mining industry. Take everything as utter BS until you're happy with the chances that it may not be !

[bradshaw980] 21/8/2023 09:56

I guess 'appointed' means different things in your weird and wacky world, as guys from the lead bank have already walked across the proposed BKM open pit and seen outcropping mineralization with their own eyes ! Unless they were randomly on a hiking trip and got lost, and just happened to stumble on an economic copper deposit, I'd say there has been a level of 'appointment ' already, but that's just me !!

[bradshaw980] 21/8/2023 09:32

I'm simply relaying what the CEO said in the latest interview, make of it what you will! Anyways there is initial approval then it takes months to sort everything innit.

[adw198] 21/8/2023 09:19

I very much doubt a lead bank who haven’t even been appointed will be having a meeting next month to approve finance. The RNS states…

“Due diligence site visits to the BKM copper project have recently been completed by a globally recognised bank experienced in resource project financing and the bank-ratified ITE, SRK. These site visits are an important step in the due diligence process required for first phase bank credit approval, which is targeted for completion before the end of this calendar year”.

First phase targeted by year end…

[bradshaw980] 21/8/2023 08:45

Moreover baby boi: if you think we need a high Cu price today, this exact minute, to get progress here then the macro/global economy situation is the stuff of nightmares for you! I can see copper struggling all through 2024 tbf as recession hits, may even get down to $3.20 etc but WTF do I know? But the rebound will be epic ROFLMFAO IMHO and DYOR!

[bradshaw980] 21/8/2023 08:39

If you'd listened to the latest poddie with Daz (Aussies shorten everything to the point of absurdity ROFLMFAO) you would've heard Daz say that the ITE (SRK Consulting) will have their work wrapped up by the end of August. The lead bank is effectively waiting for SRK to finish, presumably to give them a report of some kind. Daz then said he hopes to here a credit approval decision from the bank in September.All imho DYOR!

[adw198] 21/8/2023 05:32

At the risk of opening myself to one of those condescending business lectures from Dorset, I must admit I don’t understand what’s happening here with site visits and the ITE. My understanding was we’d essentially now be going to a lead bank who as part of their due diligence would appoint a / their ITE to review the project. We were led to believe that would be the same ITE who we / DOID had previously instructed to review the previous study that was seemingly deemed not fit for purpose given it resulted in NO DEAL from DOID and a completely new study.

So who has “appointedR21; the ITE and why? And who is paying them? Given the aim is for a bank decision this calendar year how much time did we save by having the ITE review the previous study - which is what we were told at the time.

[mostyn] 20/8/2023 11:07

Doesn't time fly. The bank and ITE site visit was nearly 4 weeks ago now, so we really should be getting some news soon about the lead bank. According to recent interviews there seems to be plenty going on in the background. We just need to get the news into the foreground.

Adw198 - a billion dollar copper play works for me....if only!

[adw198] 19/8/2023 20:57

Not if Sashas putting the lipstick on the pig - then it becomes a billion dollar copper play ;)

[adw198] 19/8/2023 20:36

“So you now think if there was a jv of any kind, that the jv wouldn't also look at offtake deals?”

No, I think they’d raise money wherever they can get it. I do think it’s funny how having tried for a JV and our largest shareholder walking away from a deal, it’s interesting how now they’re selling off takers as the preferred option.

[dorset64] 19/8/2023 20:28

Offtake price, I am not in a position to make a guess on it as it would also depend on a number of variables, including I guess...What % of total production they would be taking.How much money they are prepared to put down as in how much up front and for how long.Would this agreement involve also BKZ, BKS etc etc or just BKMWhat their views on future copper prices are and, How much a premium will copper cathode command.etc etc so don't see how anyone could have an 'educated' guess without firstly knowing the above.

[dorset64] 19/8/2023 20:22

So you now think if there was a jv of any kind, that the jv wouldn't also look at offtake deals?

[adw198] 19/8/2023 19:28

I have a view and asked a question about offtake. My view was they’d want a discount to current rates. If that’s wrong that’s fine - I don’t have a problem being wrong, I just try to learn from it. So I’ll ask again, what do you think the offtake price would be if signed now?

We’ve established you’ve spent far more on shares than you’ve bought lower, hence you’re underwater. Yet you like a self appointed expert - which was my original point before you starting bragging about buying under a Penny.

You think a FS costing more delivering less copper is a better project so presumably that’s why you bought more shares. I take a different view about that, if you want to be sensible and drop constantly telling me how much of a fool I’m making then fire away.

Or perhaps we could talk about why you’re still invested here at all, given you previously told us you wouldn’t be here unless there was a JV partner? And now we can’t find one it turns out off take is miles better anyway as we’ll get a free loan and better price. Why bother with the Bank too?!

[horneblower] 19/8/2023 18:54

As the share price starts to stink again, these hilarious posts are keeping me cheerful.
Keep it up, boys.

[adw198] 19/8/2023 12:53

The fact Dorset and others try to even argue the new study is better / more economical speaks volumes of the group think and confirmation bias.

It costs more and produces less copper - so yeah I think the previous one was more robust and had more upside when copper goes higher.

[adw198] 19/8/2023 12:11

As i said you’re massively under water because your analysis here is shocking, yet you act like some kind of market guru with your lessons in business. I asked how much you think an offtake agreement would be in the current market. You haven’t actually managed an answer but here we go again with the smug know it all attitude.

And yes, i definitely prefer the IRR rate of the old study because it didn’t NEED a bass case of 3.98lb copper to hit 21%. I realise the study wasn’t as good as you hoped but you swallow the spin and spit it out as your own.

[dorset64] 19/8/2023 11:42

Im sorry, but you really are stupid.Let's put in simple terms for you. I bought far far more shares at/around 1p (they are all in profit right now) that I bought shares higher up.For instance....4m shares at 1p = £40k.1m shares at 10p = £100k or2m shares at 5p = £100k.In the above scenario I would had bought far more shares at 1p than above, but still be underwater. Fyi, the above is just in simplistic terns so someone like you can understand it.It really not hard, I bought more shares at the 1p Mark than I did further up. The reason I'm in an overall losing position is because the shares, and the number of them, I bought higher up. You really do open yourself up for ridicule at times, just as when discussing off-take deals when you have no idea what they are or how they work, and then openly stating an irr of 19% is far better than one with 21%.There really is no helping some people.

[adw198] 19/8/2023 08:28

No worries, it seems you’re happy to accept you are in fact massively under (as we all are). I’m unsure why you tried to imply something else by claiming you bought “far more” shares at 1p than higher but I suppose it’s just the embarrassment of being so wrong, so often, yet so adamant about your analysis. Just go back and read your own posts, you’ll realise how badly you call this. If youre that rich that you aren’t bothered that’s a great position to be in - I’d look to give some charity rather Sashas next holiday fund though mate!