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1.0¢ argonaut resources nl

Ann: AGM - Chairman's Address, page-37

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downunderboy

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04/11/17

20:53

Post #: 28504770
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Originally posted by rocket973 ↑

Hamilton, not quiet correct. AIS now owns 70% of the project, just as ARE owns 30% of the project.
SRL and SRQ have I repeat have competed the buy in and as you'll note the original 70% Joint Venture agreement dates back to late 2002 when MIM signed the agreement. MIM did not pay any money at the time and it wasn't until Xstrata divested its interest in the Joint Venture that SRL and later SRQ contributed the $7 million earn in, this was done with the drilling that took place in Dec 2007 as well as the disproportionate amount used for legal fees etc . ARE has no more ownership than its 30%, both parties will need to contribute their share.
If ARE doesn't front up their 30% in the Joint Venture then they will have a problem too.
ARE will need a SPP or another investor, whereas AIS are well positioned to fund their share from their Cu production, and with Cu at US$3.12/lb then it will be an easy task.

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No worries with Argonaut raising any required funds in the future. As per the CEO -

ARE Price at posting: 2.6¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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