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AUZ, AUSTRALIAN MINES LIMITED
blacksheep
post Posted: Nov 20 2018, 01:37 PM
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In Reply To: blacksheep's post @ Nov 15 2018, 09:29 AM

BFS has been released - 122 pages, so haven't read it all. One thing I've noticed is the (massive) CAPEX required - just shy of US$1 billion - US$974

QUOTE
processing plant capital cost estimate US$730 (+/- 15%)
15% contingency amount of US$110 million


QUOTE
The Australian Mines Board believes that there are reasonable grounds to assume that future
funding will be available for the ongoing development of the Sconi Project, as envisaged in
this announcement, on the following basis:

1. Appointment of highly credentialed chief financial officer:
2. Appointment of external financial advisor, Medea Capital Partners
3. Potential financial support from NAIF:
4. Potential support from SK Innovation:
5. Increased market demand:
6. Strong shareholder base

As a result, it is anticipated that via a combination of senior debt funding, further equity
investment from current and new shareholders (most likely based in Australia, the United
Kingdom, the United States of America, continental Europe and Korea), pre-payment of the
project’s projected nickel sulphate and cobalt sulphate output, streaming and/or royalties, and
mezzanine financing, that the Sconi Project can be fully-funded.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 15 2018, 09:29 AM
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In Reply To: blacksheep's post @ Jul 6 2018, 03:23 PM

QUOTE
Posted Jul 6 2018, 04:23 PM - Another Managing Director in hot water over his statements


After being pulled up by ASX re a tweet back in July, seems another (couple) of suggestive tweets are the subject of a further "please explain"

This one shows a pic of SK Energy building - https://twitter.com/AUZMines/status/1057864254144045056
QUOTE
Australian Mines Ltd@AUZMines
10:17 PM - 31 Oct 2018
Eye spy, with my little eye, I wonder where Ben is off to today...


Where's Ben? https://twitter.com/AUZMines
QUOTE
Australian Mines Ltd @AUZMines
Nov 12
Ben, enjoying a wonderful meal at the Australian Ambassador to Korea's residence alongside the Queensland Premier and Director Kim from SK Innovation. Can you spot him? $AUZ


Extract from yesterday's ASX aware letter
QUOTE
Please explain the basis for publishing the Twitter Post.
Recognising that investors appreciate being kept informed about the companies that
are invested in, as well as having easy access to general industry news, in June 2018
Australian Mines increased its digital presence by launching on Twitter for the
purposes of providing non-price sensitive updates and information to interested
parties in an informal manner.

The Twitter Post in question was published for this purpose; namely to inform
stakeholders that the Company is continuing to maintain its relationship with SK
innovation, particularly given the ongoing nature of the binding off-take agreement
between the parties and the importance of that relationship to the development of the
Sconi Project.

11. Who prepared and/or provided the content (including the image) of the Twitter
Post?

Mr Benjamin Bell, Managing Director of Australian Mines

12. Who authorised the publication of the Twitter Post?
Mr Benjamin Bell, Managing Director of Australian Mines and Mr Oliver Carton,
Company Secretary of Australian Mines

13. Did Mr Benjamin Bell attend the building pictured in the Twitter Post to meet
with a representative of SK Innovation or an affiliated entity
?
Yes.

14. If the answer to question 13 is “yes”, please:a. advise who Mr Bell met with;
Mr Bell met with Senior Manager Lee, a representative of SK innovation’s Battery
Division
b. advise the reason for the meeting;
The purpose of the meeting was to discuss the logistics of a dinner at the
residence of the Australian Ambassador to Korea, Mr James Choi to be attended
by the Premier of Queensland and Minister for Trade the Hon. Annastacia
Palaszczuk MP, Mr Bell and a senior representative of SK innovation.
c. advise whether the meeting discussed any confidential information about
AUZ and its business, including regarding the status and/or content of the
bankable feasibility study that AUZ is currently preparing and is yet to
finalise; and


The conversation between the Australian Mines and SK innovation
representatives were limited to the logistics for the dinner with the Australian
Ambassador and Premier of Queensland, including who from SK innovation
would be attending this function. There was also some minor discussion
regarding the enormous number of Starbuck coffee houses in Korea compared
to Australia, and the difference between Japanese and Korean architecture
across Seoul. The topic of weather was also raised as Mr Bell arrived at the
meeting without an umbrella and it was expected to rain in Seoul that afternoon.
d. detail a summary of the discussions had in the meeting.


Please refer our response to question 14© above.
15. If Mr Bell met with a representative of SK Innovation and discussed confidential
information about AUZ and its business, please explain the basis for AUZ
publicising the meeting with the Twitter Post.

The Company confirms that Mr Bell did not meet with a representative of SK
innovation to discuss confidential information. It is difficult to understand how a picture
of SK Innovation’s building in Korea with the caption in question would lead to an
inference that Australian Mines was publishing that Mr Bell was there discussing
unpublished confidential price sensitive information, let alone what that information
was.

As stated in our response to question 10, the purpose of publishing the Twitter Post
was to inform stakeholders that the Company is continuing to maintain its relationship
with SK innovation, particularly given the ongoing nature of the binding off-take
agreement between the parties and the importance of that relationship to the
development of the Sconi Project. Such use of social media is common for listed
entities.


Currently AUZ remains suspended.

Good to see ASX is monitoring twitterland



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 6 2018, 03:23 PM
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In Reply To: blacksheep's post @ Jun 27 2018, 10:09 PM

Another Managing Director in hot water over his statements

QUOTE
Does the board of directors of AUZ (“Board”) consider it appropriate for Mr Bell, as
AUZ’s managing director, to disclose information which is inconsistent with AUZ’s
understanding of the SK Position?
If the response is “yes”, please explain the basis for that response
.

No.

As noted above, the views were Mr Bell’s interpretation of the likely outcome of the ongoing
discussions with SK Innovation.

The Board acknowledges that such statements should not have been made unless and until the
discussions with SK Innovation constituted a binding commitment for the funding of the Sconi
Project in which circumstances disclosure to ASX should occur in accordance with the Listing
Rules


Attached thumbnail(s)
Attached Image


 




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jun 28 2018, 03:08 PM
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In Reply To: blacksheep's post @ Jun 27 2018, 10:09 PM

As expected - trading has been a "little rocky" today

Day's range - a low of 8.1c , high of 9.7c - currently 9.05c down 11.71% overall



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jun 27 2018, 10:09 PM
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Posts: 6,125
Thanks: 2192


In Reply To: blacksheep's post @ Feb 24 2018, 10:42 AM

AUZ will be back trading tomorrow following their VS and response to ASX's query letter - trading might be a little rocky? SP was 10.3c when it last traded

QUOTE
Response to query letter
Australian Mines Limited (the “Company”) (AUZ) refers to the letter from ASX’s letter dated 20 June
2018 (“ASX Letter”) and received by Australian Mines’ Company Secretary on 11:02am (Sydney time)
on the same day, and the emails from the ASX dated 22 and 26 June 2018, and responds as follows:
(Except to the extent otherwise stated, defined terms have the same meaning as in the ASX Letter).

Background
Under the binding terms sheet agreement between the Company and SK Innovation dated 9 February
2018, SK Innovation has committed to purchasing up to 12,000 tonnes of cobalt sulphate and 60,000
tonnes of nickel sulphate per annum from the Sconi Project (which approximately equates to 2,650 tonnes
of contained cobalt metal and 13,200 tonnes of contained nickel metal per year). The price paid by SK
Innovation under binding terms sheet agreement is linked to the London Metal Exchange (LME)
trading price for cobalt and nickel, and contemplates a market premium related to the fact that
Australian Mines is supplying the product to SK Innovation in the form of a sulphate.

Furthermore, under the binding terms sheet agreement SK Innovation has agreed to assist in the
development / construction and/or financing of the Sconi Project by recommending a financial adviser
to assist on equity and debt raising, including project financing required to develop the Project.

SK Innovation has also agreed to support activities associated with construction financing carried out
by the financial adviser.

Consistent with the above:
• SK Innovation do not have an obligation to fund construction of the Project; and
• SK Innovation has not committed to financing the Project but has agreed to support activities
associated with construction financing; and
• it is not a condition to the off-take agreement that SK Innovation fund the Project.

Further details regarding the status of ongoing discussions with SK Innovation is set out with respect
to the response to question 3 below.

Furthermore, the Company acknowledges that it does not have a “reasonable basis” consistent with
the requirements of ASIC Regulatory Guide 170 and Information Statement 214 for the Forecast
Financial Information Comments.


The Opex Comments are based on the current understanding of management of the range of likely
operational costs based on an independent review of actual opex costs of lateritic cobalt-nickel
projects around the world that currently utilise the same high-pressure acid leach technology being
proposed by Australian Mines at its Sconi Project in northern Queensland.

The Presentation states a range in this regard and the comments were referenced as approximate.
As noted in the Presentation, final details on operational and capital costs will be provided in the
bankable feasibility study, expected to be released to the ASX by 30 September 2018.


They seem to be repeating the same "mistakes"

Retraction of ASX Release of 21 February 2018
QUOTE
Following discussions with the ASX regarding compliance with the JORC Code 2012, Australian Mines
Limited (“Australian Mines” or “the Company”) (ASX: AUZ) wishes to retract certain information in its RIU
Explorer’s Conference Presentation of 21 February 2018.

The RIU Presentation contained extrapolated forecast financial information (slide 3 and 4 of the
presentation).

This financial information referenced the value of offtake under the Company’s binding cobalt sulphate
and nickel sulphate off-take term sheet agreement with SK Innovation for the Company’s Sconi CobaltNickel-Scandium
Project in Queensland. This information was based on life-of-contract financial figures.
Inclusion of this information is not consistent with the JORC Code and the Company retracts that
information.

Investors should not rely on the retracted information as a basis for an investment decision about
Australian Mines’ shares.


27 June 2018 Retraction of Forecast Financial Information Comments
QUOTE
Australian Mines Limited (“Australian Mines” or “the Company”) (Australia ASX: AUZ; USA
OTCQB: AMSLF; Frankfurt Stock Exchange: MJH) wishes to advise that to the extent the
presentation made by the Company at a mining conference in London on 17 May 2018
contained forecast financial information (namely that the Projects revenue is expected to be
about $400 million per year for a total value of the deal with SK Innovation of $5 billion
(“Forecast Financial Information”), those comments were contrary to the requirements of the
ASX Listing Rules and the Australasian Joint Ore Reserves Committee (JORC) Code.
Australian Mines retracts the Forecast Financial Information.





--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Feb 24 2018, 10:42 AM
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In Reply To: blacksheep's post @ Feb 20 2018, 09:48 AM

According to The Australian article today - Bell sounds alarm - the amendment includes the $5 bil valuation put on the metal in the ground at Sconi, which goes against JORC rules. Also mentions the "leaking" of the SK deal in The Weest Australian ahead the official announcement, which was subject to a subsequent please explain from ASX. AUZ is now in a TH
QUOTE
The trading halt is requested to clarify misinformation in the market regarding the binding off-take
agreement between Australian Mines and SK Innovation in relation to the Sconi Cobalt-NickelScandium
Project, which both parties have acknowledged in writing is legally binding and cannot be
terminated by either party for convenience. This trading halt will also permit Australian Mines to amend
its Company’s investor presentation lodged on 21 February 2018
.

From their presentation
QUOTE
Initial agreement for 7-year period with a further 6-year extension
option. Market valued of product in initial term is $5 billion if fully
executed at current LME-linked pricing (discount or premium is commercial in
confidence)





--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


blacksheep
post Posted: Feb 20 2018, 09:48 AM
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In Reply To: blacksheep's post @ Nov 6 2017, 11:07 AM

SP up 42.*^% on news - Off-take agreement term sheet with electric vehicle battery manufacturer for 100% cobalt and nickel production from Sconi Project

QUOTE
• Signed off-take agreement term sheet with leading global electric vehicle
battery manufacturer SK Innovation for 100% of the cobalt and nickel
production from Sconi Cobalt-Nickel-Scandium Project in Queensland
• Initial agreement for 7-year period with a further 6-year extension option
with quantities of agreed offtake volumes of 12,000 tonnes per year of
cobalt sulphate and 60,000 tonnes per year of nickel sulphate
• Collaborating with SK Innovation to optimise Bankable Feasibility Study
on the Sconi Project
• Assistance from SK Innovation in optimization of Sconi’s processing
plant and mining operation through sample validation at battery level for
hybrid and electric vehicles (xEV) is expected
• Australian Mines’ Sconi partner, Korean-headquartered SK, is the world’s
57th largest company with annual revenue in excess of US$120 billion
• Option agreement for SK Innovation to acquire up to 19.9% of Australian
Mines’ ordinary shares
• Confirms Sconi Project’s status as Australia’s most advanced project of
its type and Australian Mines as a leader in the Australian cobalt sector
• Sconi Project is held 100% by Australian Mines




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 6 2017, 11:07 AM
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Posts: 6,125
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In Reply To: blacksheep's post @ Nov 3 2017, 03:25 PM

SP has continued up trend - currently 39% @ 13.5 - despite the placement @ 8.5c.

Australian Mines secures $20 million in funding via placement to international institutional investors
QUOTE
HIGHLIGHTS
• Placement oversubcribed by more than 3-times the initial amount sought
• Funds ensure:
o continued trial mining and sample production from its Sconi CobaltNickel-Scandium
Project in Queensland
o completion of the Sconi Project’s Bankable Feasibility Study and,
o accelerated resource expansion drilling at the Company’s Flemington
Cobalt- Scandium-Nickel Project in New South Wales.


QUOTE
The response from these funds was overwhelming, with the company receiving applications for
almost $40 million for what was intended to be a $10 million placement.
After consultation between the Australian Mines’ Board and the incoming investors, the Company
accepted applications for $20 million, comprising 235,294,118 fully-paid ordinary shares at an
issue price of $0.085 per share, which was the average

Attached Image





--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 3 2017, 03:25 PM
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Posts: 6,125
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In Reply To: blacksheep's post @ Nov 2 2017, 11:44 AM

Popular Australian Mines eyes $15m for Flemington tilt
Stuart McKinnon
Friday, 3 November 2017 12:02PM
QUOTE
The Benjamin Bell-led company called a trading halt yesterday morning flagging the raising, which it said was aimed at institutional investors in Britain, Hong Kong and Australia.

It is understood the placement will be priced at a discounted 8.5¢, initially raising $7 million to $10.2 million, with the capacity to accept another $5 million in over-subscriptions.

The raising is likely to be heavily oversubscribed if recent interest in the stock is anything to go by.

Australian Mines shares have been on a massive run in the past month, from 1.6¢ at the beginning of October to a high of 13¢ this week as investors began comparing its assets to the much bigger, more advanced, Robert Friedland-chaired and backed Clean TeQ Holdings.

https://thewest.com.au/business/mining/popu...t-ng-b88648125z



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 2 2017, 11:44 AM
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Posts: 6,125
Thanks: 2192


In Reply To: blacksheep's post @ Oct 31 2017, 11:04 AM

Always good to have a cap raise when your stock is running hot. smile.gif Judging the chart action, some probably knew it was coming.

QUOTE
In accordance with ASX Listing rule 17.1, Australian Mines Limited (“Australian Mines” or “the
Company”) requests a trading halt for its securities, pending the release of an announcement with
regards to a share placement to institutional investors in the United Kingdom, Hong Kong and
Australia.


Attached Image





--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: nipper  arty  
 
 


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