RE:new presentation video is up “We had a solo investor group from the Arias family in Peru. The Peruvians are not normally coming to Canada, it’s not something that we’ve typically seen before. And yes, some of the political instability in Peru has made them think about that. They run a mine that’s, as John said, 17 grams a ton, 300,000 ounces a year. And they did a screening of 150 gold mines in the world. And they started narrowing that down, and at the beginning of 2022 they started meeting with us and asking us more and more questions. And they narrowed it down to Ascot. They agreed that with the streaming, they would put another 45 million dollars into the company, and basically allow us to go forward to finish building the mine. On top of that, they put two of their technical people, one of their technical people and one of their advisors, onto our board, and they’ve been mining a mine like this for the last 40 years…
Our shareholders, we have a lot of institutional shareholders, we have the original retail shareholders from Calgary. We have analysts that are following us. In general, the shareholders were happy with this structure. They obviously want to see the mine get into production. They like the idea of having a stream rather than a straight debt. And people, you know it’s, we’ll have to see what Ccori Apu does…
I can’t speak for Ccori Apu, but in getting to know them, I think one of the reasons they did this, is if we’re successful in building this mine, they’d like to put this mine together with the mine in Peru and have a much bigger mining company. And for shareholders, that represents an opportunity because although they can own 19.9%, they’ll have to pay a premium to basically buy the rest of the shares to take the company out.”
Poderosa paid off its debt in 2020, they have C$180M in cash, C$200M net income per year, EV of C$1.5B.