We have taken an initial stake in this exciting company that produces gold at the Grasberg Mine in Indonesia and also produces gold as a by-product in its North and South American copper operations. We continue to increase our exposure to gold as part of our gold off-take agreement commitments with Jinbi and others and will add to our Freeport-McMoran stake at opportune moments.
Our strategy to eventually own the gold assets of W Resources continue and we keep adding to our stake in the company (we keep buying and they keep diluting us, a stimulating game).
We have great faith in this strategy and in the tungsten and tin mining skills of the W Resources team.
W Resources doesn't need the gold assets, we do, so it is a perfect match.
The pay-out will be the same as on 15th April 2021.
We were hoping for a larger pay-out, but the Chinese crackdown on cryptocurrencies has made our Jinbi placement earlier this year in Macau null and void, so we retain our Jinbi holding, use most of our liquidity to execute our gold strategy and now look forward to Year of The Tiger on 1st February 2022 and the placements in the rest of the Far east outside Chinese territory.
This liquidity event will make much larger pay-outs to the shareholders possible and we (and certainly our shareholders) look forward to that.
We continue our gold based strategy and continue to deliver gold to our off-take partner, Jinbi.
Our holding of Jinbis is substantial and the price is holding steady around $300/$350 (with a profit-taking dip once in a while) - we remain confident that just after New Year 2022, the price will trade above $888, which will make our holding worth over $1 billion.
We keep adding to our other gold interests and view the future with confidence.
As we keep accelerating our gold production interests, we are pleased to announce that there will be a further pay-out to Shareholders on 15th July 2021.
We are not yet sure of the exact amount, but expect the pool of money available to be significantly larger than the 1st pay-out and in the region of £0.5 million to £2.5 million.
The pay-out will be pro-rata with the usual minimum payment floor - in order to estimate your pay-out, please note that we have 62,500,000 shares outstanding.
We now have significant gold stocks consisting of a mixture of gold bars, gold coins and gold dore.
We will continue to build the gold holdings in order to make our off-take agreement commitments of 1.2 million ounces by 2025.
We will also significantly increase our gold leasing and lending business and expect it to add serious value to our bottom line.
As our business grow, we are also increasing our storage capacity with our vault partners world-wide.
The first of many pay-outs was made on April 15th 2021 and the source of funds was the sale of some of our gold stock.
We expect to continue to receive gold bars and coins into our various vaults world-wide and will continue to share the wealth with our shareholders.