Deficiencies and lies again from this appallingly negative article from Journalist England
Dear WGH / IGL Shareholder,
I want to bring to your attention the article below which was published in yesterday's Australian newspaper. The responsible Journalist who is related to a protagonist of me and my family and a former lawyer who was responsible for defrauding our family of a $3.2m dollar waterfront property in Broadbeach, Queensland and who is now jailed on another 17 charges of fraud in Adelaide. This despicable person who lived and practiced law in Adelaide has links via our own investigations to this same highly defamatory Journalist who also happens to live in Adelaide and who has taken a unhealthy fascination with myself and our groups mining interests in Australia and PNG.
Whilst I know I should not care about what a cheap shot this person takes upon getting himself off literally on our groups affairs, its also important to understand the damage and the wrong message which he continues to send to the market and also the release of confidential shareholder information to the market which he has caused to happen and which has had serious down stream issues for both our companies.
So we now have been further downgraded again number 7 article in 14 months via another very derogatory story which is again full of untruths and misleading twists of the facts and one sided, convenient omissions which completely changes the context of our interview / conversation on Friday the 1st of February this week (which was recorded and will be made available to shareholders on our WGH blog).
SO BY WAY OF A JOINT COMPANY UPDATE HERE ARE THE FACTS OF OUR CURRENT SITUATION FOR BOTH WGH AND IGL SHAREHOLDERS. THE REASON FOR THIS JOINT UPDATE IS THAT THESE TWO COMPANIES ARE CURRENTLY STILL BEING EXAMINED AS A SINGLE MERGED ENTITLE IN A LATE 2024 IPO.
To begin with the article below refers to trillions of $$ value in the Texas Silverspur Mine? To clarify, I was asked by England to confirm this as a 'Target Resource' in Texas. I was very clear on this point and said yes. As a resource geologist who has worked for BHP and consulted to other majors I specifically worked in this area of precious metals resource analysis for over 35yrs and which the Texas resource has been reviewed by not only myself but, other qualified AusIMM accredited professionals that the Texas resource is a Target which has been developed based on over 770 earlier drill holes and grades indicated through the use of 2 company PXRF Guns (both indepindependently calibrated by Nitron, the mamanufacturer) were used in the field and also in the examination of +/- 300m diamond core drill holes in Texas which have been drilled along the 'Stokes Fault' which is the predominant structure controlling the heavy metals mineralisation in our Texas projects.
What England conveniently has ommited from our conversation in his article is the incredible detail I went into show how we have developed this incredible resource. He even had access to our company blog which he quotes but, conveniently again negates to share the multiple examples given of technical PXRF photographs and videos shared with our shareholders of high grade results showing upto 5kgs per tonne of iridium and over 100,000 grams per tonne of Silver. These are not one off accounts of technical success and results generated by the company since acquiring the Texas project.
Without blowing our own horn too much, there is over 150 yrs of combined Technical expertise which has come together to generate these incredible outcomes and the value increase for our shareholders benefit. In the days of BHP had these discoveries come to the attention of BHP our company would have gone into a communications blackout for weeks to months...
These tireless and relevant efforts and information generation process (IP) has been unwaivering in nature and generated by a technical team which has worked without rest through holiday periods and dealing with incred various substantial adversity and difficulties as outlined and without ever failing to deliver. But, our dedication to our mutual cause is as I say, whilst unwaivering because we owe it to our shareholders who have backed our team this far has been broadsides cheaply by a rogue journo !
What is truly annoying is dealing with the negativity and ongoing side affects of the sideline gossip derived from such inappropriate media speculation. As I say, we are 1000% dedicated to the challenges and cause we have created from nothing but, the damage from such media sources rather than applauding our high calibre, world class efforts it detracts andngives your team more difficulties to redress which in turn takes more time and energy away from delivering these desirous outcomes for all shareholders.
Specifically, it also directly impacts and detracts from our abilty to close out serious capital raising efforts which then, leads to delays which disrupts the companies plans for developing our incredible secured resources. These are not just idol whinges or excuses from us as a team there are a number of serious and clear examples showing how such negative stories have detracted from our groups ability to process and finalise already difficult capital raising initiatives.
Moving on, as a direct result of a previous England article last year which announced our internal, confidential company information about the high grade iridium resource in Texas and upgrade to the silver resource via additional grinding of silverspur samples to minus 25 microns thereby liberating the Silverspur Ag ore from its encapsulated high grade sulphides, Fe Oxides and arsenides. The company had 2 interim financings cancel out ?
This confidential IP and discovery having been released without our consent by England, also lead to Thomson Resources new management team in Perth trying to come back and claim jump WGH on its Texas projects. Thomson wrote to WGH to advise us in January 2024 that, they wanted to terminate The Texas Agreement! Yes this is a "try on" and has no legs at all as the Thomson were in reliance for their announcement based on a earlier V2 version of the Texas sale agreement and their reliance on the conditions precedent. However and against the recitals of the V3 version which is the final version of the Texas Sale Agreement wherein the conditions precedent from previous versions, become unenforceable and redundant once completion 1 is achieved. Completion 1 was achieved by WGH via the final payment of a $1.6m Bond payment into Qld Gov. Treasury paid by WGH. THIS FACT THAT, "COMPLETION" WAS EFFECTED WAS ANNOUNCED BY THOMSON TO THE ASX ON THE 13TH OF APRIL, 2023 THEREBY COMPLETING THE TRANSACTION.
SO AT THIS TIME, WGH BECAME THE OWNERS OF ALL OF THE TEXAS ASSETS. THESE ASSETS INCLUDE AS OUTLINED BY OUR LAWYERS; ALL LANDS, MINING TITLE'S AND CHATTELS INCLUDING SITE BUILDINGS PLANT AND EQUIPMENT.
THERE IS NO DOUDT OVER THIS ADVICE AND FACTS AND WHAT ENGLAND NEGATES TO NARRATE AGAIN AND CONVENIENTLY UNDERSTATE IS THAT, IRRESPECTIVE OF THE TRANSFER OF A NAME ON THE MINING LEASE TITLE WHICH STILL IS IN THE NAME OF THOMSON, THESE TITLES ARE OWNED 100% BENEFICIALLY BY WGH.
ENGLAND GOES ON TO TALK ABOUT A POTENTIAL MEETING WITH THE QLD MINES MINISTER. I WAS QUOATED BY ENGLAND AS SAYING I HAD A MEETING WITH THE QLD MINES MINISTER. WHAT I HAD SAID TO ENGLAND IS THAT THE ONLY REMAINING MATTER OF IMPORTANCE IS THE TRANSFER OF THE TEXAS TITLES TO WGH NAME FOR WHICH THERE IS NO LIMITATION ON THE TIMEFRAME AS THOMSON'S HAVE A LEGAL OBLIGATION TO HOLD THE TEXAS ASSETS IN GOOD STANDING AND TRUST FOR WGH UNTIL SUCH TRANSFERS ARE AFFECTED. THE EXECUTIVE DIRECTOR OF MINES IN QLD WHO IS RESPONSIBLE FOR THE TEXAS PROJECT IS FULLY INFORMED AND AWARE OF THIS FACT AND HAS A COPY OF THE LEGAL ADVICE PROVIDED TO WGH BY OUR LAWYERS AND FOR WHICH THIS SAME ADVICE WAS SUPPLIED DIRECTLY TO THOMSON'S BOARD FROM OUR LAWYERS OVER 2 WEEKS AGO AND FOR WHICH IT IS NOTED THAT, THOMSON HAVE FAILED TO YET REPLY!
As such, there is no need to meet with the Qld Mines Minister. This matter is being managed internally by his Departmental officials with whom we are regularly in contact. I offered the contact details and name for this same MINES Executive to England for which he has again conveniently omitted to mention this point and instead wants to harp on about a seemingly irrelevant issue!
That we as a group keep getting bashed by England on a highly biased basis is partly because he picks on the little details. So I freely admit that not every little detail in his articles are accurate but, I would contend that Einstein was not right on every little detail as well and its inherently geology is an imprecise science. It takes 1000's of iterations to prefect a proven or measured resource. Our group has specialised in fast tracking and identifying these incredible Asteroid derived, precious metals resources for which conventional technologies and exploration groups are decades behind us in our research and development methodology. This work is not easy and I would contend we are a world leader in this space based geology as was recognised by a NASA official and speaker at a recent mining conference in Brisbane late last year who specifically sought myself and AJ out to check on our findings and results as did other conference participant's.
By way of one other example England mentions in the article below that, we are being held to account for our WGH solvency issue which was in court last week. This part is correct. What he negates to again mention is that, 2 WGH Directors who presented our solvency case were awarded an injunction which was accepted by the court and our group secured an adjournment dispite the plaintiffs objections so that we could negotiate a settlement deed with the plaintiff / petitioner.
In fact, it is an absurdity to suggest that our company which in our most recent management accounts Dec 2023 showed we have over $10.0m in assets on our balance sheet which did not include the existing, 19.5M ounce Ag JORC eq. resource in Texas valued at USD$36M and a working agreement with the Legato investment group in the USA that provides over $100m to WGH and is ready to be transacted upon in February, 2024.
So we are close and that this amount of investment via a convertible note is now at hand will only be iinterpreted by the court in one way. We will also negotiate a deed with the petitioner for which it is interesting that the same petitioner is joined in their action by ACE CAPITAL who provided their AFSL to the petitioner. The senior management of ACE Capital who introduced the convertible note holder to WGH and who were well compensated have revealed to WGH recently that since their investment in WGH for which they are currently shareholders of WGH now, they have picked up a controlling interest in local adjoining Stanthorpe EPM tenure holdings and company for which they have now also announced to WGH similar PGE discoveries to ours in the Texas projects? These so called coincidences are not missed on the WGH Management and the company reserves it rights to pursue this matter further legally in the future should the need arise!
Coming to the points relating to IGL, I would simply contend that whilst it has taken extra time to get the PNG assets into production we are now very close to March 2024 production targets. The issues we have had to contend with including an originally hostile MRA for which we were down rated due to :
A) a previous incumbent rogue Canadian / Indian operator in The Maprik Area and
B) a 2 yr hiatus of work due to covid restrictions
C) several recurring natural disasters and weather conditions ie. Floods, 7.0Mag earthquake and landslides have all caused setbacks in our process in PNG as well as the need to rebuild and repair local roads to our mine sites
D) Landowner disputes and negotiation delays
E) funding delays including the failure of Mr Wu to perform on his mandate
F) production gold theft
Having said this we have overcome most of these difficult issues and are completely wraped up in delivering our new plan in February 2024. The reason for our new confidence in the upgraded BP proposal going forward is :
1) a new umbrella agreement being entered into with Sir Michael Bromley who in a recent meeting with IGL executives suggested that IGL come under his protecion, advice and use of his PNG infrastructure incluing hanger space, camps accomodation and exclusive use of his aircraft.
2) over coming the security issues in PNG via retaining a key group of professionals who will provide high level security in Both PNG and Australia.
3) Secured major investment capital coming from a major source of funds in India which is now locked in for deployment this month.
For these reasons and with our new focused team and objectives in place then, the very high grade resources we have identified in the Maprik and the Screw River, within our project areas generates over $60m per month from 1 x 50tph trommel and a LIMS attached for separation of these heavy magnetic mineral concentrates in the black sands. These black sands have been adjudicated to have very high concentrations of PGE'S and the concentrate values rank at circa $100,000 per tonne. This does not include the gold content.
In addition, The company secured a new rare, 10yr alluvial mining ML over the Sowom River project late last year. This new alluvial resource is simply massive and incredible in geological resource nature. High grade PGE'S gold and scandium are all contained in this River case study.
Accordingly, we have plans also to deploy major plant and infrastructure into this project in Q1 2024. We have identified an operating partner who will arrive onto site in February 2024.
I look forward to a further detailed updates in the near future for both companies operations and a link to our blog with the recording from the England conversstion also being made available for your reference.
Kind regards,
David Catsoulis
WGH / IGL Group MD
M 040474725057