SRI - Sipa Resources

[Miner]

Sipa Resources have announced a Farm-in and JV Agreement with Rio Tinto for their Kitgum Pader Base Metals Project in Northern Uganda.

Under the agreement, Rio Tinto has the option to earn up to a 75% interest in the project by incurring exploration expenditure in the following stages and amounts:
- US$12M of exploration expenditure within 5 years including a minimum commitment of US$2.0M, to earn 51% (Stage 1);
- Additional US$15M of exploration expenditure within a further 3-year period to earn a 65% interest (Stage 2);
- Additional US$30M of exploration expenditure or declaration of a JORC resource containing at least 250,000 tonnes of contained nickel or nickel equivalents within a further 3-year period to earn a 75% interest (Stage 3).

It's not a done deal yet as the agreement is conditional on due diligence being completed and satisfactory to Rio Tinto within three months of signing.

Still, it gave a nice lift to Sipa's share price this morning which is currently trading at 1.2c, up 50% from Friday's close of 0.8c.

Great Greggles
You must have nerve to hold on for 2 years on SIPA . The posting on this thread before your was in 2016.
So it appears you have the nerve and patience. Commendations .

 

[greggles]

Great Greggles
You must have nerve to hold on for 2 years on SIPA . The posting on this thread before your was in 2016.
So it appears you have the nerve and patience. Commendations .

I'm not actually holding Sipa at the moment. I just saw it moving this morning and wondered why. If the JV with Rio Tinto goes ahead it will be a great result for the company after a long slide down from 20c starting in September 2011. Sometimes these mining minnows do come back from the dead. It will be interesting to see if Sipa will be one of them.

 

[Miner]

I'm not actually holding Sipa at the moment. I just saw it moving this morning and wondered why. If the JV with Rio Tinto goes ahead it will be a great result for the company after a long slide down from 20c starting in September 2011. Sometimes these mining minnows do come back from the dead. It will be interesting to see if Sipa will be one of them.

Yes I understand it on your holding.
Big mining companies investing on such companies with a JV just a bubble for them though a storm for the minnows and holders of those minnows for sure.
Newcrest NCM also has similar JVs but not all times the share markets get excited.
Having said, your posting has evoked my alertness on SRI.
Thanks

 

[barney]

Even the long suffering Sipa have been getting some trading attention ……

SRI also hold land around the Patterson where RIO and FMG have been buying up big lately …..

AZY have been traded off the map today and given SRI is now surrounded by both the big boys above, they could actually both shape up as future takeover targets if they "get in the way"

Interesting things going on behind closed doors perhaps.

 

[rederob]

A competition entry stock only:

Sipa would have more luck find gold if they went into dentistry and looked.

 

[greggles]

Sipa Resources update.