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RNS EXCLUSIVE: Cabot praise 3D seismic mapping after successful winter programme

Amur Minerals Share Chat (AMC)

Share Price: 5.28Bid: 4.80Ask: 5.58Change: 0.28 (+5.60%)Riser - Amur Minerals
Spread: 0.78Spread as %: 16.25%Open: 5.15High: 5.30Low: 5.15Yesterday’s Close: 5.00

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Posts: 768
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RE: MRE Observations
Today 12:09
Just a few of my extracts from RNS FYI (for my personal notes).

1) Substantial exploration potential remains untested and is located within the Kun-Manie production licence area. Drilling for resource expansion is no longer required and can be delayed to early production years when resources begin to be mined.

2) RY COMMENTED Having surpassed key institutional bench marks of 1.0 million contained nickel tonnes and maintaining a plus 1.0% nickel equivalent grade, we shall be positioning the Company as a ready source for EV battery market participation. In addition, the significant resource increase will allow for us to identify institutional investors to work with and we will be undertaking an aggressive Asian marketing programme focused on China, Korea and Japan.

3) At Kun-Manie, mining by a combination of open pit and underground operations has been CONFIRMED by RPM with available metallurgical test work confirming an ECONOMICALLY MARKETABLE concentrate can be generated. RPM has also reviewed projected operating costs. The combination of these results allows AMC to report JORC compatible resource statements.

4) the breakeven nickel price is projected to be US$ 3.71 per pound (inc/exc mining capex ??? )

5) Recovered by-product metal is not included in the potential operating profit margin.

6) The MRE is defined based on a total of 74,613.5 metres of drilling. An additional 10,203.3 metres of core have been drilled for the recovery of metallurgical sample, twinned verification holes, unmineralised wildcat holes, and other holes defining other potential mineral zones to be drilled in the future WHEN Kun-Manie is in operation

Posts: 174
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Opinion:No Opinion
RE: Trading Spike
Today 10:59
how could we do a resource update every month... we have no new drill results (or do we?)... and we've not even started drilling this year yet (or have we?)...

conditions of the loan set expectation for what happens next

completion of the ice road --- DONE
announcement of the resource update -- DONE
updated open pit design --- TBD
updated open pit / underground trade off study --- TBD
updated pre-feasibility project economics --- TBD

I certainly look forward to the last one
Posts: 3,035
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Opinion:No Opinion
View Thread (2)
RE: So the closing price
Today 10:28
“This company was at 43p on news of a contract award...”

License award not contract.

Posts: 1,062
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Opinion:No Opinion
Trading Spike
Today 09:03
Question is, will there be a resource upgrade just prior to each Months warrants conversion from now on ? In which case long term holders may need to learn to trade if they want to make money on this.
Posts: 174
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Opinion:No Opinion
RE: Newspapers
Today 08:33
That's interesting, could you post the link please... I can only find a story about a Siberian tiger eating dogs
Posts: 206
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Opinion:No Opinion
Back to normality
Today 08:11
So far one parlty buy trade of 3584 shares at 5.3p
Posts: 713
Premium Chat Member
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Opinion:No Opinion
Today 08:01
Just the sort of positive PR we and the BOD need to increase our exposure
Posts: 264
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Opinion:No Opinion
News Papers
Today 07:33
Well we made it into the Daily Mail and Metro with a £15bn valuation!
Posts: 3,035
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RE: MRE Observations
Today 07:04
Excellent post Red.

The devil is in the detail.

Posts: 501
Opinion:No Opinion
View Thread (7)
MRE Observations
Tue 22:03
I would suggest RY finally has sufficient for his 6mtpa 15 year LOM as follows: MKF/IKEN/KUB measured and indicated only = 114.6mt and allowing for a 76% conversion of resources to reserves (per surface mining assessment RNS 18.10.17) = 87mt, that's why he now says no need for resource expansion.

The JORC code does not like publication of these in the ground values (clause 51) and for very good reason they should never be classified as JORC (RY's in-situ statement should really have a 'heath warning' to this effect in line with clause 4 on transparency). Reserves at say 87mt will seriously reduce that in-situ value, then if the TS option is chosen by-product credits for Co/Pt/Pd could be lost and payability on a separate copper concentrate maybe around 75-80% only (although this may be c40% improvement).

What is going on with grade?
The RNS 9.1.18 told us drill defined grades across all the new mineralisation was 0.80% Ni and 0.25% Cu, but this has not translated very well into the MRE which is a little disappointing:

Ni = Previously; M&I 0.65% & Inferred 0.84%...Now; M&I 0.68%
Cu = Previously; M&I 0.17% & Inferred 0.20%...Now; M&I 0.18%

Ni = Previously; M&I 0.87% & Inferred 0.74%...Now M&I 0.69%
Cu = Previously; M&I 0.21% & Inferred 0.20%...Now M&I 0.19%
In fact across all metals grade has gone down at KUB

The table of differences is a little misleading IMO, at IKEN we have 27.8mt in 2018 of inferred (so won't make the mine plan) at 0.80% which is bringing up the overall grade%, which is yet to be proven up and as demonstrated in this very MRE update the inferred grade does not always translate across to M&I grade.

No need to revise upwards our expectations on the economics, it's pretty much as you were IMO. I reckon given these outcomes start up at MKF will be preferred and so any current mine plan for LGM that each of us is working to at 0.77% across 57.5mt over the first 10 years does not change. We will have to wait and see what the economics of TS looks like with a separate copper concentrate...hopefully much better.

RY is talking about producing a document for us all to see "Metals Balance Numbers" if I heard him correctly and whatever that is? with a caveat to the effect that it is not audited, and may change when [if] the audit is undertaken. That is a worry as we have been here before, when we were issued with the in-house PEA which could have been well wide of the mark in its assumptions and despite a promise of an independent audit, none was ever undertaken and no explanation given, fingers crossed this time round.

Don't get me wrong this is a great update and just what RY needed, however we expected it to be around this size, and verses what I hoped to see on the grade, a little disappointing. There is still plenty that could be amiss here without a proper independent PFS, so personally I will wait on this before considering adding.

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