What was said is very interesting and you give a highly focused report. The mood is also of particular interest.........body language can sometimes offer a great deal of insight as indeed can what was not said.
And it least didn't sell his soul for a cheap deal months back-although Lind was painful, it could still turn out a lot LESS expensive than if he had signed into some other overtures. (Doesn't seem like like now after the Lind taste lingers) imo :-)
Glad to spread what on the whole seemed like better news for shareholders. No mention of Paulina specifically just the fact that IOCG is plenty enough for OzMin and looking like it could be a big prospect but Guam is 3 years plus out to production, whereas Picachos and Pat are in the 1 to 2 year time frame.
He was also definitely holding something back I felt, like he wanted to tell us something. It was exactly like the last presentation where I had a similar feeling and after that we saw OzMin deal, Picachos and Loreto. My guess (and that is all it is) is that we are going to see some more interesting deals, part of the consolidation of the market he mentioned. Presumably prospect deals are as about as good as they have ever been given commodity prices. He has one finance deal in the bag, getting interest for off-takes, institutions looking in (25+ meetings), Picachos grades, he has reason to be a bit more confident perhaps?
The presentation was interesting, not so much for the slides but for the answers to questions during and after the presentation. Here are some interesting points....
-Permitting at Picachos is different from Paguanta and will be easier because the former is a mining region whereas the Paguanta area is less used to mining - Hold up on EIS submission is due to different process at Paguanta and Chilean elections. Drill submission is in and should be back by end of year. This is for in-fill drilling toward mine development. Project EIS will be submitted early 2014, there is no anticipated slow down in timeline to 2015/16 production as drilling EIS should smooth the way for project EIS. -He said no water or community issues at Paguanta - At a push could get to production at Picachos in 12 to 24m using the government processing plant with no need to concentrate or process - just put the high grade rocks in the back of a truck. However this might not be the most economic thing to do. - 4 parties interested in Pats Zn Off-takes but GS saying no point in going there yet until Zn price starts to go up but not worried about financing Pat once Zn/Ag recovers. -Not all of the Lind money went on running costs some with the Shining money is ready to go into Picachos drilling early 2014 - Graeme having conversations with 25+ Institutions and more today. Was even one boutique bank rep listening to the investors Q&A session. Last year he had 3 conversations - He said Herenica will be transformed in 2014 but would not say exactly why? My guess more deals are afoot. Something to do with further consolidation? - Shining put their proceeds entirely into charity. - He said Lind/Shining are free to buy/sell but he thought both seeing the value of holding - He said the drilled JORCed Paguanta footprint does not touch the full potential of the site but the strategy in the MB days was to start small and grow it out, this works well when Zn/Ag prices are high but since things have changed that is why he did the wider IP survey to show the market that this is a much bigger opportunity. He says it is at least 3 or 4 times larger. - Guamanga could be a game changer - OzMin are interested in an IOCG (not just a PCD) and if it is a big as it looks then it will be a multiple $100m opportunity.
If I remember more stuff I will share it later...overall I was encouraged that this company is in good hands and primed for the recovery when it comes.
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