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They must have approx 39,000 tonnes of relatively high grade ore (1.81g/tonne) that they have mined but been unable to process....containing approx 1,800 Oz of the gold. So this should give production figures a bit of a boost during the coming year.
The sooner they can get to 45,000 tonnes per month the better....BUT it wouldn't surprise me if some of the machinery they are expecting to be delivered is delayed given the current shutdown of many economies & presumably the manufacturers of said machinery. But fingers crossed.
The very large CAPEX is for the huge production increase in the long term and should not even be a factor until 3 years time. Provided nothing major operationally occurs ( an extended shutdown for COVID), they should be able to fund all the improvements required over the next 3 years. They will now need to deliver consistently over the next 3 years to have any chance of attracting large funding for the medium to long term so as to achieve the holy grail of 100,000 ozs p.a. But lets just focus on the much shorter time horizon and keep our fingers crossed that by year end they are up to the target 45000t of ore mined, having significantly improved the dilution and milling issues through proper investment in 2020.
Billb , don't know how long you've been invested here ... but I've been involved since this was trading at 3p Assaubeyev is invested at around 2.5p, but even he tried to spoof the market a couple of years ago to get the share price back up to that level. I have decided to double down and have now got my average to around 1p ; but I still feel this is a bit of a binary bet we go to zero or we go to 2-3p. If you think that is a 50:50 bet at the moment then worth staying invested, but this is definitely for gamblers not investors. If you read the CEO report on Capex, you can see that they want to spend multiples of the current market cap on Capex over the next few years .. this cannot be achieved organically, so they need to find somebody to buy a major stake. Question is who will pay 3p a share now when they could let the company grind to a halt in 12-24mths and pick up the pieces for 0.3p per share ?
Crikey retired banker, you're even more pessimistic than I was first thing this morning on here. Medium to long term this should be a fantastic investment. They are showing signs of inprovement with tonnes of ore mined. Anyway good luck with your investments. I bought another 200000 this morning!
Back in Feb (seems so long ago now) I wrote on this BB "I'd simply like to hear a realistic plan for 2020 to produce 20k oz ! If only the BoD were able to string together a couple of coherent sentences to the effect that 2021 production would rise to 25k oz and 2022 production to 30k oz with cash generated from production being re-invested to grow the business at this rate over the 3yr timeframe with no recourse to further external financing the sp would rise to 2p" Sadly 2019 output has undershot my already low production expectations and this RNS says nothing about what they expect for 2020 ... what it does say is that MUCH more Capex is required. Our only real hope is that with Gold prices so much higher, somebody is willing to put an offer on the table
There seem to be quite a few basic mistakes in the report...typos most likely. I'm not used to seeing that in a final report, such things are usually double checked...almost like a rush job. Someone didn't check it properly.
There seems to have been a big problem during H2 with the processing side of production. This is a little unexpected and disappointing. Hopefully they have a grip on things now....but it doesn't bode well for their plans to process 850,000 tonnes of ore per year (and long term 1,000,000 tonnes).
More negative news is always released on a Friday as well so won,t be noticed so much maybe they should have gone for 4.30 pm . Lets have another update soon confirming that they are on target as getting bit long in the tooth . G.L.A .
I suspect the company will be more vocal as production increases. Here's some number crunching of production from ADVFN: "Interesting to note that ore mined was 255,134 in total for 2019. H1 ore mined was 98,725 tonnes which means 156,409 tonnes was mined in H2 which is an average of 26,068 tonnes per month in H2. From the recent production update we were told the monthly production run rate was 29,000 tonnes per month in February 2020 and equipment purchases should increase production in Q4 to 45,OOO tonnes per month. The intermediate production target to current plant capacity is 850,000 tonnes per annum which is 71,000 tonnes per month."
While the Directors understand that the Company’s share performance faced headwinds due to delayed funding, the current valuation is considered to be an under-estimate of the fundamental value of the business. The Directors believe that the share price is at an inflection point and should progressively start reflecting improvement in fundamentals. The Company has secured adequate financing to expand production, with the first batch of equipment deliveries already translating into increased production. More equipment is expected later in the year, which should expand production further. The gold price steadily increased in 2019 reaching US$1,500oz towards the end of the year. This positive momentum is being currently maintained during the COVID-19 crisis.
Forget 2019 it’s done, history our future is 2020 and beyond. As the company have stated SP infection point, more equipment is giving more tonnage per month with more to come. I expect the picture will look a lot different in 12 months. Gla
We knew the results weren't going to be great due to operational problems. That has been fixed now after non-dilutive funding was secured and new equipment purchased. The company mined nearly as much ore as in the previous year but less of the ore was processed due to problems with the mill, hence why gold poured fell. The mined ore was stockpiled for processing this year now the problems have been resolved. If you read the report in full it is very positive going forward and the company is planning a huge increase in production this year and will benefit from a higher gold price and reduced operating costs.