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Tony, he didn’t say.
Yes, many thanks for that. Very useful to know.
Thanks for the summary Iaintittle
Thank you Iaintittle - very useful update.
From your understanding is it one final RNS for drill grades we are expecting?
Don’t know what was said in London.
Manchester was a small quiet affair over dinner with
4-5% of the shareholders represented.
The company expect to get the balance of the assays over the next few days, ideally before the weekend but there will be work to do before any ‘drill’ RNS is released so unlikely this week but don’t rule it out.
The bulk of the work will be to compile all the results of the 40,000m, lay them over the historic drill assays and come up with a new ‘resource’. Nothing that we didn’t know. Lots to do.
More important to me was to learn more about our major shareholders and what their strategies have been in other successful mining projects. If you read up on that you will find out that they invest for the long haul. They don’t like dilution so they pay their corner at every raising. They like to see early and efficient progression to cash flow. They see the fastest way to value is re-investment of early revenue into the expansion of resource and production.
All in all I would say that their aims and ambitions are aligned with mine…… don’t know about you lot.
Thanks Iain
Just wondered if any further news was indicated last night.
Probably an RNS this week with further results.
GLA
I don’t know anyone who went to both.
Anything worth reporting from the presentation last night, or just a repeat of the original one in London?
GLA
Manchester meeting in person.
I don’t really think that the new term sheet is a problem, especially if the rank and file are allowed to take part in it. What is more important to me is that, subject to DFS, we are good to go. There was always going to be dilution to fund the mine, there are other explorers with larger resources than ours that are struggling to finance a build, I would rather be in our shoes.
I was also mildly disappointed that we ended up with a weaker term sheet than the previous one. Not sure it was negotiated in the interests of all shareholders? But then I don't know what the industry standard is and whether ours compares favourably or not. The other thing is, because of our existing connections with Lionshead (through the Quirk family?), did that stop us 'shopping around' and seeing what other funding options were available?
That the revised term sheet terms are inferior to the original set is both good and bad. The financing providers (who have their spoons in the soup first...) wanted more of the equity. Compared to what was originally envisaged, we ordinary shareholders will be getting a thinner slice of a richer pie.
Bad mixing of food-centric metaphors, sorry...
I also noted the comparison with Robox. Once we get an upgraded MRE (which I now think might just end up meeting the SRK target), will we also get an updated valuation from the brokers? The brokers have already made tentative comparisons with other companies and with an upgraded MRE, they might just come off the fence a bit more about this.
Iain,
Thank you for reply.
Is the Manchester event still "face to face" or is it now via Teams?
BB2
Billy;
'Did anyone ask why the term of the term sheet are (so) inferior to the previous term sheet?'
I can ask Monday but.....
The previous term sheet was constructed from what they knew then...... new term sheet relates to what they know now...... and we don't know any details but this smells like an equity portion on a bank raise. Ratios might suggest $25m equity/convertible (as publicised) with $45m bank loan to build a scaleable plant that can produce 60 koz pa and grow ....... not only scale-able but gets 90+ gold recovery........ from my understanding if you are a big enough player you can buy into the term sheet as Bert does not want to exclude rank and file investors
Iain,
Thank you for your comments.
Did anyone ask why the term of the term sheet are (so) inferior to the previous term sheet?
Was it stated how much £$ is needed through to production and thus how much debt will be required on top of the “equity based” term sheet?
Thank you, BB2
Bert hasn't 'put the 1-2 Moz in a shareholder presentation'.........It is the same wording as Dec 2019..... as yet, nothing has changed.
There is a massive difference between a Mineral Resource Estimate (1-2 Moz) and an Inferred Resource
Agree with your analysis Iaintittle - but I doubt very much that Bert would put the 1-2Moz in a shareholder presentation if he didn't believe we would achieve it.
Tony, the company have not mentioned a new target of 1-2moz. This number is in the original RNS dated 5/12/19 in which we announced our maiden resource and it is the ‘exploration target within 100m of surface’.
Within this number was the Maiden Inferred Mineral Resource of 265koz. The company as yet have not changed either of these number but I am expecting them to do so when all the drill results are in. (As these numbers are market sensitive they will be released within an RNS and there will be no leak from the company and hopefully, none from the nomad nor regulator). I would be staggered to get an inferred resource of 2 moz, even 1 moz is optimistic (but I live in hope).
Like this bit in the Presentation, suggesting that the major shareholders like a sale($1.2bn would give us a share price of £3.50 - hold on tight!)
"The Consortium includes highly experienced and successful natural resources investors:
• The founders of LionOre Mining International
Ltd (bought by Norilsk Nickel for US$6.3bn, 2007
• The initial investors in Mantra Resources
Limited (bought by ROSATOM for AUD$1.2bn, 2010)"
See presentation and look at Robex:
936kozs Reserves @ 0.71g/t
c.50,000ozs/year at sub $1,000/oz AISC
Similar production forecast as Cora with much lower gold grades, but valued 4-5x times higher!
1-2 Million oz of gold !.................................
Wow...
Out now main points :-
- SRK Target Between 1-2Moz gold to a vertical depth of 100m
- Updated Resource statement to follow once drill programme complete
- Sanankoro has up to 120m of oxide ore offering potential for a free digging, high recovery gold mining operation
- Financing US$25m Term Sheet with Lionhead to support
development post DFS
- Avg Annual Production 45,632oz (break even year 1)
First time company have mentioned new target going from 250,000 oz to 1-2Moz
this makes the current MKCap of Cora look incredibly cheap!
https://www.coragold.com/wp-content/uploads/2021/09/Cora-Gold-Presentation-Q3-2021.pdf
Thanks for that, Iain
Yes Q&A
No, no chance of either request for silence or inside info.
The fact that Paul Quirk was due to be there might be an effort by the company to help demonstrate to other shareholders the confidence Paul has in the project
Was the presentation meeting scheduled to include investors questions last night? Also would those in attendance be asked to keep quiet until the second event in Manchester has been concluded on Monday evening ?
Seems like a deathly silence at present.
GLA