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“How long is shortly” is that question similar to how long as a piece of string! In that case, it’s twice as long as the middle to the end. Glad to have cleared that up.
Sorry, I was busy after my last post yesterday.
Your post 22.17 makes the same point I was trying to make. A Russian standard is a highly professional way of reporting because Russia makes so much of it's money from resources that it has to be professional and accurate.
JORC is simply a slightly different way of assessing resources which is more reliant on drill results. It isn't superior, just different. It is the most used and recognised system of reporting and EUA have said it was a requirement of their listing to report to JORC. MT now has JORC reserves and resources which suddenly appeared in their last presentation although without any detail or breakdown of them.
The point I have been trying to make is that reporting to JORC is not some magical way of massively increasing upon the 105moz Pt eq in the JV area which is clear so many here want to believe is the case.
I invested early at an average of 0.47p and sold the majority at high 30's and into 40's which is in my posting history. I can assure you I am exceptionally happy with what my investment returned. I am interested in the JV but am waiting on detail for it which the BOD seem reluctant to release. Who picks up drilling costs going forward as Rosgeo will be drilling, do Rosgeo retain any royalty payments on production, what are the other 8 areas, how much of the 105moz is inferred resource and how much reserves, what metals etc are in each area etc. These things are very important to me because I invest on the reality of what is there and not the hope of what might be there, more so when a company has reached a value of $1b odd.
2. Other International and Local Reporting Systems
Some governments require that the mineral exploration programs follow a series of formal stages that include reconnaissance exploration, grass roots exploration, advanced exploration and engineering studies within a fixed timeframe. The Russian, Chinese and some other State mineral resource classifications are very prescriptive and strict. The respective ministry or state bureau of geology and/or mining have published guidelines with general specifications for geological exploration for mineral deposits with detailed instructions for sampling, trenching and drilling, density of the exploration grid and corresponding resource category. The objective of this type of reporting system is to have a consistent, transparent and unambiguous categorization of the mineral reserves, so that the local government can make decisions and collect the appropriate amount of royalties.
And JORC supercedes this. If it wasn't important, why prescribe it as a condition of sale?
Shortly is good enough for me. Delays often see price drop but with 'shortly' i no specific time frame is given and therefore no price drop for failing to meet deadline. Imo, EUA are waiting for license transfer. They told us its in advanced stage and hence the reason they used 'shortly'. The JORC is done by WAI. The next RNS will announce the transfer of license and some incredible numbers under the JORC code.
You show up when EUA are on the move and cast doubt with your subtle deramp. Your reason for being here is the same as all the shorts. I'm fascinated with the EUA story ..... Bullsh'# If you are not short or long, there is no reason for you to be here. With your bearish outlook on EUA, i'm certain your in the former group. You've been here longer than anyone 2015 , way before Mac etc and you have failed to capitalize and that's all down to your negative mentality. Anyone with logic would have taken a punt like MAC at 0.027p and kept it. You should have kept at least 25%. You lot can deramp all you like but the IIs and smart money will keep flooding in. There's no stopping EUA. Expensive, in demand minerals, open pit with excellent grades. To the MOOOOON! GLA
It will be interesting to see EXACTLY what's stated on the audit.
Hopefully this week!
It's clear from your last post that you don't understand the difference between a resource and a reserve. You need to as they are vastly different and have different values placed on them.
A Russian standard is no different to a JORC in CONFIRMATION. What is important is the level of confirmation, whether it's to Russian or JORC. An inferred resource has a low level of confirmation, a measured reserve has a high level of confirmation.
WK is an alluvial deposit and is different. EUA previously said WK had inferred resources of over 10 tons of raw PGMs, they proved up 4 and a bit. When NN first started drilling Vuruchuaivench in 2004 press releases said it was believed to contain 350t of platinum group metals, this was the inferred resources. When they finished drilling it it had 3.3moz of PGM's or 93.5t of reserves and resources. Not all of that would end up being economical to recover.
The fact that WK has been proven to higher levels than it was previously means some of the 43% extra they previously recovered will be covered by the closer spaced drilling because, as you say, Russian standard plays safe at lower levels of proof as does JORC to a different degree.
You say JORC = booked reserves. No, JORC books to proven, probable or possible and only something with enough available information will reach a reserve level. Rosgeo have said Poaz estimates are P2 level, low level inferred resources based on 14 drills in 11sqkms. A proper measured proven JORC reserve might need drilling to 15m spacing, 4300 odd drills per 1sqkm.
What the BOD's of AVACTA regarded as shortly, is completely irrelevant to EUA. The BOD's of EUA, have delivered on everything they have stated in numerous RNS's, EUA are head and shoulders more superior to AVACTA in my opinion.
LOL avct ain't doing JORC........
I'm not stating anything as fact (reference the 20/30 years mining), I was using examples. A JORC resource is CONFIRMATION of an amount of materials within a licence area based on an independent verification and assessment. The Russian equivalent Feasibility Study that states resources is usually way below actuals. All recent RNS releases have proven so (WK 43% upgrade in in-situ resources based on previous estimations is a good example of the conservative nature of previous methodologies of determining quantities).
A JORC resource is used to booked reserves. It is literally the gold standard to value an asset, there is no higher authority or metric that a prospective purchaser can use to determine risk v reward in acquiring an asset for exploitation. Whether accurate or not, a JORC is valuable because it unlocks financial doors and allows investment. A JORC is the equivalent of a structural survey, once completed a person or persons have put their name to a report, their credentials give them the authority to do just that.
Once completed, that then allows the bank/fund to release money and allow the asset purchase to complete based on the findings from the independent auditor (Wardell Armstrong). JORC = Booked Reserves. Booked Reserves = ability to allow reserve based lending, a mortgage if you will.
I never stated anything as fact, I give my opinion, as always, based on experience, perception and interpretation. Sometimes I'm wrong, sometimes I'm right, but I'm not putting my name to a JORC resource, Wardell Armstrong are, and they have legal consequences if they are playing fast and loose, I don't.
I will leave it with this. If a JORC wasn't important or not really relevant, why is it a condition of sale from Rosgeo to EUA? 100% ownership can only be obtained following the successful completion of JORC status. Seems pretty important to me, so I'll base my estimations of whether it's a guarantee above and beyond a Russian standard on the official requirements of the parties involved in the transaction (Rosgeo, the mining arm of the actual Russian Government).
God Speed mate, hope you have a fair few shares here.
Shortly is not very longly...??????
As any fellow Avacta investors will testify, “shortly” is a moving feast. So far 18 months and counting…!
If they had the JORC report, under AIM rule 11 they would have to release it without delay.
Sorry but so much of what you say is not fact.
JORC is no more of a guarantee than anything booked to a Russian standard.
JORC, as with Russian standard, is a means of booking reserves and resources dependant on how much information is available. How much information is available sets to what level anything is booked at and goes from inferred to estimated to proven.
If the JV areas have Russian standard inferred resources then they will be a JORC equivalent to inferred resources.
Any mining company will have some understanding of how JORC relates to Russian standard and the person/company EUA are using is experienced in converting Russian standard to JORC. The same data used to get to the Russian standard results is used for JORC. JORC does not magically make reserves and resources appear from no where.
Yes JORC is the most recognised standard used and EUA have previously suggested it is a requirement of their listing to have things booked to JORC.
It cannot officially state that there are lots of PGMs etc and you will be digging them up for 20/30 years if there isn't enough information available to state that as fact.
That doesn't mean it isn't there, it means there could be years of drilling and many millions of pounds needed before it is confirmed as there if it is there.
I can see your point but a JORC resource confirmation on a mining asset is massive. It is internationally recognised, audited independently and essential to the compliance departments of institutions/companies looking to invest in future producing assets. It's basically stating officially that there's a lot of PGMs etc and you can be digging them out for 20/30 years before the mine depletes.
It would immediately add a confirmed amount of PGM, battery and industrial metals to proved reserves, and above all, it would have to be priced in by the 'market' because it is unambiguous and as close to definitive as can be.
A JORC resource that allocates (for example) 20 million ounces of Palladium equivalent to a company MUST be accounted for in any accurate market valuation because it is now entirely de-risked. Different scenario but similar is a virgin plot of land (no beef curtain jokes please). It's hard to value as a patch of grass but if it's the last patch of grass in an expensive area like Knightsbridge, London, and you pay £1 million for it with no planning, 2 years later when you achieve full detailed planning permission to build a block of luxury apartments it has to be valued 20/30 x more instantly.
A JORC is detailed planning permission with reserves in place so any details confirming EUA has achieved JORC status on Nyud for example should equal a re-rate based on the additional resources contained within. Plus when we achieve a JORC confirmation we have the legally binding option to purchase 100% of said asset from Rosgeo and become the sole owner.
JORC confirmation is a very big deal and regardless of whether the snakes setting the daily price value us accordingly or not, we will become a much more valuable company with it than we are without it.
Tick tock, all the best.
I hope that the mention of "announcing" the JORC report is hinting that it would be part of a bigger announcement on asset sales.
Because I actually don't think the sp would move up that much if the Nyud JORC is announced on its own.
It's as good as certain to arrive shortly but we're still on 25p.
The wider market wants to see how it is going to be monetised by EUA.
(I personally think that this is crazy and the value should be being baked into the sp with all these positive steps)
They raised as the SP and number of shares bought needs to be appealing to the buyer aswell. The higher the SP the less shares the II's would get and the less potential profit.
As for Shortly, it's a 'short' period. So....
Friday was 'short'
Today was 'hort'
Tuesday is 'ort'
Wednesday is 'rt'
Thursday it's all over with 't' and also the 30th when Interims are due by.
So you could say we are 't' minus 2 days!
Shortly means sooner than 'in a while' but not as soon as 'soon'. Definitely sooner than 'before long' but not as soon as 'imminent'. Maybe somewhere between 'presently' and 'in the near future'. Hope that helps. ;)
I agree ... i think the fact that they have raised, means any sale (and hence proceeds) must be a few weeks away. Otherwise you would have held off on the fundraise.
My only concern is, if the JORC is already known as people assume and if it is going to be a catalyst for the SP. Then why didn't we wait a week or so to raise at a higher amount rather than dilute at 26p when say a week or two later we could have raised the same amount of cash at say, 35p or 40p after Jorc?
It doesn't make sense for all those things to be so straight forward to me
Maybe JORC this evening or first thing tomorrow, shortly does imply its imminent.
That reads we should be concerned when we get the deal RNS
we will get the 10 % spike then back down again..
I wouldnt be too concerned till its the Deal RNS.
My take in the wording is that they already know. Results are intertwined with any deal so can and are being held back until other side of the deal have made any next step required.
The wording may be as much a message to them as was for us.No pressure !
Should be tomorrow then, or even after close today ;)
I'll be VERY surprised if 'shortly' doesn't mean sometime this week.