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Westlad, I agree with the sentiment although only being here from August the '3rd cheque's in the post promise' doesn't apply. I'm hopeful Siege Mining is GLRs Mechanism of working with the Zambian authorities to get the the mining rights. However, I don't understand why we wouldn't use our existing subsidiary.
Westland , bow to your past experience and pain . Can't / won't argue with you have said as I can see exactly what you are saying . Through other investments ( Metal Tiger ) I have a very positive view of both the KCB and the SFR tie up- not of Metal Tiger - BUT if the SZ success is that impactful immediately you have my attention and because I do not know the history , yes there could be a threat to the SP and credibility . My own rules have loss as credibility / confidence in Management as a red flag , so thank you for that heads up .
MrN - Any insinuation from CB that SZ will not proceed will be spectacularly disastrous for this SP. This would mark the second major c**k up, after the Concordia debacle. It would also leave him with very few people able to believe a word he says on KCB. I was here before and after Concordia - the share price will be sub 0.5p again if SZ does not materialise as the company is then returned to the never-ending saga of Glenover, and a bunch of EM survey results.
SZ is huge because (a) we can all sleep tightly in the knowledge that there will be no further dilution, (b) it marks a spectacular turnaround after Concordia with CB re-earning the trust of shareholders, and (c) it raises the prospect of either a trebling / quadrupling of the sp from today's close, or a substantial distribution.
Remove SZ from the equation and its very much back to the 8 yr promise of Glenover, and more "jam tomorrow" promises on KCB.
Now, it still might be the case that KCB will be way bigger than SZ, however we'll all be on the 3rd "cheque's in the post" promise.
CE , unfortunately I now have to agree - was not expecting a drop of 8% plus and so yes good opportunity for topping up . Aside from radio silence on SZ licences / production can see no other reasons for the drop . I still believe the benefits of the SFR deal and KCB exploration will easily outweigh anything SZ does or doesn't do .
Any thoughts on why the SP falling , although most are down - this just seems bigger than most ? Cant understand the lack of response to communication requests , other than something is being worked upon , good or bad who knows . CB does seem to stretch himself a bit thin and I am hesitant to criticise when he has done such a great deal with Sandfire and the KCB . I am sure it will come good but suspect a few bumps on the way . Still a good buying opportunity if you are not already in .
I too have tried contacting Colin for clarification, but have not heard anything which is quite unusual. Normally Colin gets back to me within a couple of days so I can only guess that he is up to his neck in it at the moment and just doesn't have the time to keep on top of his inbox - we've all been there from time to time.
Hopefully things will calm down a bit over the next few days and Colin will be able to catch up.
I have had no reponse from Colin or investor relations and have asked them countless times to clarify all the goings on. The only thing that sticks with me is colin said we will be producing in Q1. If not and some other deal has been made then I would think we would have to be notified via RNS. Colin does in my view have shareholders best interests at heart - and he is not sitting on a small investment himself. It could definitely do with being cleared up though. On the brightside, we only have about 32 days until we are producing if all goes to plan!
Padmaster, That sounds feasible, except for the fact they cover the tiny bit of the area within the LEL that holds the resource that we completed a JORC on. If these licences have nothing to do with GLR then it would appear we no longer have any zinc. I don't understand why we wouldn't use an existing Zambian subsidiary if we needed to convert our LEL to an SEL. We could really do with figuring out who owns Siege Mining.
These new licence applications may be explained by the fact that our renewal of the star zinc licence includes a mandatory 50% reduction of the licence area - see extract from the Addison JORC technical report below". These new licence s being granted in what appears to be our star zinc area are probably others applying for our relinquished areas.
“The Star Zinc deposit resides within valid exploration licence 19653-HQ-LEL, known as the Star Zinc licence. The licence is currently registered under Enviro Processing Ltd, a subsidiary of previously Alternative Investment Market (“AIM”) listed BMR Group Plc. As the licence is an exploration licence, no extraction is permitted. The licence was granted on 14th August 2014 and has recently been renewed with a mandatory 50% reduction in licence area. The licence is now within its second grant period and is valid until 13th August 2021 (Table 4.2, Table 4.2 and Figure 4.1.). A further renewal with 50% mandatory reduction in licence area can be applied for 6 months prior to the 13th August 2021, which will extend the licence duration for the final three year period until 13th August 2024, for a maximum duration of 10 years. The holder may, not later than six months prior to the expiry of the exploration licence, apply for a mining licence for an area within the exploration licence, as shown in Figure 4.1.”
The new exploration application includes the area covered by the AMR and the Star Zinc resource. I can't find any details on Siege Mining Ltd. It doesn't appear to make any sense as far as GLR is concerned.
My theory was that you could apply for a mining liscence over the top of part of someone else's exploration liscence and I stand by that
But to apply for an exploration liscence over the top of someone else's exploration liscence seems odd.
We will just have to see how it pans out. A mining liscence over SZ got us all flapping, might as well twist the knife with another exploration Liscence. I bet Billy will lose his Sh*t when he sees this
Interestingly a new rectangle has appeared around our wee yellow rectangle. It doesn't appear to have been seperated from the LEL yet but I suspect this may be a new application for a small scale mining licence. I wonder if this means the Artisan licence is having to be converted.