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May Queen has now been divested - see RNS dated 14 September.
With something the scale of Zaranou, May Queen became non-core.
In my opinion there's a perceived orphan period here. A lot of traders dived out at 20p taking 150% from 8p buys or 7p placing. Some expected an early warrants call or exercised themselves but now we have the blocklisting.
With more results upcoming and a resource estimate hopefully in Q1 2021 there's plenty going on.
yes, but we all know mining stocks have done very well indeed, whist we have gone down ?
There's also May queen in Aus that hasn't been touched for years. Chad also doesn't seem to have much going on these days despite it being the blue eyed boy at one time. Always been quiet here, but now covid stocks are in big demand atm, then in mining it's GGP and SOLG.
I keep hoping we are one of those forgotten under loved shares that the market has under valued and we'll see a big jump to rectify it? Although it could be wishful thinking ?
We are defo off radar and volumes are very low, which doesn't help?
What are others thoughts on this?
interesting point re GGP 15x our market cap, Hav is huge with good grades in Australia and they have other projects going up which could match Hav, in Australia too.
So I'd say 10x our market cap is about right rather than 15x.
Thats taking into account our Lithium, if our gold assets prove worthy then obviously that should change.
I'll be honest I have never understood our low SP/marlet cap here, with the Lithium and early gold assets, what about the iron ore thats never mentioned? Do we still have that? If so why don't we sell it as I believe prices have increased some what from their lows?
I would not say I know in detail but did hold a small amount for a while ..they hold concession called Havieron and have Newcrest as a jv partner who are chucking money at their project in stages and would only continue if they thought it would be worth their while..I think the latest stage of the farm in is stage 3 whereby they will spend another $25 million on top of a big chunk already expended..stage 3 is to deliver a PFS ..I believe Newcrest also have a processing plant on an existing mine whereby material can be transported for processing..GGP have already had something like six sets of outstanding drill results ..so in terms of comparison with Zaranou they are much further down the road to proving up a significant discovery but IRR still own 100 % of their projects.. I do not know if anything has been stated as far as ounzes are concerned but a jorc will do that which they must be working towards
bentnose, I was just reading through your post from last week. I do actually remember the conversation. I don't know much about GGP as I have never held there. I note that they now have a market cap of £ 903 million ! ( wish I had invested some of my cash there, hindsight and all that.)
what I would like to ask from anyone who knows GGP in detail, is firstly have they any confirmed resources/jorcs etc. If so what are they in terms of ounces. Also If they haven't what are they potentially hoping for in that regard. Have they got 15 times what we have, because that is the difference in market capital valuation. I am just interested to see what the actual comparison is. thanks.
Im not one for mentioning other shares but I remember maybe 18 months back having a discussion on here with Toro and he was saying that at at £60m it was crazy that GGP had the same mkt cap as us, I argued at the time that we should follow the same route as them (JV with partner) to unlock our potential.
Toro disagreed on the basis of losing a large chunk of your portfolio % wise wasn't the way forward (and i can partially understand that and have a lot of respect for his knowledge). I personally think now its the only way forward - especially in this market whilst the price of gold is high and set to continue rise over the short- to mid term. Id say we need to strike whilst the irons hot!! - but even the iron ore seems to be a forgotten asset despite rising prices.
Just yesterday a JV with another goldminer was announced and the share price has rose 150% in two days. If theres gold there (and we know there is a zaranou) act as quickly as possibly to realise the value in that asset.
Thanks for your thoughts/ responses
Earthling,
I didn’t take part in the placing but bought in chunks from 7.22p up to 8.5p at the time to average down.
Vince made reference to being cashed up and not needing the warrants in one of his recent interviews. I remember thinking at the time I’ve never heard that before on AIM.
We’re about to hit a very busy period of RNS announcements as the three drills are now turning. We still have results pending from 2nd phase but the 3rd phase drilling is particularly exciting in understanding the size of the Zaranou project. I think the geology indicates that the gold is at surface but has the potential to be discovered deep too. Zaranou already looks like it has potential for a few open pits with very low Capex & Opex so AISC should be very competitive. Zaranou will turn out to be significant imo, how significant is the question? I have my own ideas on that but will keep them to myself.
The Lithium is certainly commercially viable and given the Tesla deal this week for 30% of PLL’s spodumene lithium production, I’d say IronRidge’s Ewoyaa project has just increased in value.
West African lithium has been so far off the radar that even many of the lithium analysts don’t mention it or even know about it. (Not the sort of research and analysis I’d have expected by known people in the sector).
Hydroxide and Carbonate prices are rising for battery quality lithium. The refining picture is changing. Could we see lithium refining in Africa? The West African hub in Ghana is perfectly positioned.
If not then there’s a market & auto OEM’ will be watching because right now they’re really scratching their heads on how to secure a supply chain.
I’m focused elsewhere at the moment because I’m very confident about what’s coming. If we get to March and there’s been little progress and the SP has t moved I’ll review things then.
The bb is very quiet but it doesn’t necessarily mean things aren’t developing in the right direction.
Cashed up, drills turning with gold and Lithium at unbelievable scale and grade.
Bring it home Vince.
Whilst raises are frustrating they are inevitable in early stage explorers . We will rerate significantly if/when a multi million ounce resources is proved and by all accounts they are hoping to do so by year end
From rns this week
‘One of the most encouraging aspects of this year's hard work has been the consistent and regular delivery of outstanding drill results at the Zaranou Gold Project in Côte d'Ivoire, which holds promise for a multi-million ounce gold resource likely to be amenable to low cost bulk open pit mining in the future.’
If we have a multi million ounce resource the mcap will reflect that.
For now I wish we had been able to raise higher but it has accelerated our drill campaign rapidly and was done at a time of much economic uncertainty.
I believe we will have a huge resource, with low nine costs and continue to add when I can.
Yes the sp falls back but that’s what is inevitable . When good drill results are reported, that’s all they are good drill results with potential. Once actual resources numbers are out together the market will take note IMO
With the lithium it’s a great asset but until it’s moved forward in one way ir another it dies to add much value at present
All imo
the resource estimate for the Lithium was a good example, we went down on the day it was issued, presuming the market felt it wasn't big enough in current state to be economic?
do you think the sells are form the 7p placing ?
I just struggle sometimes to see how we'll revere from that.
We get good news and a small rise followed by immediate re trace..
found the quote re the 29th, thanks.
hope by year ahead he means 12 months and not to end of this year?
But to explore you need money Earthling. I know it’s not ideal but I am happy for the story to unfold. It gave me an opportunity to top up and I will continue to do so.
28th Sept? RNS?
Thanks for reply.
can you imagine where we'd be now without the last placing being at 7p? it was a ridiculous price/timing IMO
From 29th September
Well Financed for Another Highly Productive and Progressive Year Ahead
could please show me when and where he has said funded for 12 months ?
yes, but he said that before the last one at 7p, I remember him saying clearly he would wait for SP to rise before placing, obviously that didn't happen.
Many of us took him at his word last time round.
We are in the same situation again re if the SP doesnt rise, he will have to raise at lower prices.
Earthlings, I feel your frustration, I don’t think we will as Vincent has already told us in a few recent RNS that we are fully cashed up for 12-18 months at least
was like a kick in the teeth here, they can sell those above 12p I believe?, I think we will have to wait for those to clear before we get a rise.
I'm just a little concerned that by end of year, just 3 months away, then we might get another one at a big discount again?