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Liked the interview although wish there was a more direct way for Brian to answer the ten’s of questions that are obvious from discussions on this board. My theory is that Proactive were touting for new business (e.g. see tweet from Katie last week (https://twitter.com/Katie_Proactive/status/1405079205298253824), assume you have to pay for the publicity and Brian didn’t want to so this is just something short to kick start things.
As far as the content, really intriguing how the Ti credits will come though within the trial mining tonnage limits (in next PEA/PFS, which will it be?, but glad a PFS got another mention).
But mostly really liked the clear commitment to get into production soon. For me this latter point, and low capex, makes this a standout opportunity to get early dividends with a great yield, and not rely on some long term NPV figure banded around by so many junior miners.
We don’t need a JV for the DSO operation, it’s more if partner we might work with at a later stage wants a small position now and if doing so gives us some more financial derisk. In that scenario it’s only a small portion probably at project level.
If we’re planning for larger operation then I’d envisage Obelix previous post on %/buy in amounts as probably in the ball park.
We can of course be running a DSO operation whilst progressing plans for a bigger operation and the plant used in DSO would likely be first stage of any larger operation anyway, most of which process the non magnetic and magnetic ores separately.
TM via DSO really should be considered as very much the first stage of production, a huge dersk towards them.
When we need such a (relatively) small amount of capex for the basic DSO operation I really don't see the need to JV, especially with just a 3 month payback period. Once that is out the way we can surely begin self funding the path to fully exploit the titanium as pigment ourselves or in partnership with Fodere? Or am I missing something? Maybe it's just a case of lost in translation.
Hi Blackfisk, To be honest, I'm not expert about the process before production. Technical issues, phases of exploration, results and so on. We have passed all this in Pitombeiras (North & South) projects. My opinion, we will have a License Granted in few days, weeks or even 1 month, then they will announce the JV and planning the production, delivery the raw materials, calculate the profit et all. Of course my writing is not in a perfect or correct order to base on. However, if I'm not wrong they stated before somewhere in the past (not sure), but only assumption about others Mining that I have been invested before. I can be wrong of course, this is only my idea and guessing the next step. By the way, we can't forget the DFS in that list.
I agree, but in some ways it is really quite comical how understated the whole thing is. There are many AIM CEOs who would be shouting from the rooftops if their company was about to make these kinds of revenues and profits. I am also confused by how Obelix thinks we are on the verge of a JV, which makes me wonder if the interview isn't really about putting some pressure on a potential JV partner.
Nice interview, in some ways it resonated more than the more technical ones with me. We're about to enter a very exciting time here, Bryan knows it and all the long term holders here know it too. Just need a few more pieces of the puzzle slotted into place and then BOOM the market will get the full glorious 4K HDR picture.
Gallmat - patience is in some ways hardest part, along with accepting there might be few bumps on the road but to keep eyes on destination. It took me years and some guidance from some more experienced than I to get there (Remy really helped challenge my way of thinking before he joined Arcm BOD as did Swizz that poses here). Really is a mindset thing
Later stages for me are buying the TM and next year. I’ll revisit my fair value target once TM is confirmed, we know the specifics and we’re that much closer to production with these volatile commodity prices!
For now late teens early 20s SP zone equivalent to 50%-70% of current PEA is my fair value for a project of the economics demonstrated. They didn’t include any Tio2 credit, nor the resource upgrade/continued drilling or even our cash position/Valore shares or position in Fodere group.
Gallmat- if it’s what we’d want rather than what’s allowed if go no TM limits! There will be limits though, however even at base case we should be getting in free cash flow over the current MC. That’ll allow us to seriously progress the rest of the project.
TM will not just be a significant step forward for us, it’s a serious derisk towards later objectives such as full mining licence and upgrading the Tio2 into higher value product such as pigment grade. If everything comes together in that regard conversations on SP will be in £s not pennies, that as I keep stressing though is the later stages.
I believe they in talk with Recife Authorities to get the Licence Granted and then probably they will announce the Joint Venture, but the order I'm not sure exactly. I believe by August - September we will have all this in place. Of course, before we get that the PEA will be announce and more drilling results from others projects.
Thank you Trojan and it makes for very compelling listening, especially when taking into context of the consistency of news flow, in relation to the progress the Jangada team are achieving on the ground, along with Brian's understated, although very informative updates via RNS and interview, perhaps the reality will now start to dawn with the wider market,...GL S
Not expecting TM approval imminently, August/September more likely. Other items well before that including offtaker agreement, ideally with advance in return for bigger discount to spot prices could turn up at any time though
Love the interviews. I also found it curious how brief the interview was and that no figures were mentioned. It’s like Brian is trying to get the message out to the wider market about how close we are to being producers. Also made me think other news can’t be far away.
BF - if (not sure we can) 200k of non-magnetic concentrate was sold I’d suggest extra $20m PA. That’s based on circa 66% Ilmenite within (33% Tio2 content, Ilmenite circa 50% Tio2), Ilmenite circa $330 per tonne and $80 per tonne logistics costs. Won’t be exact, but until confirmed figures best I can do. Nowhere near as profitable as processing into a pigment grade product, but shouldn’t need any additional plant (chemical plant for pigment grade won’t be cheap as we’ve previously covered)
Curious interview really. Short, not much detail, he doesn't go into numbers, interviewer doesn't ask. But our dreams are coming true! Anyone dare to guess what the TiO2 credit revenue might look like?!