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Gloster, I am not being 'revisionist', just a misty memory. Whatever the facts, I agree the Aussie escapade was a disaster and the buck stops with the BoD. At least this time it seems there is no intention to actually mine and I would expect the RNS to be as factual as they have been to date.
Presumably, they will have to provide the relevant evidence for the eventual JORC announcement. I am not familiar with the detail how this works but the BoD surely can't interfere?
Absolute tosh, they were mining and producing. They even had a sodding website to sell the sapphires! Revisionist history here, David Irving would be proud!!! Relephant posted during those days about how opaque they were about the quality of the sapphires and quantity.
Tanzania is irrelevant. I am talking about the Australian diamond asset. Even the acquisition was dodgy. Quite telling the bag holders are being deliberately obtuse and not recognising BO presided over the Aussie fiasco which was entirely the BOD’s own doing. https://www.google.co.uk/amp/s/masterinvestor.co.uk/commodities/a-peculiar-pattern-of-private-deals-at-richland-resources/amp/
He remained after Tanzania when they had the Australian asset. That was a disaster under his watch when they failed to meet production targets and had to get bailed out with director loans then bucket shop placings.
No way am I selling, I thing this will fly. I'm just chewing the fat...
As I've alluded to in a previous post, I don't believe we can blame the BoD for what happened when it was Tanzanite One. Large-scale illegal mining and no effective help from the government locally or nationally in Tanzania ruined a potentially good business. IMO, the sapphire venture was a mess and felt like a gamble in the last chance saloon. Nothing was ever mined if I remember rightly and for that, the BoD can be held responsible.
However, I am not aware of BoD members' shenanigans. We should also remember that in any career spanning decades, we all have highs and lows but it can often be human nature that tends to exaggerate the failures.
Looking at the current opportunity, for me it ticks all the boxes: an experienced BoD prospecting in a stable, first world country in an area with extensive and proven historical mining. Like all small companies, this is high risk for me and it is just possible that we have picked all the worst parts of this area. The recent RNS are positive and my sense is that LEX will establish substantial reserves from at least one of our six prospects and that will be reflected in the SP movement.
I am not sure what you are worried about - fraud, excessive cash burn, lack of expertise?? I haven't seen evidence of these in this venture. Perhaps you ought to sell or go short if you have major reservations about the management.
Would be a valid point if we were a production company but we're an exploratory play. Therefore it's more important that Bernard has planned, drilled and formed a resource elsewhere as that's the goal here as stated multiple times on this thread as well as interviews.
This is getting a bit embarrassing now Mark.
Glossary, I think some people have either forgotten or deliberately covering over the boards track record.
That's a rather odd opinion. I always thought he resigned AFTER the Tanzanian government effective nationalised the asset by stealth. Where do you get the idea that he "ran RLD into the ground?" you also seem to convene tly forget the other gold mining ventures where he's proved up a ton of JORC compliant resources?!
Are you short the stock if I may be so bold as to ask?
CEO’s credentials are worthless. Ran RLD into the ground. Ran off to Mustang, did nothing there and came crawling back for this gold caper.
All looks good .. a bargain still in the making and set to rise
Mark, I know you said if. My question is why on earth would you make a statement like that considering we've had no negative news. No board members selling shares. No problems with litigation. That random statement made absolutely no sense given the context.
Regarding the boards intentions, do you read the RNS issued at Lex? Refer to 23/6/21 - Operational update. Details their exact intention over the next 6-9months. Engage with Pivot mining consultant for resource or plan to form a resource. Soil/Rock sampling complete, awaiting results (since received). Core Geophysics to interpret VTEM/fixed-wing survey as well surface sampling to plan phase 2 drilling campaign. Dr Oliver stated in recent TMS interview that RC drilling is uncommon in the state's so procurement lead times are longer. They've been delivering on what they've said since November, why would I stop trusting them now? They've got pedigree too - Bernard has successfully drilled and formed a resource elsewhere (Mankayan). Drilling and producing couldn't be any different which is why the goal here is to sell once a large enough resource has been compiled. Then they'll likely form another company with a new exploratory prospect. It's not rocket science.
As for the share price, I assume you haven't been investing very long. It's not called the summer doldrums for no reason! There is and hasn't been much liquidity across aim over the last 2 months as is normal over summer (last year being quite exceptional). Usually liquidity comes back in September (and for exceptional news releases). As for the share price, it's consistently forming new higher lows over the medium term which is fantastic. As an investor, you're not looking for spikes (unless you're trading but how do you trade something that is quite illiquid with wide spreads?). If you're looking for 10p tomorrow, I suggest having a look at other stocks.
Maybe in the future you'll make statements backedby facts rather than random posts that could be replicated on any LSE board with no knowledge whatsoever.
Aquarius Platinum was also a junior when LEX chairman joined it in the noighties. It went fm 20mn dollars mkt cap to 4.5bn. Not bad...
Oh ye of little faith!! Stop carping. Get yer buying boots out.
If they are a conmen?????
Chairman is chairman of Sylvania Platinum
CEO - Bernard Olivier - excellent credentials and has an impressive CV.
This is NOT a fly by night operation.
It's run by a highly experienced board with strong credibility.
OK it's a junior, so was GGP when it started up.
Interesting idea. Yes we are a peanut in the greater scheme of things and it would be chump change to buy us out. But, the problem is that the majors like scale and after they have added their head office overhead to our site, its almost guaranteed to be uneconomical unless we find a minimum of say half a million oz with grades in xs of say 1.2g/oz. Smaller operators can make use of grades and sizes lower than than that, down to 0.5g/tonne.
I did a discounted cash flow calculation recently on a putative reserve of say 300k oz at JKL (who knows what the real numbers will be after the next round of drilling) and a gross margin of $1000/oz. Given our reserves likely are close to the surface they are cheap to mine, it may take say 7 years to mine it out. Using a 12% discount rate, the net present value with such assumptions is 92mn quid. That compares with our mkt cap of 10mn. 92mn quid is 36p/share.
This thing is a steal. If we hit paydirt in Carolina Belle, God knows what would happen to the share price. I'm hanging in there. Y'all shd B 2. Fill yer boots!!!
I didn't say the board were crooks. I Said IF they were conmen. Note the IF. I was just making a statement of possibility. Nothings guaranteed. And quite frankly I'm concerned as to why this share is currently so low based on the recent activity. It should be much higher. So who knows what? Why is it not flying?
Great post thanks Rosy but we are all assuming that one of the majors doesn't have a look at us in their own time and decide to make an offer. What they would have to pay for us would be immaterial but the potential that they would be able to add to their reserves would not be !
I think the good old expression "pigs will fly" comes to the fore when considering the liklihood of the BOD running off with the loot. Their history alone indicates they have impeccable track records in the mining industry. Sylvania, Aquarius Plats etc..
My guess is that the work still won't be finished for at least 5 years. 1. We are still adding reserves to JK&L. That's at least a year or so depending on the size if the ore body. Don't 4get, the just bought mineral rights to 125 acres or so, that's plenty more drilling!! 2. Just about to start drilling on Carolina Belle, which to do a good thorough job on will take 2 years minimum even if it were to be a bust. 3. Then we've got Jennings Pioneer which, aside from the old Barite Hill workings a few hundred yards away, hasn't been properly explored. Who knows, we maybe on the inside track to get hold of Barite. That could be exciting..
And more exploration work.
So my guess is that we need at least two to three years to max out the exploration potential of what we've got and potentially have one or more of the assets in our hands for sale. So the only negative here is that we'll need to raise some cash to continue the work on site. That will likely happen 1H next year after a fistful of announcements of reserves in 2H this year. I'm biding my time with this one. Speculating, at this stage, that the BOD maybe a bunch of crooks, is, Mr. Long, a tad far fetched, don't you think? BUY BUY BUY.!!!!!! This'll be at 15p by Christmas. Fill yer wellies....
Iptuf, so you know this board do you? You know their intentions do you? OK, what's the plan, what are they going to do once they sell the mining rights, where too next?
Mark, in what world would you constrew this board as conmen considering what they have done since the rebrand? Are they affiliated to cronies like Andrew Bell? Maybe Colin Bird? If the answer is no/no world, why would you think we wouldn't benefit from mining rights being sold (whenever that happens)? There are very few realistic scenarios where we lose out considering the gold price and the gold we already know exists.
Honestly, where do PIs come up with this utter garbage.
If they are looking to sell the mining rights, there is no guarantee the shareholders will benefit. If these lot are conmen they might pay themselves very large bonuses so profits are reduced.
Well well well.. More large trades today, and unambiguous buys all of them 500k shares close to 4p following a busy day testerday. MMs ticking this thing up. And as the previous correspondent has mentioned, lots of news, re reserves, drilling etc etc., on the way. If we can keep this momentum up during the depths of the summer hols, imagine what things could be looking like when the good news, starts to flow next month... Buy now, or forever hold your peace... Seriously. Everyone's asleep at the wheel. This is a no brainer.
Per https://total-market-solutions.com/2021/07/lexington-gold-limited_july-2021/
Maiden JORC any time now for Loflin.
Expected to be med to high grade for simple open pit op.
Bernard has already stated that its not the intention of the co. to become a producer, so a sell-off is most likely on the cards.
Therefore, Lex takes the risks of finding high quality gold resources , firm up the JORC and then sell-off / JV = quick turnaround generating fast profits for shareholders.
Loflin's resource estimate expected to be a very neat little number.
3 more resoures to confirm.
Could they be knocking on the next Haile goldmine which the management keep alluding to?
Well funded given at IPO this year - the programme was for a 2-yr drilling programme at 2.75p
So at these prices, mega bargain prices given what Bernard + team have found in the ground.
EV = £8.4mn absolute peanuts for a gold junior explorer. Some juniors come onto the market at this price without anything to show for it. Whilst here, confirmed signficant intersections in their drill campaign so far.
This looks like a cross, one related acct to another.. Still plenty to look forward to. Drilling announcements, reserves X 2. Wish these damned summer hols would get on with themselves..
Not sure if they are (maybe a rollover for 2x 1.25m) but there's definitely been consolidation these last couple of weeks. Volume will return to AIM shortly which should coincide nicely with our newsflow.