Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Drilling still on going. No problems with the drill
From the last drill completion to the results; it took 2 months. I'm hoping it doesn't take the same amount of time; otherwise we are looking at summer time before we hear anything on assay results. (Are they looking for a needle in a haystack)
We aren't really expecting much from molopo, since the last results came in negative last year and this is probably why the market didn't react too much when the rns came out with further drilling. Hopefully as doc83 said, negative results shouldn't impact too much as our interest has now moved onto the Saudi Arabia and Uranium projects. All imo
Weren't we around 0.7/0.8p pre consolidation, which is 14/16p now? i.e. no impact.
We are well diversified so while Molopo posting negative results would be disappointing, it shouldn't have too dramatic an effect on the SP... I would hope.
Two months this week since drilling commenced at Molopo and not a word from the company yet.
I thought Sean Wade mentioned a few weeks ago there would be an update soon.
Molopo is a big risk for the company, it is not cheap to diamond drill, it is also not one of our core assets. A negative result will be seen as a waste of funds and will have an impact on the share price, regardless of whether it was a core asset or not. Consolidation has hit the sp, let's hope Molopo delivers. At least the results won't be out for a month or two, it may even surprise us.
First Class Metals in which POW is the largest shareholder with 23% is up 3.5% in early trading upon release of a positive RNS:
“ Highlights
First Class Metals (FCM) has signed an exclusivity agreement with a Canadian vendor for the Kerr's Gold Project in Northeastern Ontario. This project holds a historic resource estimate of 386,467 Oz (ounces) of Au (gold) as per the NI-43-101 standard.
· CAD$200,000 OJEP Grant received from the Canadian Ministry of Mines for the Zigzag lithium & critical metals property.
· Goods and Services Tax (GST) /Harmonized Sales Tax (HST) credit for the year ending 2023. The amount received totalled CAD$212,780.03.”
Nice article below regarding POW:
https://www.crown.co.za/modern-mining/industry-news/27985-how-power-metal-resources-is-crystallising-value-across-its-portfolio
From the investor deck
RNS Drilling contractor appointed at Pilot Mountain.
“ Oliver Friesen, CEO of Golden Metal, commented:
"We have taken another important step towards the commencement of this very important drilling programme at our flagship Pilot Mountain Project. We have spent the better part of a year preparing exploration and resource expansion targets and we feel very confident with the targets that are now being finalised.
"Since day one we have prioritised working with Nevada specialists when it comes to all aspects of our various exploration programmes and we are delighted to be working with Diamondback, a company with extensive experience drilling in the mining friendly state of Nevada.
"We are working very hard behind the scenes to finalise all final programme details, and further updates can be expected in due course."
POW own 61% of GMET. GMET currently Up 7.41% at 14.5p on volume of 171000
Morning POW holders. Been following this company for a while and took the plunge this morning. Seems like a brilliant way to play a variety of projects and much easier than trying to invest in some of the individual holdings. Good luck all.
42% holding at a value of £3.5mil? Where are you getting that figure from Bobbust?
After the IPO POW will hold 42% at a value of £3.5m.
I do think this is priced to rise post float
It's well worth looking closer. Sorry if I came over a bit strong, and also my typo for epithermal somehow being epithelial
Have a great easter break all and let's see what q2 brings
Thanks Tiger - all noted and I will take a closer look at GMET over the weekend.
Having been involved in a number of penny shares where consolidations proved disastrous I have a feeling that this one has been done for the right reasons and we will see an increasing interest and share price?
Additionally Legal, GMET has increased the Garfield footprint by over 10 fold in the last few months, found bonanza silver grades as a kicker to the copper they're chasing which brought Oliver to the postulation that it's an epithelial action over a porphyry intrusion that they're actually now looking for.
An RNS recently released includes...
Crews from the Company's preferred geophysical contractor, SJ Geophysics, have been on site for the last few days undertaking a detailed high resolution ground magnetics geophysical survey and this work is progressing very well.
§ This work is to investigate the Company's postulation that there could be additional key potential porphyry intrusive centres to be discovered across Garfield, which if proven correct would further significantly increase the prospectivity and inherent value of the Project.
'Tortoise' is quite an insult to Oliver's pace of work in my mind, I've said a few times that he's giving a CEO masterclass to a lot of other AIM Co's! If you want to see slow, check out UFO for a complete lack of coms and milestones achieved, they really are truly shocking and make me really appreciate the POW stable!
Can sell holding of 300,000 shares - no problem!
Sit tight
Thanks Ice - GMET has been on the radar for a while, so it might be worth taking a closer look.
Taken some today.
Recent Saudi news not yet sunk in - huge
Legalwolf , you raise a question about GMETs US Grant Funding. Clearly it is in process and they seem confident they will get a grant, however the timing of it is entirely in the hands of the US Government Department that will grant it. Because it is for US strategic purposes one would imagine sooner rather than later as the ban on Tungsten from China will start in 2026.
In the mean time a couple of weeks ago money was raised which will get them started:
“ The £750,000 raised will be applied to the Company's working capital and the acceleration of exploration and project development activities including, 1) next stage exploration at Garfield, 2) commencement of key permitting steps relating to the development of Pilot Mountain, and 3) diamond drilling of key exploration and resource infill targets at Pilot Mountain. Further details on all of the above items will be announced to the market in due course”
It will take at least 6 weeks get the permits and they have funds to start the drilling. I imagine they are hoping to get the grant in the next month to six weeks so they can upscale the drilling.
I actually reckon Molopo drills will come back negative, but I've not bought in solely for Molopo. I still think this will head north from here.
The issue I have with the ipo spin offs is its moving buyers focus away from pow and the more ipos they have the less each company will have in small investors as ourselves. The sp will go up with the ipos and pow will make money, but if like some people who's been in pow for a while; I'm in the red and the sp isn't following suit with the ipos. Sean says power Arabia will be good for us shareholders at pow. I'll wait and see if that's the case. Today's sp is still around the same market cap. as before at around 0.70 before the consolidation.
If molopo comes back a dead duck, we should just get rid and bury it imo. Fingers crossed its alive and kicking
I haven't followed the IPOs in any great detail, so I suspect the below remarks will be unfair, but it does seem to be the case that the IPOs themselves are also progressing the projects they inherited from POW very slowly. It's almost like a family of tortoise have been created here, with POW being the slowest moving one. Take GMET for example, is it any closer to getting grant funding from the US? What about the others in terms of how close they are to a commercial discovery?
Legs
I fully agree with your post, POW business model has not and will not sit right with the markets unless a substantial discovery is confirmed , which up to date has not been the case
And until this happens the company which needs cash to function will burn the limited cash it has and soon or later will have no choice but to tap the share holders with yet more rights issues
Having so many projects without any viable income from any is a catch 22 situation it may be wise for the company to try to reduce its holdings to what they believe will eventually yield to some decent discovery and try to put up for sale those less likely to show anything in short term
Having ventured in KSA may yet prove wise in long term as this is a completely new and some might even say Virgin mining area where not many mining players have bothered to enter yet so in a way being first there may prove a wise decision
However like you I bought this when they hit 3.5 a few years ago when every share tip punter was tipping them to hit 10P I. Medium term!!! How wrong they all were
I can’t see these hitting 70P for me to break even unless a vastly major gold discovery and that is a big ask
GLA
I don't mind the share consolidation though. I think the reasons provided for it seemed reasonable enough. It might appeal more to new investors to have less shares in issue, better enable the share price to gain traction and have less volatility. But let's see. GLA
Stay focused. Time will tell IMO
Results!