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With regards to the mining permit the IOCA RNS 1/12/21 stated:
Statutory Approvals
As part of our FAST TRACK STRATEGY, IOCA have engaged Green Values Australia (GVA) to begin IMMEDIATELY the necessary suite of studies and permitting requirements to get a mining licence granted to IOCA for the Han**** project initially. GVA is highly experienced in the development of approvals for mining projects through Western Australia and South Australia, with knowledge on the studies, approvals and permitting processes associated with project development and IOCA is pleased
to have them on board and working alongside to achieve TIMELY GOALS.
https://www.rns-pdf.londonstockexchange.com/rns/1161U_1-2021-11-30.pdf
They are definitely not wasting any time :)
Hi Maz. Yeah I'm quite sure ouran in oz wil come up trump's this year. Obviously the permits are required, but I expect that by end of Q3 this year we should have much of this work in place. I'm not sure if we can mine all year round in the Pilbara region, but I would expect us to be ready for the end of the wet season 2023. So like I say first revenues in H2 2023.
We had $3.7M cash in the bank as of 31/06/21 and just raised £4M cash in November and £300k through warrants last Friday.
We are in an incredibly strong financial position, whist other juniors are now stuck.
With regards to raising the $30M capex which was stated in the Scoping Study for Hanc0ck (which is tiny for mining) Glencore provided Fe Limited with their Capex and off-take agreement plus all sales were on FOB basis (so Fe Limited didn't have to pay for freight costs).
https://stockhead.com.au/resources/glencore-wants-all-of-fes-iron-ore-from-its-jwd-mine/
norm , I don't think it will be that hard I mean how did Fenix do it . They had some finance deal in place for the capex /offtake agreement with Chinese firm I believe . Paid off within the year with some profit. We have the goods so some sort of deal will happen as there is money in it for everyone. The mistake would be to wait to reach >30mt before production unless there is serious talks with buyer behind the scenes.
The reality of a self funding UFO is quite a way off. The key will be the offtake agreement and the payment terms. If we could engage contractors for the mining then some kind of short term financing might work. It's difficult to know how the BoD will approach it.
I would still expect another placing this year in the Autumn, as I don't think Hanc0ck will be productive until H2 2023. I would love to be wrong as I can't really see that the mining would take too long to get going as it's digging straight off the surface.
Decent rebound in the US today.
The reality is i don't believe we could raise more money in a share placing,after the last 2 and the recent price decline, new investors might look elsewhere. We all know what could be ,but getting there might be a problem, without clear direction from Bill,who I still do not rate as a Ceo.
Thats all we can do is sit and wait or sell ,but regardless of all the noise from all the opinionated individuals on this board, not one of you has clue where this is going, making millions or going under,this is Aim for you.
Well we could start producing within the year I think the 2 x 1Mt ridges we have . We need 30milliom capex to get going so will need some deal with end user to get going but would be repaid in half a year . Nothing stopping us producing asap and drilling at same time which is what we should be doing
I would love to see UFO become self funding, the placements are becoming a drag on the SP, but do we have enough funds to get Hammersley producing? How much money do we need until the end of the year to fund all the drilling we have scheduled, that's becoming a worry for investors, I still feel we should have raised more cash in the last raise, its going to take a while to get some momentum back into the SP and I honestly don't think I could stomach another placement below 1p, but if our cash burn is high we may not get enough drill results to increase value and may need another sub penny fund raise? when are you hoping for 10p, within the next 3 years?
parkboy , I actually think the communication /twitter RNS, presentations are very good here compared with other junior miners. I cant fault UFO on this. I actually don't mind that Mexico is stagnating , I am in the camp all funds should go to Hammersley for the next year and then use profits to drill other projects just seems logical and less risky to me. Id like to see how the funds are split also in the presentation . He's always said he has funds put aside for Mexico id love if he said we using them now for Brockman until we have drilling permits in Mexico . Id even use the Mexico fund for EH at least that is getting some progress etc. Its not a bad idea to have silver drilling results coming out in RNS's while silver looks to be starting a move up finally.
I agree with Turbo and Smiller, I think both sides of the argument are valid, Bill has to walk a tightrope between laying out a strategy and timeline but not missing self imposed deadlines and spooking the market. I still feel he could lay out a framework for the next 18 months, we need a decision on mexico good or bad either get on with it or cut it loose, the uncertainty is not doing us any good, just make a decision. I know there's delays which are completely out of Bill's control but what's the priority and estimated time for delivery, I'm not expecting an exact month but just the priorities for the rest of this year and early next year. We have limited funds and I would like to know how these are being allocated to projects, if he spreads himself too thin we are going to burn through cash and going back to the market with his cap in his hand with little progress is not going to end well. We need some overall direction and prioritising of resources, trying to do everything at once on a shoe string is going to stifle progress and the SP, Smiller if you're anywhere 10p in the next 3 years I will be a very happy man.
Well said Smiller.. mining is a very complex and difficult business, it takes place in many weird and wonderful countries and out in the middle of nowhere.. its not un-usual for things to take much longer than specified.. BBG would be a fool to promise hard dates for anything in the climate let alone normally. Local builders cant even build you a porch without going over budget and time..
The long and the short is that the world is in turmoil.. now you have a mad clown pointing a rifle at the edge of Europe to add to the chaos.. (thanks Mr Putin.. a great time for an invasion by the way...you melt )
Im really not sure what BBG is supposed to do here.. the SP is still 500% higher than it was a few years ago.. we now have good prospects coming out our ears in a metals bull market..
Also.. thats a fairly long tail developing on the US markets today... never can be 100% sure but the buyers might be having a sniff.. in a week or so this could all have been a bad dream.. ;-]
Turbo there is a bit of politics here . On one had we would all love direct , exact KPI targets with dates and grade targets . On the other hand BBG has learnt that when he has attempted this in the past and its been delayed out width his control its had a negative effect on the SP or sentiment . Now you may be in the camp that he should tell the truth all the time regardless or the way I look at it as he's learning to discuss the direction he wants to go in and what's lined up and budgeted for but refrain from exact dates . The later is just CEO tactics. If he came out and just said look Mexican government are being difficult and not working with us the way we would like , 1) its good to bash them publicly , 2) I bet the SP would fall . He would be smarter to play the fence and say we doing what we can behind the scenes which I believe is true but we might re-allocate some funds to DSO for now. I think the presentation on 1st will clear a lot of your worries but don't expect exact dates and timelines . Nothing wrong with trading... just saying my outlook is 10p holding till then or something bad changes in company and I cant see it happening with the Billions of dso in the ground and Lloyd running
Parkboy it would seem we are in the minority.
To me it makes perfect sense.
To me to much going on and to many questions to answer.
Mexico and these Licenses I do not believe for one minute we have been told the truth. for nearly 2 years they have been nearly there or trying hard to get them over the line. I'm not interested who we've employed because whoever he is we still haven't got them. I believe when the new Government came him and put a stop on all things that since then we have been back pedalling trying to get them to environmentally comply. BBG is never going to come out and say that but I do not put it all down to covid. We have had a team out there being paid for doing what. Bits of hollow prospecting with a shovel, give me a break.
After all said and done I do believe there is money to be made here god knows when and god knows how, I just wish we had a clear direction. Enough said going to watch from a distance and see what happens. Like I said I have 2m at .68 so happy to let it play.
944T
Smiller LOLLLLLLL a trader OMG really I think not. Mind you Ive been called far worse.
944T
Turbo your coming across as a trader here looking for 1p exit. There is a plan . Once the weather working conditions allow for it they will drill more in han**** and brockman so maybe march/April.
Labs well it's not there fault really . What can we do if australua active and covid affecting situation. Be thankful we have results to wait for and we are planning more drilling. The only new plan I'd like to hear in the presentation is the munni munni tactic now we own 100%
Turbo
You talking about "best practice" under normal situations.
Covid delays globally do not allow exact time frames to be given. Only guidance can be provided using best estimates. I know its frustrating for all of us, but have to move on.
Going forward when things settle down in a year or so, you can have KPI's as a useful tool to track performance.
I agree with you turbo that I would like to see a more structured strategy taken by Bill for the next 12 months, I'm sure he has a well defined plan in place but as others have already stated if he pins himself down to too many specifics then he is going to be constantly under delivering and undermining any momentum we have. I'm annoyed that we don't appear to have a strategy but on the other hand I do understand why Bill would not commit to too many timelines given the nature of the business and ongoing Covid issues. I'm frustrated and p*ssed off being constantly underwater, but I have to take the emotion out of my decision making regarding UFO, I still see potential and the market sentiment will hopefully swing back to mining, but I have no idea when and the not knowing is really starting to irritate me.
Fed meeting and Russia / Ukraine issues causing broad sell off today across the board.
Whole portfolio is Red.
Gold gearing up for a spike with Silver to tag along for the ride. Palladium spiking up today i think coz of potential supply disruptions out of Russia, incase of Sanctions by US and Europe.
Lets see how this political situation plays out.
Steveiom 100% thanks you.
944T
https://hbr.org/2020/10/put-your-metrics-where-your-mouth-is
Seems even the major miners don't do what you are asking for Turbo.
Unfortunately too many ppl only buy when it turns BLUE on news, follow the herd mentality.
I'm not too bothered about the drop at the moment as I've got a buy order in the 5's and the way BBG is going its likely to be filled this week. I've no doubt there's a nice 40% to be made short term on the guaranteed rise back to placement price. There's too much reputational damage on the way to Turner Pope and WH Ireland if that doesn't happen.
With regards to KPI I think it's fair to see costings, targets and time frames that are within BBG's control at least that way we know when the cash in the bank runs out if they don't start generating income or get a JV.
5x5. Seems someone wants to be able to have nice clearly defined spikes to trade. Buy on rumour, sell on news is common on aim, so there would likely to be rises before each ESTIMATED date
Think you have just proved my point - all would have to be +/- 3-6 months. Permission, Kit available, & Labs - all too fluid. BBG gets slated enough when he gives dates that don't come in, not sure he wants to put his head in a noose.
Chris2 Metals Guru... is back.
He normally goes when the share price rises.
Chris is not invested. And won't tell us why he comes on the board.
I answered your question previously, will you answer mine ?
Or respond to Max's evidence about your poor cross-ramping ?
Really 944? Again with the KPIs?
I'm really sorry that your quick trade from 0.65p back to 1p hasn't worked out for you