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Empress had photos of groundwork, infrastructure and some smaller processing units landed on the plinths some time ago.... so I wouldn't be so sure the equipment hasn't shipped..... but I agree we have nothing to say it has.
There is definitely scope for an update here, and there would be great value in including this in the results RNS.... was someone not told on Friday that this was ready for issue start of this week?
Frustrating knowing that there could be so much to be told
I'm sure we would have had new pics up on the website if the massive FB plant had been shipped from SA ? We will soon be into Q3 and my belief is that the plant has not yet been shipped. I have no idea how long it will take to set up the new plant and then the time taken to actually derive revenue from gold sold ? Perhaps Q4 is still on but until we get confirmation that the plant is still not sitting in a shed in SA then I think it unlikely. Hopefully the other Manica assets will deliver shortly.
The Empress website has the following statement on it's Manica page which isn't particularly reassuring
'The above information comes from various sources including the public domain, and Empress Royalty has been unable to verify the information.' Although one would expect a certain amount of due diligence before they entered the royalty agreement.
https://empressroyalty.com/streams-royalties/development-portfolio/manica/
HI James
They didnt specifically say Q4 for income but they said income a month or so after production which was due late Q3. They also said income by the end of the year. So Q4 income was my interpretation.
As we have not had confirmation that there has been any major delays (by empress) - I'm confident we will get income by end of the year.
Sad to say I trust empress forward guidance much more than anything CB says.
Hi Andrew
I had in my head from previous Empress interviews that first income was schedule for Q3 (according to Empress) so Fall seems like a little slip to me. I don’t recall them mentioning Q4 but could easily be mistaken.
As you say it’s a little frustrating that we are trying to piece things as material as Manica together from 3rd parties!
Cheers
James
Hi James
Not too sure if I agree with your comment re slippage. My understanding from previous empress guidance was late Q3 in production and Q4 income. That appears to be the same.
Just poor show that we are trying to search out this info from third parties and not being updated by CB. His last update was over 6 months ago!
So it appears there is no change from their previous guidance of production Q3 and and income in Q4. That's encouraging that there has not been any slippage re FairBride so we should be getting income of at least £300K a month FCF in next 6 months.
I pity we have to rely on third parties to find out what is happening re our assets and dont have this info from CB !!
Hi Captainbob
We won’t get 10x empress as income, as they have a royalty interest while we get a % of operating income (e.g. our revenue stream will be revenue - cash costs).
I wouldn’t say they seemed particularly upbeat on Manica (I wouldn’t say they were negative either). My take is that there has been a slight slip in timeframes from Q3 to Fall (appreciate fall is September to November so could still be Q3).
Cheers
James
Empress in that presentation are again very upbeat with their 2.25% Royalty in "Manica", MMP, as their first revenue stream, commencing before the year end, earning them 1m plus per year going forward.
It bodes well for the patient here, as we will receive around 10x that income ourselves, basically from Fairbride.
GLA
Few snippets of information in the below link, sounds like first production in fall (comment at back end of interview)
https://www.youtube.com/watch?v=4Tysy5tpy80&t=1236s
Hopefully there is an update from XTR on Manica and all other African assets progress before the end of the month. I’d also like to hear from CB what has caused the delay from his previous guidance.
Cheers
James