The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
"Drill programme consisting of 11 aircore (AC) shallow holes for 897m and 78 reverse circulation (RC)
holes for a total of 6,992m (4,958m at Zone B North; 1,092m at Selin South, 504m at Fode 1 and
438m at Target 6) now completed at Sanankoro"
3 things I'l be looking for in the results
-Follow up RC holes on new discoveries could be significant
-The majority of drilling was focused on Zone B north, I'd assume the bulk will be to convert inferred oz's to indicated. So more of the same as what we got today and we're looking very promising
- A continuation of strong results at Selin South
'I remember the days when two new gold discoveries would cause a stampede to buy the shares'
Despite the superb results, this will only happen once the political crisis is resolved.
https://www.aljazeera.com/news/2022/5/5/togo-leader-agrees-to-mali-crisis-mediator-role-officials
https://www.bbc.co.uk/news/topics/cq23pdgvrqwt/mali
Lots of sells, 1 buy and SP falling... what gives!?
Great finally some news, I'm no expert but results look good!
It’s very positive news, and in time hope it brings on new volume and investment. But new discoveries = more oz’s and push Sanankoro further towards that magic 1Moz value. Will take a proper look on my break in work.
I remember the days when two new gold discoveries would cause a stampede to buy the shares.....well at least we have one buyer.......slow steps...lol
Brilliant. Some really nice results from Zone B too, which is probably considered one of the weaker of the discoveries we have.
New discoveries. It’s just brilliant and I can’t wait to see the full potential of this to unfold. Very excited.
Sorry..crack on
They certainly ceack on with the drill programme. Wow!
RC drill highlights at Zone B North:
o 25m @ 2.38 g/t Au from 65m in hole SC0595
o 27m @ 1.40 g/t Au from 18m in hole SC0600
o 5m @ 4.64 g/t Au from 48m in hole SC0598
o 20m @ 1.09 g/t Au from 83m in hole SC0597
o 8m @ 2.47 g/t Au from 39m in hole SC0593
o 8m @ 1.88 g/t Au from 39m in hole SC0593
o 8m @ 1.74 g/t Au from 37m in hole SC0583
· Two new discoveries - Fode 1 and Target 6 both in close proximity to existing Mineral Resources
· AC drill highlights:
o 2m @ 3.56 g/t Au from 41m in hole SC0572 at Fode 1
o 6m @ 0.65 g/t Au from 66m, including 2m @ 1.62 g/t Au in hole SC0573 at Fode 1
o 3m @ 1.24 g/t Au from 7m in hole SC0579 at Target 6
o Awaiting results from RC follow up drill holes at these discoveries
· Drill results consist of all the AC holes and the first 28 RC holes completed at Zone B North. Drill results for the later RC holes are expected imminently.
Me Too.... Major Stake! (my third largest holding out of my portfolio of forty + shares/investments)......and when in production you can guarantee exploration will carry on.......and IMO.......that's when you will really see the SP perform......remember open in all directions and depth......what lies beneath...!!
I appreciate that many are on the sidelines...for all the reasons discussed....but it could go the other way...and I just wouldn't want to be out of CORA presently for this reason......if the SP tanks on "Capital Raise" I'll average down.....simples!
GLA
BSB
Candle, same here i have a major stake in this stock and hoping for us all finally to start seeing this moving in the direction we know it all possible can soon..
Yes, absolutely agree Candlestick, and hope that's what Cora have in mind.
I suspect a lot of the volume is staying away until or because of the Term Sheet - but it could equally be general market conditions coupled with lack of exciting newsflow.
You would think it makes sense to do it straight away, the price will go to it anyway so there’s no point hanging around.
Yup, fully invested with 500k shares. My rationale was more around having a nice increase with a lot of volume to really move the VWAP - I think we can all agree it’s a bit crap right now for volume.
Hi Candlestick - that is correct, the placing price will indeed be fixed by the DFS and that has been finalised. However, what we have been discussing on here is not the placing pricing, but the actual TIMING of it. Once the DFS is issued in the coming weeks, will Cora then do the Term Sheet placing straightaway, or will they wait until later in the year.
The relevance of this question is that until the Term Sheet placing isn't done and dusted, the share price might be struggle.
Regarding your second point, you don't want the results to come out shortly before the DFS, because that won't leave enough time for the 30VWAP to increase before the DFS is issued. So you probably want a gap between them. But this all depends on whether you are already fully invested, and looking for a placing to take place at higher levels, or waiting on the side lines looking for the best time to purchase.
There’s been a few comments around when the Term Sheet will be finalised. I believe it is already set in stone - ok, it’s not a legally-binding stone but, working on the info we currently have…
“The Term Sheet envisages:
-- Equity Financing: US$12.5m subscription for new ordinary shares of no par value each in Cora at the lower of (i) an 10% discount to the 30-day volume weighted average price ('VWAP') at the date that Cora announces achievement of the Project Milestone and (ii) the lowest price at which Cora has issued new ordinary shares in the 60 days prior to the date that Cora announces achievement of the Project Milestone (the 'Equity Financing')”
So, the equity side will be either a 10% discount to the 30-day VWAP prior to the DFS, or is equal to any equity fundraise CORA does within 60 days of the DFS.
So once the DFS is announced, we will know the price of equity.
I hope that’s right as that’s what I’m working on!
I’m also hoping the results come out shortly before the DFS to give the sp time to move upwards but without the time to slide back down.
I agree with your last two posts AG. It would be great to hear from BM in one of those stockbox interviews. A lot has happened in the world since Cora announced its production plans (pandemic, trouble in Mali, Ukraine war, high inflation, rising POG) that it would be good to an update from him as to current timeline for development of Sanankoro. That in turn will answer when the Term Sheet will be executed and the brakes can come off here.
Personally, I would like DFS, followed by immediate raise to release the brakes, followed shortly by drilling results, followed by production/development and growth drilling newsflow...
Yeah, no dramas Stocktow don't worry
Yeah, "near future" can be quite vague and if this was ECR or was of my previous investments, near future can be dragged out beyond 6 months. The wait for some of their results was soul destroying. But i think Bert is somebody i can really trust in driving Sanankoro forward and creating long term shareholder value, i really do.
A lot of corporate fog which you need to wait and clear, ie the term sheet but I'm using it as a Catalyst. We have top shareholders who have backed this and financed the company at every turn, there was always going to be a discount going for those funding the mine construction. Chances are, PI's, if they have the available capital, will have the same chances as those in the consortium, at executing low level positions. I'l be happy to average down in that case, but with brilliant results expected (personal expectation), there's every chance they catch the market off guard, bring on a flurry of volume and send the share price up
I've asked Mark from Stockbox on twitter whether he can conduct a near term interview with Bert. The Stockbox interviews for me seem to get more out of the CEO's. I'l await his reply
AG, thanks, sorry if my response was a "shot the messenger" read it was not intended to be. Of course results will turn up when they turn up, for me its just a typical corporate response from them but i am sure they know very well approx. when results will come.
Agreed and fingers crossed the news will be positive when it does come :)
LW - I really don’t know but maybe something we can ask Bert, whether we’d get a direct answer who knows. But I’m on 100% agreement with what you said yesterday, the sooner the better. Get the DFS released then execute it. It puts Cora in a position to construct a process of works, and getting the mine actually built. Also, it can let any kind of hand brake off the share price and give it clear scope to run. Possibly followed by a further resource upgrade ?
Stocktow - I know as much as you. Near future is near future but based off last years results, I take it as weeks and definitely not months. But don’t take that as gospel. Like I said, they don’t seem delayed and we have them all to come, they arrive when they arrive. And I’m sure when they do, we’ll be treated to further exceptional results :)
AG, not sure what "near future" means as this could be in the next 3 days, 3 weeks, 3 months or more!
Fingers crossed that all planets align for the DFS, results and terms sheet!
As LW and AG say a crucial couple of months coming up....hold on tight!
GLA
AG - do you have any inkling on exactly when Cora will look to execute the Term Sheet? They have the Terms Sheet agreement in the bag, but it doesn't say when the raise will happen. Do you think they will look to do it as soon as they can post DFS, or do you think it will be done later in the year? Does anybody else have any idea about this?
I had a private message of somebody who has spoken to Bert. He said there was no delay and they hope to release the results in the near future
I don't see any issues. We were blessed in 2021 with the swift returns from the labs and reporting, it doesn't feel to me like they are "delayed", especially when you consider how long it takes elsewhere, we'll get them soon
Hopefully I am completely wrong, and call me cynical maybe drill results are being strategically held, going by the previous set of drill campaigns and timing of results these could have been issued for release during this week?
I have always wondered whether we might get some interesting share price action as we approach the release of the DFS. My main concern has always been whether it might go down during this period resulting in a more favourable placing price? Because volume is usually so low at Cora, it won't take much volume to move the price. It's holding up okay though so far.
As well as the DFS being issued, I do hope that Cora confirm exactly when they will execute the Term Sheet. Knowing this is perhaps even more important than anything else right now. Personally, I think you would want to get the Term Sheet raise done and out of the way as soon as possible after the DFS, so that the share price then has a clear runway ahead of it?