Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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“How long is shortly” is that question similar to how long as a piece of string! In that case, it’s twice as long as the middle to the end. Glad to have cleared that up.
Hi Tigra,
Sorry, I was busy after my last post yesterday.
Your post 22.17 makes the same point I was trying to make. A Russian standard is a highly professional way of reporting because Russia makes so much of it's money from resources that it has to be professional and accurate.
JORC is simply a slightly different way of assessing resources which is more reliant on drill results. It isn't superior, just different. It is the most used and recognised system of reporting and EUA have said it was a requirement of their listing to report to JORC. MT now has JORC reserves and resources which suddenly appeared in their last presentation although without any detail or breakdown of them.
The point I have been trying to make is that reporting to JORC is not some magical way of massively increasing upon the 105moz Pt eq in the JV area which is clear so many here want to believe is the case.
EthioEthio,
I invested early at an average of 0.47p and sold the majority at high 30's and into 40's which is in my posting history. I can assure you I am exceptionally happy with what my investment returned. I am interested in the JV but am waiting on detail for it which the BOD seem reluctant to release. Who picks up drilling costs going forward as Rosgeo will be drilling, do Rosgeo retain any royalty payments on production, what are the other 8 areas, how much of the 105moz is inferred resource and how much reserves, what metals etc are in each area etc. These things are very important to me because I invest on the reality of what is there and not the hope of what might be there, more so when a company has reached a value of $1b odd.
Shortly is good enough for me. Delays often see price drop but with 'shortly' i no specific time frame is given and therefore no price drop for failing to meet deadline. Imo, EUA are waiting for license transfer. They told us its in advanced stage and hence the reason they used 'shortly'. The JORC is done by WAI. The next RNS will announce the transfer of license and some incredible numbers under the JORC code.
MrYf
You show up when EUA are on the move and cast doubt with your subtle deramp. Your reason for being here is the same as all the shorts. I'm fascinated with the EUA story ..... Bullsh'# If you are not short or long, there is no reason for you to be here. With your bearish outlook on EUA, i'm certain your in the former group. You've been here longer than anyone 2015 , way before Mac etc and you have failed to capitalize and that's all down to your negative mentality. Anyone with logic would have taken a punt like MAC at 0.027p and kept it. You should have kept at least 25%. You lot can deramp all you like but the IIs and smart money will keep flooding in. There's no stopping EUA. Expensive, in demand minerals, open pit with excellent grades. To the MOOOOON! GLA
MrY,
It will be interesting to see EXACTLY what's stated on the audit.
Hopefully this week!
Hi Tigra,
It's clear from your last post that you don't understand the difference between a resource and a reserve. You need to as they are vastly different and have different values placed on them.
A Russian standard is no different to a JORC in CONFIRMATION. What is important is the level of confirmation, whether it's to Russian or JORC. An inferred resource has a low level of confirmation, a measured reserve has a high level of confirmation.
WK is an alluvial deposit and is different. EUA previously said WK had inferred resources of over 10 tons of raw PGMs, they proved up 4 and a bit. When NN first started drilling Vuruchuaivench in 2004 press releases said it was believed to contain 350t of platinum group metals, this was the inferred resources. When they finished drilling it it had 3.3moz of PGM's or 93.5t of reserves and resources. Not all of that would end up being economical to recover.
The fact that WK has been proven to higher levels than it was previously means some of the 43% extra they previously recovered will be covered by the closer spaced drilling because, as you say, Russian standard plays safe at lower levels of proof as does JORC to a different degree.
You say JORC = booked reserves. No, JORC books to proven, probable or possible and only something with enough available information will reach a reserve level. Rosgeo have said Poaz estimates are P2 level, low level inferred resources based on 14 drills in 11sqkms. A proper measured proven JORC reserve might need drilling to 15m spacing, 4300 odd drills per 1sqkm.
Google it.
What the BOD's of AVACTA regarded as shortly, is completely irrelevant to EUA. The BOD's of EUA, have delivered on everything they have stated in numerous RNS's, EUA are head and shoulders more superior to AVACTA in my opinion.
LOL avct ain't doing JORC........
As any fellow Avacta investors will testify, “shortly” is a moving feast. So far 18 months and counting…!
If they had the JORC report, under AIM rule 11 they would have to release it without delay.
Hi Tigra,
Sorry but so much of what you say is not fact.
JORC is no more of a guarantee than anything booked to a Russian standard.
JORC, as with Russian standard, is a means of booking reserves and resources dependant on how much information is available. How much information is available sets to what level anything is booked at and goes from inferred to estimated to proven.
If the JV areas have Russian standard inferred resources then they will be a JORC equivalent to inferred resources.
Any mining company will have some understanding of how JORC relates to Russian standard and the person/company EUA are using is experienced in converting Russian standard to JORC. The same data used to get to the Russian standard results is used for JORC. JORC does not magically make reserves and resources appear from no where.
Yes JORC is the most recognised standard used and EUA have previously suggested it is a requirement of their listing to have things booked to JORC.
It cannot officially state that there are lots of PGMs etc and you will be digging them up for 20/30 years if there isn't enough information available to state that as fact.
That doesn't mean it isn't there, it means there could be years of drilling and many millions of pounds needed before it is confirmed as there if it is there.
I hope that the mention of "announcing" the JORC report is hinting that it would be part of a bigger announcement on asset sales.
Because I actually don't think the sp would move up that much if the Nyud JORC is announced on its own.
It's as good as certain to arrive shortly but we're still on 25p.
The wider market wants to see how it is going to be monetised by EUA.
(I personally think that this is crazy and the value should be being baked into the sp with all these positive steps)
They raised as the SP and number of shares bought needs to be appealing to the buyer aswell. The higher the SP the less shares the II's would get and the less potential profit.
As for Shortly, it's a 'short' period. So....
Friday was 'short'
Today was 'hort'
Tuesday is 'ort'
Wednesday is 'rt'
Thursday it's all over with 't' and also the 30th when Interims are due by.
So you could say we are 't' minus 2 days!
GLA
Shortly means sooner than 'in a while' but not as soon as 'soon'. Definitely sooner than 'before long' but not as soon as 'imminent'. Maybe somewhere between 'presently' and 'in the near future'. Hope that helps. ;)
I agree ... i think the fact that they have raised, means any sale (and hence proceeds) must be a few weeks away. Otherwise you would have held off on the fundraise.
My only concern is, if the JORC is already known as people assume and if it is going to be a catalyst for the SP. Then why didn't we wait a week or so to raise at a higher amount rather than dilute at 26p when say a week or two later we could have raised the same amount of cash at say, 35p or 40p after Jorc?
It doesn't make sense for all those things to be so straight forward to me
Careful Giant
That reads we should be concerned when we get the deal RNS
My take in the wording is that they already know. Results are intertwined with any deal so can and are being held back until other side of the deal have made any next step required.
The wording may be as much a message to them as was for us.No pressure !
Should be tomorrow then, or even after close today ;)
I'll be VERY surprised if 'shortly' doesn't mean sometime this week.
As a bit of a nerd I looked at previous mentions of 'shortly' in the RNS archive and the only prior mention of worth was in July last year.
1st July 2020 - mentions AGM end of year results will be released "shortly" on their website
3rd July - results released on website
Only a bit of fun and could be hullabaloo but thought I'd share