Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Hopefully the price wont drift because most of us here are prob under water at the moment even Robbie, the lucky ones that have just got in will be happy enough and those that have money to average down will be happy enough, dont want to jinx it but hopefully the seller doesn't start off loading again . GLA its just the waiting game again for the next rns good luck all the decent people on this board its a good board this theres only been a couple of bell ends.
No figures given but clearly and as was expected there was a paring (ie reduction) of production associated with the ongoing changes. "To facilitate the mine expansion plans, ore production from both the underground and the open pit was pared back in order to focus on reef drive, with raise development and necessary equipping completed and surface and underground drilling accelerated in order to gain a better understanding of grade, structure and correlation between the underground workings and the open pit." Once the works are completed the production will move back up to capacity, and the capacity achieved should be much higher than previously achieved and closer to the target capacity.
I dont think an operational update has ever been produced, in any industry, that cannot be interpreted to suit the momentum of the market. For most of the last few years, investors in tech stocks managed to to dig through pages and pages of average numbers to find 'diamonds' of promise to hang huge expectations and prices on. Here, in our unpopular corner of the market, its the opposite. Investors can read through a pleasing report showing massive promise and real progress and scratch around for something to upset them. It's worth remembering that we have a 12m market cap. We are priced for pretty much zero throughput and no income.
APR
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Commentary:
Q1 Ops report contains almost no operational mining throughput, processing or recovery information which implies large scale shutdown of processing plant as upgrades and expansion are implemented especially as gold sales were quoted and not gold produced.”
I thought exactly the same, until I read
“ 54,121t of ore (versus 51,732 tons in Q4'21) was processed at an average grade of 1.75g/t Au, resulting in gold sales of.1,226 ounces - an increase of 17% on the previous quarter sales of 1,047 ounces in Q4 2021.”
54,121t of ore was processed - An increase from Q4 levels, this to me doesn’t suggest a high amount of plant downtime. Resulting in Gold sales
I’l read through again, but if they were down, just be transparent and after months of waiting, inform the shareholders what’s going on. From the recent Q&A with Stockbox, I got the impression upgrade works with the Heap Leach we’re taking priority, before later moving onto upgrading the processing plant. Like Bebeto, Costs would have been appreciated, but if they were shut down for the majority of Q1, releasing these figures may not draw an accurate reflection of operations.
It’s a strange one. It’s a detailed update, solid, and the key part is Robbie thinks we’re still on track for 24,000 oz per annum target bu years end. That’s enormous. Just with the long wait for news, I don’t see enough in there to plug the selling in the immediate future.
But with long term aspirations of becoming a significant producer I’m happy to lower my average here until something slaps me in the face and I begin to see red flags. I do remain very optimistic, and as predicted, increasing production to the levels that they want, is going to take time and a lot of hard work. They’ve certainly been busy and we have more assays due soon, followed by a resource upgrade.
There is no mention of operating costs in the Q1 update.
Q4 update said Operating costs of US$960/oz were achieved in the final quarter.
Investors want to see everything, so they can make their own judgements.
Every bb seems to have its own brain dead lol
So were pretty much on track and things are moving forward, doing much better from when we ipo'd ???. GLA Where did this brain fart guy come from ?.
Solid Update ... was expecting some production but as per Q4'21 Ops Report it looks like Processing Plant is offline whilst planned upgrades progress & only gold 'Sales' of 1,047ozs reported.
Phenomenal progress all the same across 2 of 3 fronts whilst acquisition development plans progress:
1) Kilimapesa Infill & Expansion Drilling = increased resources, JORC category confidence & Life Of Mine
> 2022 Programme Plan = 3,000m DD and 12,000m RC drilling at Kilimapesa & "Aiming to increase the overall project resource from 670,000oz to >2Moz" up from 1.5Moz target in Q4 report
> Q1, 35x RC holes @3,420m have been drilled "400m to the east of active underground mining and opencast pit"
> Q1, 5x DD holes @871m "to determine both the strike & the down-dip extent of mineralisation" on Kili Hill
> Q1, 7x DD holes @157m underground in Adit D at Kili Hill
> RNS @12-May-22 "Assay results for the first 27 RC holes (KPGRC 005-KPGRC 032) have been received" & "Updated resource from the Kilimapesa Hill deposit expected at the end of Q2 2022" grades inline with nearby producing mine
> RNS @12-May-22 reported "52 holes (5,194m) of RC drilling completed" & "Six holes (1,241m) of DD drilling" .... discrepancy needs clarifying as 12-May-22 RNS higher than Q1 Ops report totals !
2) Process Plant Expansion & Upgrades
> RNS @9-Feb-22 "Work on the milling circuit expansion will also commence through installation of the second ball mill, which is currently in Nairobi and scheduled to be refurbished. In addition, work on the new crushing and screening plant and upgrades to the thickeners, cyclones and installation of additional CIL tanks will also commence."
> Heap Leach - 1 of 4 pads @5kt/month throughput commissioned end Mar-22 @53.2% efficiency
> Heap Leach Pilot plant completion target end Q2 versus 20kt overall production capacity whilst each pad capacity stated as 7.5kt
3) Acquisitions:
> Updates on Nyakafuru and Simba projects, Nyakafuru Reefs JORC expansion and mine costs need updating
Commentary:
Q1 Ops report contains almost no operational mining throughput, processing or recovery information which implies large scale shutdown of processing plant as upgrades and expansion are implemented especially as gold sales were quoted and not gold produced.
Heap Leach Plant - development of Pilot, individual 7.5kt pad capacity versus planned 5kt throughput needs clarifying as implies throughput once all 4 pads commissioned maybe higher than 20kt/month.
Updated MRE with revised target of 2Moz at Kilimapesa versus 1.5Moz stated in Q4 Ops Report should be interesting
ATB APR
Been a heck of a lot of activity on the ground. Well summarised in the RNS and updated ppt. Plus interviews.
Mostly good but very good for this young Co. Lots to look forward to.
Now back to work!
Usual caveats
Trek
Yes let’s be positive.
Foundations were in and this quarter they have been sorting the boring bits like utilities and drainage. Probably reached dpc level now I’d say. In the next few quarters a magnificent mansion can now rise from the ground.
Looks a solid update. Of course we all would have liked more gold sales but we know the reasons for that.
Let's get another quarter out of the way with the HL fully up and running and see where we are.
Just reading the dissapointed comments below. Someone can correct me if I'm wrong here. My understanding of the ramp up in heap leaching production is that the design of the system is modular, so that the big step up comes from additional heaps being added. It's not a straight line incremental improvement thing. I don't see anything here that says their target is in threat because of there not being a sufficient incremental quarter on quarter improvement. Rather we'll see a big step up as more heaps are added, after the proof of concept stuff is done on the pilot, which is the current stage, that's performed as required. So this report is in line with the targets. Am I right on that, or did I miss something?
This is a very good RNS confirming that we are on track to be producing at a rate of 24K oz pa by the end of the year. People need to carefully read the RNS in full and understand that they pared back production to facilitate their expansion plans. There are comments below that suggest people were expecting linear increases in production - clearly it doesn't work like that. Personally I have never ran a gold mine so I'm going to let the experts do their job which I think they are doing very well.
Looking forward to the StockBox interview hopefully later today when I am sure Robbie will be adding further context.
Assay results and updated MRE in the pipeline as well.
ATB
quite an upbeat RNS... results better than Q4, and more resource to conclude... on target to achieve 24k!!
I agree, however I’m not sure the heap leach cycle is over and the gold from the first heap leach pad is included in the numbers.
He also said they pared back production to make improvements. So (and I hope I am not saying this next time there is an updated) All eyes on the next update. If there is noteable increase in production then I will begin to wonder.
Robbie states they are in target for 24,000 oz. In 3 months we will know if that is looking realistic ..
Ever feel you have been conned. Woeful production of 1226 Oz gold sales. With previous gold production gives total gold sales of 2240 in the past 6 months. Hardly supportive of their claims to be heading for 24k. 12 k would be a push .
‘gold sales of 1,226 ounces’ - not wildly good
Looks a decent update to me having scanned through the report. Will read in more detail later...