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Great find, eagle eyed!
its promising to see although understand its currently in - Planned Efforts: Not Awarded to Date
But hopefully it will get awarded :D
Oooooooooh
Seen this 🚨#GMET
Have the DoD spilled the beans about the @GoldenMetalRes grant ⁉️🤫
Looks like Pilot Mountain grant to fund feasibility in the queue for Q4 2024
🎉🥳🍾🎈
https://www.ndia.org/-/media/sites/ndia/meetings-and-events/2024/5/419a-may-manufacturing/speaker-presentations/5-adele-ratcliff240426-ndia-mfg-mtg-final-29-apr-24.pdf
Good find @Metis, that seems to be an updated version of the one I saw on X
At least PM is named and on the board now, great. Means they could proceed with earmarking some funds against it as they did with Fireweed - although on this slide that $15.8m is no longer listed on Fireweed tab - bizarre.
Https://www.ndia.org/-/media/sites/ndia/meetings-and-events/2024/5/419a-may-manufacturing/speaker-presentations/5-adele-ratcliff240426-ndia-mfg-mtg-final-29-apr-24.pdf
see slide 21
Tungsten Feasibility Study, Pilot Mtn, NV mid 2024 - mid 2027
What's also interesting here there's clearly a $15.8m grant earmarked for Fireweeds Tungsten Project, although it hasn't been awarded yet. Details of their Mactung project here: https://fireweedmetals.com/mactung-project/
"A 2023 Technical Report announced updated mineral resources for Mactung. The mineral resource totaled 41.5 Mt Indicated Resource at 0.73% WO3 and 12.2 Mt Inferred Resource at 0.59% WO3. It is estimated that there is the potential for an Exploration Target at Mactung of between 2.5 and 3.5 Mt at a grade of between 0.4 and 0.6% WO3 in addition to the current Mineral Resources disclosed. These results make it the world’s largest high-grade tungsten deposit.*
- Five holes were completed by Fireweed in 2023 to support metallurgical studies and improve definition.
- ~650 m of untested strike length between the resource and where the skarn units crop out out at surface provide exploration upside.
- Updated resource by Fireweed metals in 2023 of 41.5 Mt at 0.73% WO3 indicated and 12.2 Mt at 0.59% WO3 inferred."
Https://twitter.com/TrevAHall/status/1792978000209674461/photo/1
Interesting slide there from a representative of DoD in USA, showing the schedule for which it'll provide grants. You can see that they're planning to initiate the award of grants for Tungsten projects from late Q4 2024 through to about Q3 2027.
I now understand why OF decided to proceed with PM drilling ahead of the issue of any grant funds - he's taken the bull by the horns, raised privately with Purebond, and pulled the trigger.
Totally agree with how he's proceeded - he clearly had insight into this schedule.
OF adding yet more potential value to Garfield (which I think we're all very excited about) today by securing the tenements with greatest potential.
Can't wait for the upcoming drill results.
OF on the Sunday Roast today - giving a rundown on activity last week in Nevada:
https://www.youtube.com/watch?v=j3x2moP5uzE
Https://www.youtube.com/watch?v=lANhVkH_DgA
Golden Metal Resources Kick Off Summer Drilling Program 24 05 16 StockBox
Thanks @Tray
I'm 100% correct on this one. Forget websites, historic % holdings etc. Simply take the latest GMET RNS which states the shares in issues (RNS on 13/05/2024) and then take the POW holding they stated on the latest TR1 (RNS on 17/05/2024). Then its a simply maths calc as below:
GMET shares in issue today (see warrants RNS on 13/05/2024) = 106,777,165
POW holding today (see TR1 RNS on 17/05/2024) = 53,998,159
POW % holding (see TR1 RNS on 17/05/2024) = 50.57%
POW are clearly supporting GMET, its in black and white. Why would they not?
@TRAY ah okay - I lazily took the total shares number from the fundamentals tab here on LSE
@TRAY - okay I'll take it on face value that not everything may be updated at the same time and websites cannot be totally relied on - I mean I hope you are correct. Because honestly it would appear very poor showing if POW didn't support GMET - it's just that that RNS sequence when Mrs CHang exercised was very clear - 1st - stated this is what she exercised, 2nd - this is her updated holding as a result of that exercise.
Totally wrong again Paul. Where are you getting your figures from?
GMET shares in issue today (see warrants RNS on 13/05/2024) = 106,777,165
POW holding today (see TR1 RNS on 17/05/2024) = 53,998,159
POW % holding (see TR1 RNS on 17/05/2024) = 50.57%
It couldn't be any easier to work out!
@TRAY also:
Total shares = 100.1m
POW's holding, as per todays RNS = 50.7%
Therefore: POWs shareholding = about 5om shares
No totally wrong Paul. POW have never held 54,426,265 GMET shares. The GMET shareholding % on their website isn't updated very often.
POW had 52,248,756 at IPO and that has remained the same amount. They even released an RNS confirming their GMET holding again on 08/04/2024 confirming they still had 52,248,756 shares. Ignore the % as this fluctuates with dilution. Its the shareholding that matters.
Now they have 53,998,159. The increase being the 10.75p warrants they just exercised.
@TRay I calculate differently:
as of 30th April 2024 POW held 57.35 % of 94, 852,328 total shares = 54,426,265 shares (GMET Website)
if they now hold 53,998,159 shares as you state - then something is not adding up here
Would appear they have not taken up their warrants and have actually sold some shares?
Incorrect - POW took all their 10.75p warrants Paul .... if we do the maths:
As at the 10/05/2023 IPO, POW had 52,248,756 GMET shares, they held 1,749,378 10.75p GMET warrants. As per the RNS today from GMET POW now hold 53,998,159 GMET shares. POW therefore took all their warrants (as well as an additional 25 shares per those figures but that could be just my calcs being wrong!)
The only reason their % holding dropped is due to the other GMET warrants being exercised which has diluted GMET shareholders.
POW's holding today at the 16p mid price is 53,998,159 shares @ 16p = £8,639,705
Just looking at the RNS it would appear that POW did not exercise their warrants.
According to GMET's website as of April 30th 2024 POW held 57.38% of the shareholdings.
Okay since then we've have the private placement and warrant exercise.
Today it's report that POW only hold 50.57% of the shares.
I mean, correct me, but that does kinda lead me to believe they didn't exercise to maintain their % ownership. Am I right? Pretty poor showing.
Kinda glad I'm not invested in POW, perhaps they just didn't have the cash to exercise?
Some nice bits coming out of Nevada from OF on twitter/X and that Stockbox interview yesterday - he really gives you a sense of the location and proximity of the tenements to one another.
Can't really fault this guy.
I did raise an eyebrow at the appointment of a second broker, always raises the possibility that they're thinking about a raise - pure conjecture obviously. But if a raise is incoming it does colour my opinion on whether or not they are in-line for a US Gov't grant anytime soon/imminently.
Time will tell.
Correction - for today's twitter video go to
https://twitter.com/GoldenMetalRes
Have link?