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On the outgoings side, we have $2.5 million on payroll for the quarter, $0.25 million on diamond drilling, $500k on underground development, $750k on transport, $750k on processing.
Figures are a little down on 2021 but the picture for 2022 isn't really any different. Questions of finance are a negative but possibility of a JV for the mothballed mines is a major plus.
Agree Cornish, i think there was an overreaction on Friday by the market, the fundamentals havent changed...
...... RMM even!
Good post MU345, mines come with risks as we know but IMO this remains for a total no brainer at its current market cap .... worst case fire sale with the assets in the ground run to 100's of millions of $ .... for now people just need to have a bit of patient.... with demand for Copper outstripping supply for the foreseeable mid-term and a high Copper price, RNM is a conviction share for me....
Right, let's get dome perspective on the cash situation, at the end of q1, there was $6.27 million on hand, with a further $2 million recieved in April. IF production is maintained at the same level as Q1 (it will be higher), we will recieve a further $7.5 million, so that is available cash for the quarter of $15.77 million - the company do not NEED to raise in the next few days or weeks.
MU so the value of all the copper in the ground at little deer is circa $650 mil at today’s prices? If I’m correct a mining co could easily pay 5% (roughly $30 mil) of this and still have significant upside after extraction costs are factored in.
“The combined Indicated Resources at Little Deer and Whalesback currently stand at 2,708,000 tonnes grading 2.16% copper (129.1 million pounds of copper) and Inferred Resources stand at 4,191,000 tonnes grading 2.07% copper (191.3 million pounds of copper).”
“A positive Preliminary Economic Assessment (PEA) was completed on the Little Deer copper deposit, on a stand-alone basis, which demonstrates the potential technical and economic viability of establishing a new, profitable copper mine at current copper prices.”
“Both deposits remain open along strike and at depth and the potential exists to expand the known mineral resources through additional drilling.“
2013 - Average copper spot closing price = $3.3385
2021 - current copper spot closing price = $4.7650
https://www.canadianminingjournal.com/features/little-deer/
“ The Company has received a number of unsolicited offers of interest in its Little Deer and Whalesback Mines and is actively seeking arrangements that can advance these projects while retaining significant interest. These deposits have existing NI 43-101 Resource Statements which are in the process of being updated.”
And yet the current measly Mcap probably won’t even cover this years (turnaround) revenue from the Ming Mine alone... I love it when buying opportunities are so blatant! GLA.