Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Is it good news?
$11.5m cash at the end of Sept. $14.5m spent in the previous quarter, which was down from $22m in the same quarter last year.
I could see no mention of DC's options being withdrawn...this sticks in the throat.
It's interesting to note how little drilling is now being done and yet we continue to employ 750 people in Ecuador. I understand why we're doing it, but in effect we are paying a lot of people to do nothing, or very little. Mind you, the same is true of our numerous non-execs.
Add there are only 533 employees now officially on the books
Am I reading correct that pfs & pea are being put back 6 months?
Indeed and very few of these people would be any use if we went into production.
A sale is the only sane route here.
Paddling our own canoecwould be utter disaster.
A JV would mean any shareholder value delayed by a decade at least, and then dribbled out as dividends in high inflationary times. Utter madness.
Irwin and the CGP boys won't stand for any of that talk now. We want shareholder value, not a 25 year job creation scheme and a gravy train for execs who don't deliver.
Novice, I must have missed that - where is it recorded?
Based on my initial read through the main points to stand out are:
Cash at Sept 30 was $11.7m so they needed the Okisksisko deal.
That gives us $61m to carry us through from 1 Oct, but..
$53m is planned for Cascabel, mainly to do with DFS which they've started.
$27m is planned for other projects, mainly Porvenir, but some drilling at Rio, Helipuerto, etc.
Darryl was given 1.3m shares as well as his options.
BPHIL, I couldn't find that, but it would hardly be surprising.
For me, this MD&A explains very clearly why action is needed pronto. Thank heavens we've got the ball rolling.
So we'll need another fundraise before June...if we get that far...
No regional drilling at all in Q1 outside of Moran...
Solgold won't be here in June
Red mismanagement clearly they need to sell it on asap
That's a good point Lunch. It would seem irresponsible to plan $80m with only $61m in the bank, so...
Stake sale RNS imminent...?
Which June is that Bubble? You've be saying the same old thing for 4 years now.....lol.
Good luck.
CGP strong rise yesterday was hoping for a good push here this morning.
Solg up 15% since the merger news but CGP up 25%
Shows the difference when you have hungry fighters on your side battling for the shareholders instead of the management.
Page 21 I was looking at Addinckt . Doesn’t specify anything other than pre June 2023 . Disappointing I must say.
BP …. Not great on the face of it but why spend the money on things that may no longer be relevant.
Feels like the decks are being cleared
Thanks, BP.
What we're seeing is the real impact of failing to raise cash in the summer, the consequences of which have kicked off this whole process...so probably no bad thing!
Copperpot good point I don't think I'll hang around tbh
Bubble, if you think a sale is very close why sell up matey? You'd be gutted if that happened. It also sounds like a bit of a contradiction if I'm honest!
You know my views matey....this is a slow burner to production. But don't take my word for it Mr Bubble!
Good luck.
Copperpot ,busy on my oilers and harl ATM come back to you later
Our board need to get the PFS out this quarter.. the full PFS is already 2 years behind schedule….. it was originally delayed due to it needing to be reworked to be more efficient. When it was released, it was released with just OK IRR figures and a caveat saying it would be updated promising improved finances. (I don’t have to figures to hand, but was in the region of several hundred million of improvements).
To delay it now, would signal to be markets the improvements promised have not been found..
It could be this has forced the strategic review.. and understandably, Irwin, and CGP and now Mather, just want an out at a respectable price now the fantasy of becoming the next major has died.
Any shred of faith that may exist for our board in the mining investment world, will vanish fast if the studies are pushed back yet again…. .. my faith in them vanished years ago.
I’ve emailed Fawzi to ask if he studies are still scheduled for this q4.
Pretty much agree with all of that Orthern
Dropping rapidly with all this JV talk.