Firering Strategic Minerals: From explorer to producer. Watch the video here.
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I just read a post Michael Still Managing Director REGROUP put on Linkedin:
"Congratulations to our client Mineral Resources Limited achieving first ore on ship ahead of schedule. Massive effort by the REGROUP team in both construction and delivery of first ore to port. It’s nice to have such a good client in who have welcomed us in from the start."
https://www.linkedin.com/in/michael-still-a110a885/recent-activity/all/
REGROUP are the contractor for the MinRes Onslow West Pilbara Iron Ore Hub!!
This is really fantastic news for UFO.
Just waiting for the final environmental permit at Hanc0ck due very soon and everything will kick off.
UFO West Pilbara Hub = Vivash Gorge & Brockman (est exploration target 233mt/US$27bn!).
Our Hanc0ck Miscellaneous Licence for haul road unlocks MinRes stranded 124mt Sirius deposit at 60.3% Fe.
No brainer strategic reciprocal unlocking.
This is either just coincidence, or absolute genius by the people putting these projects together + Munni Munni (first time in 30 years consolidated into a single coherent tenement with no more legal disputes dating back decades).
Potential is enormous.
Thanks max for superb research as usual, and also to 944
Cheers Monochrome. REGROUP being the contractor for the MinRes Onslow West Pilbara Iron Ore Hub is the best bit of news I've read in years. Very exciting.
Great research and posting Max.
Extremely upbeat here.
ATB
Rebound in SP today after the 'big' sell off yesterday?
Don't see why regroup working with another miner is that big of news ? Or that relevant to us working with them?
@smiller. For the Development Study to work optimally we would need to do a deal with MinRes regarding the Sirius Extension.
It's in MinRes's interest to do a deal, since it would mean it would unlock their stranded 124Mt Sirius deposit.
My only concern was that I thought MinRes would want to use their own people, and that might not fit with our contractor being REGROUP.
Now we find out that MinRes is using REGROUP!
Therefore, the Development Study is good to go. Just waiting on final environmental approval.
MinRes will be our JV partner.
Then you add our West Pilbara Hub which is closer to port with lower opex and massive potential resource (Brockman est exploration target 233Mt).
All makes perfect sense now.
Re-rate on this deal will be massive.
But anyway, I'm not going to make a bid deal of it. Will wait for it to play out.
I said on Telegram a few weeks ago I thought MinRes would make the most sense for a JV.
Couple of considerations Min Res are trying to divest 49% in their haul road.
https://www.australianmining.com.au/minres-onslow-iron-ahead-of-schedule/
Unsure of the level of priority for them in invest in the construction of ours, when they are investing in a Lithium processing hub.
What environmental permit are we still waiting for Max, wouldn’t this have been linked to the mining licence? Have probably read this in recent RNS and then forgot about it.
In the interview Alwyn said, after Mining Lease, then the ground clearance permits, if all the right steps taken must be procedural. Will be fully permitted in June.
MinRes are about to get a lot of cash for selling half their haul road and are now making huge FCF on their Onslow shipments.
They pulled out their $200m bid with Gina for Azure and saved that cash. Makes sense for him to buy up the rest of the tenements in Karratha for a fraction of that amount.
The Lithium processing hub will be ideal :)))
Max your the main man with fingers on the pulse.
Can you recall which hires took our G&A salaries three times higher.
Alwyn presumably next year will be in professional fees.
I know we took on a part time accountant.
Presume Lloyd and Bradley may have been encouraged to stick around, with a pay increase, not sure if they are both still there.
I’ll go through everything at the weekend, it may be people left the year before, so that year was unusually low. Or it may be performance bonus we’re paid last year to salaried employees in lieu of shares.
Everything else looked as expected, apart from Mexico write down, is probably due to fair value of the offers they may have been getting, so would expect to see the small NAV come back into this years cash flow.
Thanks for any insights!
I will have to look into more detail later, but the figure is in $, not £ as someone mentioned earlier.
Troy must have been an expensive hire. He assumed CEO duties from beginning of 2023.
Makes sense to have let him go once it was just a waiting game for permits. Good call on team for this.
Industry player Alwyn also must have been very expensive. Good that he has now stepped back from full-time to part-time professional fees.
Yes it would be good to get some cash for the Mexico projects. The write down will also help with tax for next year.
Had a quick look at the admin expenses page.
Uk costs and director fees dropped in 23.
Aus employee costs went up significantly, by c$0.5m. In addition to Troy i'd guess we added a few employees to IOCA. Probably three or four as the accounts state the business has less than ten employees.
Rod still had a significant share holding at the year end and it looks like he has retained all of his options
All bonus shares were lost when they left
Napthman, thats not what the accounts are saying. The table states he had exactly the same number of options as he had at the end of 2022 but half the number of actual shares
Maybe the accounts are wrong?
@napthman1 - the RNS of 30/06/2023 stated that he retained his shares including options awarded in September and December 2022.
They lose their performance rights, but keep Options it seems. Rod's Options exercise price start at 0.80p and go up to 1.40p. Lets hope SP blows past 1.40p soon so that he can be in the money to exercise.
Well come on you cant see that as a negative when he invested a good 400k into ufo
Yes I forgot that Troy would probably be classed as an employee before making the board.
Average 4 employees at a cost of A$769, £395k.
19. Employees
Group
Staff costs (excluding Directors)
First number 2023
$
Second number 2022
$
Salaries and wages
760,000
256,000
Social security costs
34,000
13,000
Pensions
70,000
38,000
864,000
307,000
The average monthly number of employees during the year was 4 (2022: 6).
Wonder if J L Battershill sold A$192k share based payment?
Left us and Anglesey and joined Silver mines.
See lots of future dilution expired rather than was exercised.
Good they have dumped the London office lease.
b) Lease agreements
The Group had London offices under lease agreement. The agreement was signed on 21 April 2021 and covered office rent for the period from 1 May 2021 until 28 Feb 2023, with monthly payments of £6,916 (US$9,514) and a deposit of £20,748 (US$28,542). This lease was not renewed. At 31 December 2023, nil remained payable in respect of this lease.
The Group leased a property in West Australia for on-site staff accommodation until 30 November 2024 with current monthly payments of A$3,545. At 31 December 2023, $40,737 remained payable in respect of this lease.
Looking like lower highs to me without news. Same sh*t different day. Happy bank holiday aliens FFS
Waiting game now i guess Turbo my friend
Waiting game now. Wow that is an understatement. Its a guessing game too
Yes they have been doing nothing the last 6 months, nothing at all 😂😂😂
Not enough some would argue. Could have fit some media training in that time