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Let’s look at the worst than could happen (in my opinion)
Current market cap is £18m. This is supported by Manica revenue alone come early ‘23! So, even if we could only sell Racecourse as a ‘porphyry prospect’ for someone else to drill out further, based on our discoveries to date, for £40m, then we are looking at a SP x3 from where we are at now!
I don’t know enough to challenge Steve’s paper. But even if he is correct, the SP surely has more upside than downside now. And, in my opinion, the current SP represents a great buying opportunity for anyone having sold out on the way down. (Maybe Steve will buy back in again?)
"Now that the updated Racecourse Mineral Resource estimate has been completed, we are working on the maiden Mineral Resource for the Ascot Prospect, which we expect will significantly increase the overall mineral inventory on the Bushranger Project. "
This was in an RNS so not CB's usual BS. Ascot is expected to significantly increase mineral inventory.
I'll wait for that to be added to the economic model, completed by independent experienced professionals using bespoke software programmes before coming to any premature conclusion.
Grenade throwing has certainly caused a distraction here. With good timing of the Ascot news and the FB revenue news I still think 10p is on, but Colin has to convince the market he is not being deceitful in what and how he passes on any information in RNS and interviews.
How have we gone from Ascot and RC don't join up to maybe they join up? The area between RC and Ascot was tested, and there was nothing there. As for Ascot, I don't see how they can even put a resource number on it given they have one hole that looked great while everything else disappointed. Did they just manage to hit the very best of a tiny deposit on first drill or have they been extremely unlucky in that none of the holes surrounding the discovery showed much of interest?
We all know CB exaggerates, but why would he say the things in the last two interviews knowing that in a couple of months the truth will be known and its a complete disaster? He knows there is no spinning the independent report
He maybe a lot of things but he's not a complete idiot and to release the economic study with a required POC of say, $11K would surely see his rep in tatters and he would be finished. Even he knows he couldnt spin that away.
He said, that 10 years ago we may need to park this, so he is implying we wont need to that now so therefore hes saying it is economic and has value.
I guess we'll find out if I am naive and if CB is stupid in next 2 months....
johnswan.... this is an area I wasnt happy about... the contradiction in Colin saying he wishes Ascot loins up but implying he didnt want to spend more on unjoined deposits. I just dont know what to think regarding Ascot and it is exactly the sort of confusion that I feel Colin creates. Intentionally or unintentionally I dont know but he has to realise it does the SP no good and that bothers me as it is only through a higher SP that we will enjoy shareholder value in the real world. I'm not interested in our geologists getting excited over something that wont lift the SP at the end of the day.
And we absolutely do not need any more MozGold style deals or Kalengwa distractions.
and while I'm at it... how about an update on Eureka. That had better be a goer...
And the recovery methods are improving all the time
https://fortune.com/2022/11/27/mining-industry-startup-jetti-resources-solution-copper-problem-shortage-bhp-freeport/
Certainly looks like a game changing process for extracting more copper. Deals are being done by the big players with junior miners too!