Member Info for 3bear

Tibbs with respect that's just not right. The open pit produced roughly 235koz of gold last year - contributing $450million in revenue to 2023. Yes the grade is low but the amount of ore coming out of it is colossal, almost 17 million tonnes.

The open pit produces more than half of the gold coming out of sukari, far from being a drag on profitability it is the heart of the operation.

Open Pit produced FY23 16.78 million tonnes of ore @ 0.78 g/t . They didn't process all of it but at a recovery of 88% that's 350,000oz right there.

A great set of results barely moves the SP. Then a bit of risk-on sentiment and we're up 2%. It's just odd.

Tony is spot on - they were stripping waste rock and found it contained gold at very low grade - an unexpected bonus - thousands of tonnes of worthless rubble became pay dirt and went straight to the dump leach. It did bring down the average grade from the open pit but it was a good thing.

Spot on Tibbs, world markets realising the plunge in central bank rates they'd all priced in might take a while...

Hi Dasut - the market often seems to take a while to notice - the morning of Q3 results 2022 which were stellar the SP was bumbling along at 83p but in the following weeks it took off to 125. Also interest rates staying higher for longer acts as a drag on future GP - maybe that's it, who knows?

Horgan says of little sukari: "Have we found a smallish plug of interesting mineralisation? That's one end of the spectrum. The other end is have we nicked the top of a LARGER SYSTEM that's then going to have legs to depth and along strike?

(disappointingly) "We've got no idea at this stage (but) we are very keen to follow up. If it's 300,000oz at 1.2g/t it's going to be accretive to the mine plan and we will take it on from there. If it's bigger than that then EVEN BETTER."

Tantalising stuff!

Cmon Tibbs the maiden drill results are excellent - little sukari and umm majal both look as if they could be commercially viable and EDX has only been going a year or so?

Ah mhenderson you have form on here after correctly saying there was a production shortfall in Q3 well ahead of time, and I was one of those to pooh-pooh what you said - apologies - I hope you're right this time as well.

I actually got as far as 42.40 and then he said:

"At the margin the drain of physical gold is structurally impacting the imbalanced, ring-fenced asymmetric-long over-the-counter short-futures envelope."

Just looking at the Little Sukari drill results and in particular LSRC030.

46m @3.3g/t is pretty tasty - but look at what else was down that hole -

1m at 60.1g/t - that's two ounce per ton in old money!

2m@47.35 g/t

2m @46.35 g/t

1m@34.6

12m@1.84

21m@1.14

25m@1.07

That's just one (admittedly their best) RC drill hole.

The deposit is about 200m long by not quite 100m wide and open at depth. Small but tantalising...

131,000oz. You read it here first.

That's great to hear Dasut thank you. As a mining newbie these drill results looked really positive to me, so it is good to have that suspicion corroborated by someone with some industry experience.

Let's hope the Q4 results give us a boost.

CO2 in the ocean turning it acidic so its killing off coral reefs? We are conducting a mass global experiment in carbon dumping and no-one, not you and not me, knows for sure what the ultimate result of that will be?

Until fusion comes along we're going to need a mix - renewables and fossil fuels - look at the power model at Sukari - less oil in the mix would be better.

Yeah we should just keep dumping millions of tonnes of carbon into the atmosphere and oceans every year. What harm can it do?

Nunquam I guess it is mainly the GP but also bubbling under is the fact that extensive investment in the open pit and underground is starting to make itself felt. Look at the increase in resources, they've been growing faster than they can get the gold out of the ground for the last three years. Also base efficiencies such as tonnes hauled per truck are all on the up and costs heading in the right direction at last. Your 105 is in the bank as far as I'm concerned. I hope to see a run up past 110 on Q4 results if the GP holds and may take a little profit if that happens but CEY is still a LTH for me..

This made a lot of sense to me. I like grant williams, whether you agree with him or not, he expresses his views very clearly.

https://www.youtube.com/watch?v=BHQpVMsm5d4

4.11

This (recent gold price) spike...was almost certainly a weaponised trial balloon warning shot that was deliberately triggered in thin conditions as US treasuries put on sale to fund a sovereign sized purchase order.

This guy is literally - and one has to be very careful using literally, but here I feel it is appropriate - talking nonsense.

The GP spike was the market response to the Fed being more doveish on interest rates than expected.

Also, I have a bunker in my garden full of weaponised trial balloons and in my experience no serious gold investor would ever waste one on a warning shot.

Also really looking forward to Nugrus block assay results. They must have sent their best and most promising ore samples off for testing, really hoping for an announcement of a decent discovery to add to the Sukari LOM

Hi Rebess - yep fingers crossed. I think they're going to make it. They had piles of ore ready for processing left over from Q3 and they have "flexibility" in the open pit , meaning they can focus effort on higher grade zones in the short term. Horgan's main job on appointment was to improve delivery on guidance. He accused previous management of "not being able to deliver a pizza". It would make him choke to miss Q4 guidance - so I am confident they'll make it.