AGM3 Dec 2019 15:56
Here a report on today's AGM from Telbap over on ADVFN.
I have just reviewed my notes form the meeting.
Highlight points:
1. Haverion was originally a 30 man installation– this changed in Jun/Jul to 70 man.
2. Now it changing again enlarging to an as yet unspecified number.
3. Drilling rigs will increase in the new year in line with the extra people (as previous point) – when I spoke to CB and said “so between 6/9 rigs by March”, he said “somewhere close to that, yes”
4. NC love the look of Scallywag (even closed to Telfer) which is why we appear to be giving it priority over BH.
Telfer output (not said but inferred) is falling off faster than expected (which makes a lot of sense why HAV / SW is so important and why more infrastructure, rigs and people power on HAV)
5. Everything points to NC driving the entire HAV (GGP) SW projects at top speed…….The CEO of NC said 6/12 months for an inferred value report – all the above points to it being sooner than this.
6. For a back of a fag packet calculation the appx volume of the current drilled area, 400mts x 400mts x 1000mts = 160m x 2.7 OG (original gravity) = 464M /31 (grams/ounce) = 14million ounces -( VERY VERY back of a fag packet calc) - we are still drilling and extending out to the North West.
7. The general consensus from the BOD was that we will see a strong move towards a maiden resource report next year, 6, 9 and 12 months have all been muted…….looking at the above points I feel it is likely to happen in the later summer 2020.
8. NC are currently 40% into the phase 2 spending ($10million) - which makes perfect sense again of the above as phase 3, $25m kicks in in early 2020 (my guess is February) delivering a maiden resource (from all the drilling) and work starting on a prefeasibility study.
We should see strong lift in the SP, which will be sustained, that is the main point, once NC /GGP put out the RNS with the notice of work commencing on resource report, then as the report comes out another boost. After this so many variables come into play, a bid from outside the camp, an offer from NC to buy out HAV/Scally if it firms up in total.
By far our best outcome would be GGP existing into the future and paying us yearly Dividends as the money comes into the company, somehow I doubt that will happen, most likely will be the increased SP and an eventual buyout of the whole company or part with a single large divi payout, but we can all dream!
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