The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
@UFO LOL, did you type this is the wrong account on 9-August @12:50 ?
"So I’m not the only one, who don’t trust the board.. just like ufo .. prem delays as I expected"
Multiple accounts can be Soooooo confusing ... not to mention against LSE rules!
@LegalWolf Yes much easier to put MCap Targets but without knowing the denominator ie No of Shares in Issue due to the presence of CLNs the SP predictions become tricky
ATB APR
Thanks for posting StockBox link ... really really detailed Q&A across all aspects and lots of useful titbits that help my understanding of current vs. next steps to 2koz/month vs. possible future opportunities across both Kilimapesa, Vim Rutha and of course Nyakafuru. I found blow-by-blow status of current plant status and limitations very interesting.
Main Takeaways
> Target pre-CAPEX output = 600oz/month
> Target post-CAPEX output = 2,000oz/month ... after 6 months plant upgrades
> Prospectus - await FCA approval and NOT linked to funding CAPEX
> Confirmation underground mine and Plant 2 Tailings are offline & Tailings no plans to restart as HL can be used
> Target Financing - via Royalty deal for some/all of $10.5m CAPEX to expand Kilimapesa mine ie %Net Smelter Royalty on life of Kilimapesa mine so Non-dilutionary
> Nyakafuru - most likely via JV to fund $15m-$25m CAPEX to build mine
ATB APR
@ItsYou Re-running your calculations/commentary:
Mill/CIL = 38,543kt * 2.23 g/t * 78.7% recovery /31.1 = 2,175oz .... not 2,630 oz
Heap Leach = 12,177kt * 1.26 g/t * 45% recovery /31.1 = 222oz ... not 243 oz
Total = 2,175 + 222 = 2,397oz ... not 2,630oz
Reported 1,645oz sales
Difference = 752oz .... not 985oz and may reflect ore being stockpiled rather than processed given 2 week plant shutdown
My interpretation is these are gold SALES not gold PRODUCTION so gold that was still in the production cycle last month and/or unsold gold was carried forward into this month; also HL cycle could easily be longer than a month so ore loaded this month may not come through as gold until extracted next month or whatever!
I could easily be wrong as reporting is not categoric, but otherwise that is a large discrepancy
ATB APR
@ID78 Sadly POG took a drubbing as DXY reversed around key 100 support but not sure how much longer this can continue given FED just drew down £1T+ to top-up their "current account" as interest rate servicing cost very likely to top $1T as most of their short term debt needs to be refinanced at significantly higher rates. See US Debt Clock . org
The BRICS 22-August African Conference will be instructive if a gold-backed trade currency is announced as many suspect and may lead to some serious POG volatility to the upside as the COMEX/LBMA paper price suppression (paper to physical gold ratio is 126:1 !!!!) becomes ever harder against a fast dwindling supply of physical metal backing their paper trades as more CBs opt for physical delivery. Most Central Banks are buying physical gold as it is now a Tier 1 asset with zero counterparty risk and cannot be cancelled or appropriated and has nothing to do with the US-controlled SWIFT system.
I consider the 1.3Moz gold that GCAT has in the ground being worth somewhat more than their current £6.6m MCap suggests ... how much a share current investors keep is the BIG question on my mind given opaque (re)financing discussions.
ATB APR
@FillToSpill Yes clearly "high-grading" at Open Pit as underground mine is on C&M as is Tailings Plant.
Simply they are maximising cashflow as demonstrated by steadily improving $1,218 AISC giving very healthy $700+/oz margin whilst minimising OPEX (high cost bits on C&M) but finding room for some limited but impactful CAPEX delivering +2.7% on main plant recovery.
Nice job in very difficult circumstances
ATB APR
Good solid progress RNS is what they needed and what was delivered, however no Financing timeline as dependant on FCA approving Prospectus.
GCAT a "going concern" ?
IMHO has now been addressed as they are clearly producing a decent amount of open pit ore at historically consistent grades whilst maintaining a decent output despite having serious mill outages as reported.
MILLING/GRAVITY/CIL plant:
GCAT are demonstrating that they can still afford to invest in the plant by installation of the standby generator significantly increasing plant availability (81% to 89%) & additional CIL tank increasing recoveries (up 2.7% to 78.7%)
TAILINGS plant:
Still offline but would recover 50% of what was left if running taking overall recovery to 88%-90% when economic to do so.
Financing:
We already know financing takes at least 6 months, but is dependant on approval of the Prospectus so is anyone's guess the FCA will approve since Apr-23 submission.
ATB APR
@swampy 100% agree gold in ground and slowly being extracted with a view to extracting it faster is far more preferable that holding rapidly depreciating fiat currency.
Gold and silver are money ... fiat currency is just paper backed by government promises, governments are 100% liable for inflating the currency in circulation hence driving inflation .... CPI is a government tinkered measure of rising prices and absolutely not inflation per se as Governments would like us to think the blame lies elsewhere
ATB APR
BH has repeatedly stated that they are pressing on with JV Mill construction after having had approval to construct, but await licence approval to operate. BH is anticipating licence to Operate in August but this is out of his control as stated many times, so assuming that BH is correct then GWMO is planning first revenues this year. To get first revenues teh following will need to have happened before end Dec-23 in no particular order:
> Licence to operate mill granted
> Mill Stage 1 gravity separation - plant refurbishments & build completed
> Mill Stage 1 gravity separation - commissioning completed
> 3rd party subcontract/s agreed - to dig & deliver tailings to mill site
> Tailings stockpile established - sufficient tailings built up to continuously feed mill
Everything else is detail ... MCap and SP will do their own thing but SP very likely to recover fast as the above start getting ticked off the "To Do" list
ATB APR
Metals One PLC on Monday said it successfully commenced trading in London, prompting congratulations from stakeholder Bluejay Mining PLC, and gave updates for its various projects.
The London-based mining company, which is focused on battery metals projects in Finland and Norway, said its entire issued share capital was admitted to AIM on Monday.
The shares were untraded at 4.86 pence later that morning.
Metals One said it raised GBP2.2 million in its initial public offering, through a placing and subscription of 44.0 million shares at 5p each. It will use the funds to support the initial exploration and development of its Black Schist project in eastern Finland, including diamond drilling and geochemical surveys.
On Thursday, investment company Gunsynd PLC said it agreed to provide GBP1 million to fund Black Schist's development through a farm-in for up to 25% FinnAust Mining Oy, Metals One's subsidiary and project holder. It will receive 1.5 million warrants to subscribe for shares in Metals One worth GBP75,000 at the placing price, and provide the funding, over an 18-month period.
Shares in Gunsynd were untraded at 0.39p on Monday.
ATB APR
@Travelcard You really are missing the point on CAPEX/OPEX as lucidly pointed out by Fulmar ... so in case you missed it:
> OPEX - covered by AA during JV and likely going forward into mine operation where ARCs 'share' will be 30% aligned to our ownership
> CAPEX - not an issue during JV, once we get to mine build then ARC can either sell the asset at many multiples of current SP and/or take out debt to fund it against asset value.
If in any doubt of what this looks like just look at GGP history, deal structure and outcomes
ATB APR
@Watcher Yes I am also firmly in your camp and heavily invested in metals and metals stocks ... this grinding bear market has however decimated these stock so reluctant to liquidate and crystalize losses.
ATB APR
At last some substantive news with a 25% shareholding in a very very interesting asset for essentially silly money. I strongly suspect that this asset will show a very decent ROI once this grinding commodity bear market turns ... as it surely must
ATB APR
@eemew Yes I cannot help but agree on all points and has dented my prior trust in BH making the best of a difficult situation especially so for a Junior Explorer trying to make heh leap to a Junior Producer
ATB APR
@Rob, HUM were already in production with existing mine Yanfolila, Mali but had a production gap as output dropped ahead of new Kouroussa, Guinea mine coming onstream
ATB APR
@Rob, thanks for posting and yes I have seen this with a number of near-term producers including Hummingbird that recently crashed to 5p and recovered to 15-20p range as it needed large wedge of cash to fund production gap as it brought on a 100koz/annum new mine.
ATB APR
Ouch, £500,000 through the issue of 909,090,914 new Ordinary Shares at a price of 0.055 pence each.
It's all very well that directors showing solidarity and all buying shares BUT Brian WTF are you doing raising cash at 33% discount to current SP following the £800k raise back in January at a 15% discount to SP????
ATB APR
hi causal, from memory this is a rejig of original mre with addition of surface ****, tailings and mined/unprocessed materials. issue for me was always why wasn't cangai progressed earlier given original high 2.5% copper grades and huge jorc resource issued several years ago?
i would need a very good reason to believe the bod after so much spin and small delivery/follow-through over last 2 years ... is issue with cangai one of licencing to resume exploration and/or mining or something else?
atb apr
@GTMufo I am 100% certain that whatever GWMO published you would find fault.
IMHO you continue to mix up high risk with high volatility ... the junior mining sector is very volatile as it is leveraged to the metals prices whilst GWMO's risk profile is reducing as it moves towards a metal processor via its JV to produce revenue to fund its exploration programmes which in turn reduces risk of GWMO having to raise funds via share sales.
Just because GWMO is at the very risky end of an unloved sector does not make its holders delusional, but just reinforces that these type of stocks are very volatile and can be high risk depending on how they are managed et al.
ATB APR
I am soooo pleased to have sold out of CCZ last September after believing way too many of the things they have said before they hop onto the next big thing and spin that for as long as they can. How can you quote an NPV for something and then retract ALL of it not just correct it?!
ATB APR