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@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.
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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?!
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@Sw Thanks for the reminder ... the presentation is from Apr-23 Metals & Mining conference and states signing of definitive funding agreement in Apr-23 which I understand we are still waiting to happen unless I've missed something. The schedule on p23 implies 8 months from funding signature to completion of plant upgrade and start of commissioning which I would expect to be a further 2-3 months so circa 10-12 months overall which seems reasonable. Reading through the timeline they are also expecting to have completed an updated MRE for both Kili and VM.
ATB APR
It is interesting for me that GCAT (re)published its original JORC figures as an updated MRE (no changes!) after over a year of exploration at BOTH projects and the discovery of a high grade zone near Kilimapesa plus additional decent drill results at VR.
Why GCAT has not used this additional exploration information to upgrade its MRE confident levels and/or overall resources to help underpin its SP and/or ability to secure good or better funding terms seems to me a big missed opportunity.
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Gold and silver now looking very perky especially as DXY and inflation down implying Fed pause and possible retreat on interest rates and/or resumption of QE to reduce cost of $32T debt load.
My POG target is now intermediate $2,400 rising to $2,900 over next 3-12 months with gold/silver ratio compressing from 85:1 to 50:1 giving silver price intermediate $48 and $60 over same period.
This will be biblical for gold & silver stocks with initial focus on producers and then developers and explorers catching up later
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@go-ly-dow Whilst I accept all the positives you mentioned what the Prospectus will tell us is the DENOMINATOR ... without understanding" total shares in issue" we cannot for sure know what:
(1) the MCap is (SP x shares in circulation)
(2) what % dilution the recent £351k fundraise was at (£351k / £MCap)
(3) what the true cost of resolving the CLNs et al. (£XXX / £MCap)
The upshot of all of this is NOT the SP it is the MCap or what we think the £value of the organisation is. Once we know the MCap and the total shares in issue (denominator) then we can work out what the SP assuming we get a firm plan of what the CAPEX raised will be used for and when a known result will be achieved.
So just before the Dec-22/Jan-23 funding crisis the MCap was circa £16-18m which assumed that GCAT was a going concern, had CAPEX funding, had 1.3Moz reserves across 2 projects and had 6 months before 24koz/month production and SP = MCap / Shares in circulation.
Anything else is supposition and/or window-dressing at this point
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Quarterly updates have been typically 6-8 weeks after quester close
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@Legalwolf Yes me too as "New MRE" is ACTUALLY unchanged Kili and Nyakafuru JORC from at least a year ago with no mention of any new resources including new high grade despite 12-18 months of drilling.
So WHY state this and present it as new when it is not ... better to be silent than suggest you have an ulterior motive? To me this now begs the real question of why the revised MRE promised last Oct-22 has still not been issued? Stupid move
ATB APR
@legalwolf My understanding is the additional $3m or $4m funding previously announced as secured was contingent on main funder being found. Yesterdays £330k capital raise was a surprise but given current SP then 0.3p is not unreasonable given price has ranged 0.375/0.25 especially as HNW funder won't actually get any shares until Prospectus is out so taking lots of risk in my view hence grant of some warrants ... that they were at 0.6p I think is very positive.
ATB APR
So Capital raise at 0.03p raising £330k cash after £21k costs to be used to fund capital raise proper ... interesting that additional 50% warrants issued at 0.06p which is not unreasonable given risk HNW is taking when shares cannot actually be issued until prospectus is approved.
Agreed seems a bit unconventional, but if the HNW is okay with it and it gives GCAT necessary cash to sort this all out then I'm all for it!
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@GTMufo Sorry it was more to do with having no actual basis for an argument that got the reaction you got.
You also miss the point that most junior explorers and miners have over the last 2-3 years lost between 50-80% of their value since the August 2020 gold highs. The fact that gold has now returned to those prior levels but the whole mining and in particular junior sector has not says we are in a deep bear market, which history says is usually a very good time to be a buyer.
I don't like seeing my investment in GWMO hammered any more than the next person, but the fact that they are developing a revenue stream via the processing plant JV is very welcome news.
ATB APR
Unfortunately the Junior miners, producers and explorers are universally hated by the market and being down 50-70% is not unusual even though Gold and silver are now consolidating at or near the highs of 3 years ago when this bear market in junior resource stocks started. GUNs stocks are almost all early stage investments some quoted and some not
ATB APR
@GTMufo Good point but I see potentially good news as recent price action has now established a clear double-bottom at ).835p in both Jan-23 and Jun-23 which usually indicates a price reversal especially if pattern is over weeks or better still months as per GWMO chart.
We also have an inverse head and shoulder which also indicates a price reversal if GWMO can close above 0.1035p. If pattern closes then target indicated is 0.118p top of trading channel which makes sense ... or bottom of prior trading channel 0.118p to 0.155p established Jan-22 to Jan-23.
GWMO is currently trading in a clear 6-month consolidation/accumulation range Jan-23=0.118p to Jun-23=0.835p which in itself is fairly positive as PIs take positions ahead of each exploration season.
Charts don't guarantee anything, but GWMO has very clear, established, long term trading ranges so more likely to follow these price patterns than not.
ATB APR
@F29^2 News is actually very encouraging given AAL/ARC have done what they can and reliant on Zambian Government to be able to complete Conditions Precedent ... once CPs completed then the contract signed way back in Apr-23 comes into force.
Shame about the steady decline in SP and my lack of liquidity to make the most of it !
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BH confirmed OMCO drilling complete on Zak Mir's podcast on 25-June https://twitter.com/Share_Talk/status/1673026087587135493?s=20 so would be good to get some results given prior announcement and last years very encouraging results which look like caught a vein "halo" rather than the vein itself given historical 25g/t gold grades.
ATB APR
RNS 7-Feb-23 Operations Update stated
"PRIORITY EXPLORATION DRILLING
Follow-up shallow drilling at The Olympic Gold Project is a priority for Great Western. A track mounted RC (reverse circulation) drill rig has now been secured and is currently being mobilised to the Olympic Gold site for shallow drilling at the OMCO Mine prospect.
Drilling in 2022 intercepted the OMCO Mine vein for the first time and an extension to the OMCO Mine is now believed to have been established. This previously reported intercept contained 6.10 m at 2.682 g/t gold from 38.10 m, including 1.52 m at 8.110 g/t gold and 1.52 m at 1.74 g/t gold. The discovery can potentially be expanded by drilling angled holes from the same permitted pad position. Drill timing will depend on weather conditions at the site and crew availability. "