Member Info for aprogerson

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 !

ATB APR

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. "

@Jon Phase 1 gravity separation is pure mechanical process and typically has 50-55% recovery rates. Tailings can then be set aside awaiting Stage 2 Heap Leach or CIL processing being setup so nothing is wasted and relatively cheap OPEX as tailings already crushed/ground ready for reprocessing.

I would expect combined Stage 1+2 processing to recover 80-90% contained gold & Silver depending on setup and process flow optimisation.

Using JV plant for reprocessing historic GWMO and 3rd party tailings is a stroke of genius given tehir location and processing versus new ore much cheaper as tailings already partially processed/crushed saving time and OPEX. It will be interesting to see what the JORC for MJ tailings is and whether there are more historic tailings site to be fund given GWMO has 60km^2 of gold/silver/copper claims where all 3 metals have historically been mined.

ATB APR

Given todays interview of BH with Zak we probably have a few newsworthy events to look forward to:

1) Drilling and/or assay results from OMCO new vein extension ... drilling confirmed as complete

2) Start of drilling at MJ

3) Confirmation of JV "licence to process" ... expected Aug-23

4) Confirmation of JV plant build ... expected Aug-23

5) Confirmation of JV plant commissioning and/or first gold/silver pour ... expected before 2023 year-end

Confirmation of OMCO vein above current 8g/t and at anywhere near historical 25g/t grades will set this alight particularly as JV progresses as we can then process our own ore.

ATB APR

@SuePud thanks for posting Zak's interview with BH ... he sounds almost excited which is saying something

Key Takeaways for me:

> Targeting plant completion Aug-23 "synchronised" with expected permit to operate

> Progress towards JV process plant completion "all good"

> BH has plant build photos but "a bit of a mess as it is a construction site and it is what it is"

> Jaw crusher can handle 60t/day vs initial plant capacity only 5t/day

> plant is relatively straightforward to scale up and site is large

> JV partner Muletown is a "pleasure to work with" and "just get things done"

> surrounding area is lots of historic mines and tailings that can be processed through JV site

> GWMO is very unusual as a Junior Explorer having near-term access to revenue stream

Keep up the good work GWMO and Muletown teams

Looking forward to this seasons OMCO drilling results ... would be nice to have 2 gamechangers in play

ATB APR

@jon Shhh Don't tell GTMufo he will be disappointed that Jaw Crusher can handle 12x initial plant loads so is unlikely to break any time soon!

.... for quick delivery so to minimise plant downtime.

What you are not asking about are the elephant-in-the-room questions such as ....

Will they get an operating licence?

Muletown is previously used site for exactly this purpose and Nevada is a very friendly mining jurisdiction so licencing looks to be about due process especially as they have been given special dispensation already on construction.

Can they operate JV profitably?

Again Muletown have run a processing operation from this site previously so should know what they are doing and BH has stated that no such facility exists in area for 3rd party processing so I would expect more 3rd parties looking to use this facility to process historic tailings and/or small scale ore toll processing as owners of local historic mining sites reassess the economics of their sites given this new facility coming online.

ATB APR

@GTMufo I don't think anyone on this BB has an issue with you (or anyone else) raising concerns, discussing issues or giving an opinion on what is going on or may happen as that is what these BBs are for. HOWEVER posters repeating wild pumps or unsubstantiated fears without any background research or informed opinion just winds everyone up as they have real money invested and naturally may get a bit "spiky".

Personally I was also invested in PREM but just got fed up with constant undelivered promises, random purchases of assets and regular share dilution to chase the next big thing. GWMO has not yet "popped" but seems to be doing all the right things a junior explorer should be doing particularly using shareholder funds to generate a repeatable revenue stream using the JV processing plant.

I've worked in project management building and delivering "real stuff in the real world" and yes things do not go to plan and kit does break which is why you have a "contingency" in both your budget and plan for "known unknowns" and leftfield "unknown unknowns" which in my experience tend to be rare and rarer still if you have a good team and know what you are doing.

GWMO is led by Brian Hall who is very experienced and the JV is with Muletown who have previously operated a gold/silver processing plant on this very site which is why the plant is refurbished and the site is being adapted rather than a new build and new equipment ...

Does the JV have risks?

Yes, but most likely well understood because all parties are familiar with site, licencing authority, processes, procedures and processing plant kit as it was previously used by them on this site.

Can stuff go wrong?

Absolutely and probably will; the question you are not asking is about their experience, knowledge of site and plant being brought back into use which to me demonstrates you don't understand what they have setup and the real risks which to my mind seem to be contained and well understood. The issue here is the likely SCALE of what may go wrong and whether is is SUBSTANTIVE for cost/timescales NOT whether something will go wrong or not!

The JV is currently building out the site to take the refurbished plant whilst in parallel progressing the operating licence for stage 1 gravity processing of ore/tailings which derisks timescales and JV responsibilities sets out who does what and GWMO has a £500k budget set aside for Stage 1 & 2 equipment refurbishment & installation whilst site build and provision of plant is Muletown's responsibility.

So will the crushing plant teeth break?

Frankly I could not care less as this is an inspection issue for the build stage and a maintenance issue for the run stage. If it is judged that new teeth are needed it comes out of initial CAPEX at build/refurbishment stage or OPEX if it is during run. IF plant manager thinks teeth are critical or worn then I'd expect him to hold spares or have a source of replacement parts lined up for quick del

@Mafioso LOL, plenty of transparency here and RNSs are very clear so I'd suggest rather than asking everyone else here to answer your questions that you DYOR and ask the CEO yourself.

AA history concerning these licences is also very clear so I suggest you check the Copper price charts and ask Google for top 20 targets et al

ATB APR

Price spiked down 0.25p yesterday in what looks like a clean double-bottom at 3.0011p and closed at 3.25p creating a pin-head candle which is usually a good indication of a turn in this case up.

Additionally the inverse Head and shoulders pattern from May-22 JV announcement I previously mentioned has a neckline at 4.6p which indicates a 50% price recovery from here and possible upside target at 6p to close the pattern over the coming weeks,

ATB APR

@GTMufo Given your woeful lack of research, hopefully my last post lays out for you ...

1) timeline for JV licencing & production as site build well underway

2) GWMO cash available to fund JV build stages

3) JV who does what

4) Stated progress onsite

ATB APR

@GTMufo Breaking news update ... just in case you missed it

CASH = £130k stated in 31-Dec-22 accounts PLUS £800k in 17-Jan-23 capital raise +£83k cash tax credit = £1,0130k end Feb-23

JV Costs = RNS confirmed budgeted £500k for ALL 3 stages of the JV build ... Stage 1 build started early Feb-23

Available cash = £1,013k (Feb-23) - cash raise expenses (£80k?) - Mgt OPEX - JV Stage 1 build -2023 OMCO drilling ... await confirmation in Jul-23 after half year end Jun-23 update

JV Licencing & production start:

RNS 6-JUn states "The JV has been formally granted a 'Special Use Permit' for establishment of the mill by the County Commissioners of Mineral County, Nevada. A permit to produce gold and silver from the mill has been filed with NDEP (Nevada Department for Environmental Protection) and is expected to have completed all the approval stages by August this year. Once approval for the gravity plant has been secured, production operations will be permitted and the JV will then lodge a further application with NDEP for approval of the phase 2 contained chemical leaching plant, designed to enhance gold and silver recovery."

So....

> Stage 1 (gravity) licencing expected = end Aug-23

> JV plant production = by end 2023

> Stage 2 (leaching) licencing application = after receipt Stage 1 licence

I am expecting GWMOs Stage 1 build/commissioning costs to be circa £250k as site, plant and foundations covered by JV partner Muletown. Stage 2 JV build will be for leaching plant upgrade at later date subject to separate licencing application

ATB APR

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References:

RNS Sept-22 states "A capital expenditure budget of up to $600k will be phased over the three stages of construction and implemented following receipt of permits for each of the stages." ... Note $600k = £500k budget

RNS 7-Jan-23 states "... pleased to announce the successful completion of an oversubscribed placing to raise gross proceeds (before expenses) of £800,000" ... I estimate expenses at max 10% of sum raised

RNS 7-Feb-23 states "Great Western has been granted a tax credit in the form of an £83,000 cash payment for geological work in carried out in the years 2020 and 2021." ... I missed this one !

RNS 6-Jun-23 states "Under the JV agreement, Muletown is providing a mill site on private land, a large inventory of plant and equipment and supervision of construction. Great Western is financing the construction and commissioning of the mill and has the funds available to meet this commitment."

@JC The ONLY reason you would contemplate a JV and give up some %share of Nyakafuru is in return for a large staged capital investment to progress it to mine ready or mine build. I understood that Nyakafuru Reefs @400k JORC is NOT in the current deal but could be added as part of any JV to bring this back into play especially due to its proximity to existing resources.

Better a %share of a producing mine with a much larger JORC than 100% of something smaller that you cannot afford to build !

ATB APR

@Cattleman I have been with ARC since Sturec days so I absolutely "get" the patience bit given we are now out of the AA DD phase and into waiting for the Conditions Precedent around the licences/cadestre to kick in before the JV can be concluded and drilling can commence.

RNS @20-Apr-23 "The Joint Venture Agreement, including related investments and cash payments, is subject to certain conditions precedent being satisfied, including normal regulatory approvals in Zambia. All other substantive commercial terms of the proposed Joint Venture remain unchanged from those previously announced on 12 May 2022."

There is an Agreement to form a JV, so once Conditions Precedent are concluded the JV can be signed/formed (Effective Date) precipitating:

> On Signature = $3.5m cash payment to ARC in exchange for 51% interest in JV holding Zambian mining licences subject to Phase 1 completion

> Phase 1 within 3.5 years = AA further $11.5m cash payments to ARC & $24m in exploration costs

> Phase 2 within 5.5 years = AA further $20m in exploration costs for a 60% interest in JV

> Phase 3 within 7.5 years = AA further $30m in exploration costs for a 70% interest in JV

So ARC get $15m cash over first 3.5 years and retains a 30% interest in licences with an additional $74m exploration costs funded by AA within the first 7.5 years ... something that ARC would not be able to have done on its own without very significant dilution.

Looking at the weekly close chart, ARC has been in a very clear 14-month consolidation from JV announcement May-22 with SP cycling in a tighter and tighter range from 3p to 5p (spiked to 6.3p) and tightening so that it is currently 3.3p to 4p in a horizontal 'neutral' pennant pattern reflecting shareholders waiting for JV Yes/No resolution which makes perfect sense given situation. Once JV signed I am expecting a quick rise above 5p and consolidation ranging 6/8p+ as long-term holders take profits and stickier hands pickup their shares giving ARC a solid £75/90m MCap for starters.

Fingers crossed AA want to get aggressive with their drilling campaign given the long delays and decide to deploy multiple rigs to conclude Phase 1 in the first 18-24m ... win-win for everyone!

ATB APR

@PC Its a "condition precedent" which is usually reserved for something outside of teh control of one or both parties to an agreement that needs to be concluded for the agreement to be validated ... in this case the mining licences which is understandable as without them AA will be giving money for nothing

Reminds me of a song by Dire Straits

ATB APR

Looks like we are dropping to prior low at 0.835p from Jan-23 capital raise announcement or circa 3% below current SP.

Given the good news since then I would expect strong support and a "Double-bottom" as strong support as more positive "concrete" construction, drilling and/or licencing news to feed through over the coming weeks

ATB APR

Looks like RCR announced a non-brokered retail investor A$1.1m cash raise at A$5.5c for this years drilling & Exploration programme so will be interesting to see if GUN participates to maintain its current very sizeable 16.4% holding. RCR quarterly financial report to end Jan-23 showing cash of A$1.12m so looks like RCR are doing their best to strengthen their balance sheet ahead of any stock market pullback and/or further credit contraction.

I still maintain a good RCR position across GUN and directly via ASX despite significant paper loss. Hope over reality? ... maybe but it is a choice

ATB APR

@JC Let's hope so

ATB APR