Firering Strategic Minerals: From explorer to producer. Watch the video here.
@ID78 Yes GUN is an interesting Goldie/Commodity fund around 50-60% below NAV ... like anything depends on your focus and timescales, but also owns a good chunk of Rincon Resources
Sorry off-topic
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@SW1000 No idea as could not find reference myself so presumed I had missed it !
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@Devil Agreed, until POG turns us Goldies are all 'Doomed@
!
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@SonO***un & SW1000 David Lenigas is now helping to run the show at the Copper/Gold explorer Rincon Resources (ASX:RCR) who also have significant Paterson tenements south and south-west of GGPs Haverion and Telfer whilst (I think) WSBN is north of Telfer. DL has significant mining experience in the region and RCR is tiny but with lots of historical drilling plus recent stuff and more Paterson tenements to leverage.
Full disclosure ... that is why I'm invested in RCR and not WSBN. Also Gunsynd (GUN) is a 16%+ shareholder in RCR
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@Chisler Good to see Brian Hall, CEO topping up with a further 10m shares using his own money ... looking good
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@Bebeto Yep the Jul-21 prospectus (p35/36) stated Vim Rutha as multiple high grade veins approx 12g/t ...looking forward to drill results
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@Bebeto Let's agree to disagree on those figures shall we?
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@Bebeto I think most PIs investing in PMs understand that AISC isn't perfect, but what is leftover (POG - AISC) is (mostly) free cashflow and IF GCAT does not spend FCF on something then it is profit.
Yes, I should have been clearer, but certainly no intent to mislead just my presumption that most on this BB understand the difference
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@BluBay Please re-read the 2x RNSs on the OCIM and Philoro funding as both are for GCAT to sell them a fixed %production at SPOT price minus a small discount/refining fee to cover the lenders costs & fees. Contrary to what you said this means that GCAT can ...
1) Make a profit as $spot - $discount -$AISC = still a very healthy profit at circa $1,150 AISC @$1,750/$1,800 POG
2) Still has capacity to raise further non-dilutative capital on similar terms on at least 80% unencumbered production
> OCIM = 15% of production
> Philoro = 3-5% of production (my guess)
3) Cash position now £11m over next 3-4 months as per RNS terms to fund push to 24koz/annum production
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RM Tweet ... "Well done to the Caracal team #fullyfunded#gcat#OCIM#Philoro. Vim Rutha results and Kilimapesa project economics this week ????????????"
So2x RNSs this week then
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So todays position at Market open will be ...
GCAT MCap = £13.2m versus secured cash position of total = $13.5m or £11.07m
Cash funding detail ... secured against future gold production at small discount to spot and/or refining fee
> OCIM Tranche #1 = $7m or £5.74m ... by 31-Dec-22
> Philoro = $3m or £2.46m ... by 31-Dec-22
> OCIM Tranche #2 = $3.5m or £2.87m ... by 31-Mar-23
IMHO this now totally derisks GCAT to 24koz/year gold production from Mar-23 and will likely allow GCAT to accelerate development at BOTH Kilimapesa mine and Nyakafuru mine development project.
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ShareTalk always have something interesting to say and what stood out for me was this "Work has been underway since March to expand production at Kilimapesa to the promised 24,000oz of gold per annum, with a focus on processing the lower grade ore being mined from the Kilimapesa Hill deposit through a heap leach processing facility with a capacity of 65,000tpm."
We know Plant 3 = 3x 15kt pads and Plant 4 = 2x 6okt pads, but Charles Archer stated this as 65kt/month which implies a 2-month average cook cycle. Maybe Q3 Operations report will update us on Heap Leach usage and % recoveries?!
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@Trek well said
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@RCMP I admire your optimism, but we need to find it first as we cannot spend a target!
The very good news is when we find new mineralisation we know from history that it is likely to be high grade and near-surface plus we can process it ourselves and we also know we have gold that can be processed from existing tailings that someone in the past has thoughtfully brought to the surface and crushed for us so GWMO 'just' need to shovel it out of a shallow pit.
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@Trek Interesting but looks like OCIM is a straight sell at spot and OCIM make their margin on a discount to spot price so little or no financial engineering involved. Not sure if it is 15% of whatever GCAT sells and/or when this kicks in, but I guess we will find out after Q4 operational report when sales and margins will be declared for the period in which the OCIM deal landed.
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@RP Okay, my bad I know that they are reconfirming JORC and had assumed was via drilling. So drill or relog we will get a reconfirmation of JORC so all good either way!
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We are still in the 0.625/0.875 channel we have been stuck in since May-22 when 0.875 strong support from Mar-22 broke. We have strong support/resistance at 0.625, 0.675, 0.725 and top-channel resistance at 0.875.
IMHO we have had a HUGE amount of shares changing hands over this period and PIs have gone from 0% to 34%+ as per OCt-22 presentation plus another 10% held by Gary McDonnell. We have now had GoldPlat sell down the balance of their shares AND we now that circa 300m warrants due to expire in Dec-22 at 2.5p will likely be out-of-the-money. I still believe we are in the accumulation phase of GCAT development and the SP is unlikely to move without major positive news BUT we no have no major seller and no new warrant shares due to be created so ownership is likely to tighten.
Major newsflow:
1) Updated MRE including expansion drilling at Maghor and Vim Rutha ... was due end Oct-22
2) Nyakafuru phase #1 drill results to confirm prior 659koz JORC ... derisking and increase in confidence
3) Q3 Operational results ... weeks overdue, gold produced, HL %recovery, Plant upgrade confirmations & timeline
4) Nyakafuru Reefs update ... was dropped, but if deal back on adds 400koz JORC
5) Nyakafuru phase 2 drill programme details and start ... yes please !
All looking very good and any of above newsflow should move the SP up as downside risk continues to recede
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@Bebeto Suspension is usually only used for major stuff like new funding, missed accounting, takeovers and such ... we've had our funding announcement unless you're aware of something unusual in the pipeline?
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Crazy moves up and down between 0.875 and 0.675 on very high volumes over last few days indicating lots of shares changing hands hopefully to stickier hands.
Todays volume 15m versus 155m 4 days ago ... so really modest volume so far today but large drop & recovery
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Lucky find filmed by German investment group DGWA from early Aug-21 about 4 weeks before RTO .... https://www.youtube.com/watch?v=tvp8xPCSgdA
Really interesting watch
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