Member Info for aprogerson

Nice drill results in from Kouroussa ... the gift that keeps on giving!
ATB APR

Final tranche of 675k shares bought today so this was in fact a BUY ...
01-Mar-22 13:33:39 1.108 675,000 Unknown* 1.05 1.15 7,479

@LowPay I was reading the same and agree that there was not enough detail to come to a conclusion as there was a number of "moving parts" that needed to be resolved:

> Process plant study/design = "But we haven't yet optimised how we are going to do this,' he says of the basic production set-up that might be used." & "We will have consultants on site in early spring and during the summer we expect to be able to decide how we're going to do our processing."

> Access road = "Access to Mineral Jackpot is the first with road widening work needed to allow a 20-tonne truck in and out of the area." & "Work on the road could be completed by early summer"

> Mining Licence = "The second is the approvals required to construct a facility to turn the ore into a concentrate." & "Hall says, while regulatory hurdles will take longer to finalise."

> Funding = "the company will likely finance the stockpile and tailings processing facility via royalty agreement or debt facilities that are non-dilutive to existing investors." & "We are aiming not to go back to shareholders with this,' he adds." "market capitalisation of just £4.4million, or an enterprise value of £2.7million less the £1.7million in cash it had at its last update.

> Drill Programme = "That money will be put to work hopefully adding value via the drill-bit in Nevada from spring onwards."

Looks like BH is taking this all very seriously, but if Mining licence is end summer or early autumn then there maybe an opportunity to extract tailings material before winter so it can be processed over winter.
ATB APR

Goldplat plc's subsidiary Gold Minerals Resources Limited, has sold 32,878,000 of its shares in Caracal for 0.95 pence per share. The shares sold represent the remainder of the initial share consideration of USD450,000 that was payable in cash by Caracal, which the Group agreed to take up in shares at the initial listing price of Caracal, as announced on 3 November 2021.
This was the trade we were discussing yesterday that we thought was subject to a lock-in
Mystery solved
ATBA PR

We should be seeing some exploration activity getting underway as weather warms in Nevada and would expect news flow to pickup in the next 2-3 weeks as per 8-Feb-22 RNS.

Drilling Programme 2022
Four drill targets have been prioritised for the first stage of the 2022 drill programme, with start-up in early spring as soon as ground conditions permit.
Highlights
· 23 holes planned at Trafalgar Hill, OMCO and Rock House
· Early spring start-up when ground conditions permit
· Drill programme funded from existing cash reserves
ATB APR

Radika Can you provide a link please?
ATB APR

@RP Yes agreed as Dec-21 target became throughput and 'capable of' rather than 1Koz actual production, but to be fair the speed at which they have moved is impressive to say the least and the openness of their comms is laudable.

Personally I am very much looking forward to the assay results from the 13km of drilling now underway at Kilimapesa as what we have seen so far from trenching seems to be both shallow and high grade which bodes well for both LOM as production output rises and absolute koz production itself as a means of bringing forward higher output from an existing mine versus new production from a new mine and the CAPEX/OPEX required to do so.

What will really be interesting is any BFS and how they intend to fund this given that they will then likely be at 2Moz to 3Moz JORC across their 3 main licence areas ... I'm guessing a combination of Kili FCF and some debt.
ATB APR

"By way of clarification, Clear Capital Markets have placed 177,048,592 new ordinary shares at a price of 0.95 pence per ordinary share with their clients." ... that would explain it then, but does seem odd to take part in a placing at 0.95p only to sell out at 0.95p ... maybe they just needed the funds ?!
ATB APR

@ItsYou okay that's interesting, I dare say we may get a TR! at some point given the size of some of these trades so we will find out then
ATB APR

@PP It looks very much like it so probably why SP is pinned around this level.

Normally if someone was going to flip I'd expect or 1.12p +0.11P for 1.23p so these all look rather strange as why would you buy in on a Placing at 1.12p and sell below that at 0.95p ... makes no sense unless it is someone from previously IPO 31-Aug-21 @1p but they would still be making a loss ?! Either way someone is selling as price is not rising despite good buying pressure over last few days.

Most likely it is ORCA (132m/9% shares to 72m/5% on 30-Sept-21) or GoldPlat (9.12% or circa 130m shares) themselves as they would be happy to sell below 1p as they previously owned the asset and could be using this to raise cash or just cash out?

Nice opportunity to take a decent position around 1.1p give or take. If it is ORCA they will be out or nearly out today or tomorrow given quantity sold 32m today and similar late last week ... anyone have those details?
ATB APR

Research Query: Trying to get my head around current vs. Phase 3 planned plant throughput vs. %recoveries across CIL, Tailings and planned Heap Leach facility.
> Main CIL plant = Recovery @80% on 2.19g/t & Capacity = 500tpd (Q4 20221actual ) > 1,000tpd (Q2 2022 Phase 3)
> Tailings plant = Recovery @52% on1.21g/t & Capacity = 500tpd (Q4 20221 actual)) > 1,000tpd (Q2 2022 Phase 3)
> heap leach (planned) = Recovery @TBC & Planned capacity = 330tpd not sure if Q2 2022 planned ???
Throughput of 1,000tpd confirmed in Dec-2021 via existing plant upgrades & optimisation with Phase 3 planned throughput seems to be 2,330tpd once all 3 plants in operation.

Gold Recovery = Hummingbird @93% on 2.16g/t. Shanta @88% on 2g/t. GCAT reported 80% on 2.19g/t via CIL plant

Gold Production Rates: based on phase 1 and phase 2 throughputs (CIL and Tailings)
> Q3 2021 (Jul to Sept) = 1,550ozs & average throughput 492tpd in Sept-21 (RNS 2-Nov-21)
> Q4 2021 (Oct to Dec) = 2,088oz produced from 51,732t ore or 568tpd average throughput (RNS 9-Feb-22)
> max throughput 1,000tpd at Phase 2 reported Dec-21 (RNS 9-Feb-22)

Kilimapesa Drill Programme = 13km expansion drilling started Q4 & assays expected Q1 2022 in increase JORC & LOM

Commentary: it looks like Phase 3 completion end Jul-22 given RNS 9-Feb-22, £2m fundraise RNS 14-Feb-22 and 6 month target timeframe to 2koz/month production previously stated. Given that Q4 production was 2koz they would need to triple 0.57ktpd ore throughput achieved assuming 80% recovery is maintained; however as throughput is planned as 2ktpd (to 2.33ktpd once heap leach is commissioned) and process work is underway to improve %recovery this looks challenging, but more than achievable. If GCAT can get %recovery improvements and planned throughput even halfway to what HUM and Shanta achieve then this should also drive down OPEX/oz and AISC driving up FCF considerably.
ATB APR

Looks like lots of new investors have been taking a position in GCAT over the last few days on the back of the Align report and recent £2m capital raise @1.12p (RNS 14-Feb-22) to accelerate Phase 3 to ramp up to 2koz/month production over the next 6 months.

IMHO 24koz production at $1,900 realised is circa £34m revenue looks exceedingly good value for a £15.9m MCap producer/developer & explorer especially when they are now posting implied mine costs of $860/oz in their Q1 report following mains power hook up in Nov-21. Clearly AISC is tricky given that GCAT is throwing everything at organically growing their production base including deployment of these new CAPEX funds, but once that is achieved they have a relatively near term (18-24m?) 2nd mine probably to be funded from their existing low cost operation so circa AISC $1,100/1,150 would not be unreasonable implying £13.5m FCF assuming circa £5m BoD costs over and above mine OPEX which we now know is circa $860/oz and likely to be pushed lower still as planned process efficiencies kick-in.

My 2 buys this morning of 400k and 425k shares at 1.084p went through as sells
ATB APR

@DDHammer I concur, CCZ BoD have not covered themselves in glory especially with overly positive spin on prior results especially at Big One compounded by at least one 180 degree u-turn is unnerving. HOWEVER, there comes a point where the downside risks get heavily outweighed by the upside risks which is where I think we are now with new CEO and revised strategy.

No one said that Junior explorers were risk free and I am heavily down but still holding given we now have a decent enough JORC compliant MRE at Big One not just clever words as we have had up to now.
ATB APR

@Ella Apologies if this seems rude but W T F? ... why post questioning comments that you know have very positive answers to given recent Investor call ?
Q. What exactly is plan B? None was mentioned EXCEPT they have a Major ready to do a deal but clearly working under a NDA so cannot provide details
Q. What precisely did Remy say about a placing? None, required as circa $2m cash and $1.5m due over next few weeks from CASA deal plus whatever may come from any Deal being announced (or not)
Q. What did NVS say about CASA? Very hopeful of deal with Rakla to go through to purchase as per RNS
Why do you still do this? Why are you so relentlessly negative?
ATB APR

CCZ MCap £14m is now looking crazy good value now CCZ have:
Big One, Mt Isa = a shallow copper high grade JORC (2.1Mt @ 1.1% Cu implied 21.9kt copper) with mineralisation from surface & open in 3 directions
Arya, Mt Isa = next phase of drill programme ready to go once weather improves
Cangai, NSW = historic high grade copper mine JORC 3.2Mt at 3.35 per cent. Cu or implied 107kt copper
Broken Hill, NSW = Historic database of 6,182 drill-holes across the East Zone particularly as QAQC quality compliant data so can be used to model a JORC 2012 compliant MRE particularly focussed on initial 108 drill-holes, which all delivered assays from >200ppm Co up to 9,500ppm Cobalt
ATB APR

Big One JORC 2012 compliant MRE issued:
> Copper = 2.1Mt @ 1.1% Cu for 21,886t contained copper
> Silver = 2,459kg (2.1Mt @ 1.2g/t Ag) of contained silver metal credits
> Ore Body = commences from surface & not fully defined as open to the east, north and down dip

CAPEX & Processing: minimal CAPEX as confirmed aim to use nearby 3rd party processor

Value: Always tricky but assuming 100% recovery via shallow open pit mine
> Copper = 21,886t copper metal @$9,900/t = $216m
> Silver = 2,459kg silver metal @25/oz = 87.6koz = $2.2m
>> Total metal = $218m or £163m at 100% recovery

Commentary: However you dress this up for a shallow open pitable resource using 3rd party local processing so production can be ramped up quickly this is VERY good news
AIMHO ATB APR

@themanx No one ever went broke taking some profit off the table as I wish I had when ARC first broke major resistance in May-21, but I am now adding given the very positive backdrop and recent IC.
ATB APR

Hi Trek, You and others like you keep doing what you are doing as BBs should have open discussions as part of assessing an investment to help other posters and everyone (should) understand that this is opinion and not advice

Research = often peer comparison including BoD, MCap, perceived value, production, risks, development, CAPEX, OPEX and suchlike can be very useful is helping understand if a particular stock is under/over valued and/or presents an opportunity. Analyst firms do it so why should PI BBs not support good research?
Name Dropping = X-BB ramping/deramping ... no one likes it and for good reason as is usually blatant
ATB APR

Morning AG, Just taken a position here as I like the risk reward ratio, but trying not to overpay given that the BoD are moving at pace with root and branch OPEX and CAPEX investments to improve the plant performance/efficiency ... I need to remind myself that this is still mining and this is not risk free especially given the speed that they are working at.

I will be crunching some more numbers over the weekend to get my head around what I think is going on and where that might take GCAT over the next 6-12 months. It is significant that POG has been firming up over past weeks which will help GCAT and IMHO doubtless part of the strategic reasoning presented to recent investors for the accelerated Phase 3 Development.

What I find very encouraging as an investor is that the recent £2m capital rising at 1.12p did not include warrants which is very unusual for a micro-cap producer/developer.
ATB APR

@Greg Yes but lots of sellers at this level to churn through as PX has been steady for the last couple of days with the MMS cycling PX over trading day to encourage activity hence recent high volumes.

All good healthy stuff and allows for consolidation around the 1.05/1.20p level whilst we wait on news flow from GCAT. Probably a bit tight for traders given the spread but doubtless some will try given the volume.
ATB APR