Member Info for aprogerson

GUN owns 6.25% of Metals One

Metals One (AIM: MET1), has announced its a maiden JORC Inferred Mineral Resource for the P5 area of the Finland - Black Schist Project, which now estimates the total Black Schist Project resource of 57.1Mt, more than double the previous estimate.

Highlights of the P5 resource at Black Schist include 29 Mt at 0.18% nickel, 0.08% copper, 0.01% cobalt, and 0.33% zinc bringing 52kt of nickel, 24kt of copper, 3.5kt of cobalt, 96kt of zinc.

Jonathan Owen, CEO of Metals One, says “this is hugely significant particularly as it's been achieved within a year of listing on AIM. It's a milestone for the company in the sense that this now underpins our move through the stage gates towards development and production.”

Metals One doubles its resource estimate at Black Schist project following its Maiden JORC report. Watch the interview here.

NIce to see 1st $500k tranche received followed by another $500k at end of July.

I note that Cynergy Global now get 25% of Caracal Holdings which is a subsidiary of GCAT as per prior RNS " CH owns 100% of Kilimapesa Gold Pty Ltd. Tyacks Gold Ltd ("Tyacks'), is owned 66.7% by Caracal and 33.3% by CH, at completion of Phase 2 of the transaction Tyacks shareholding will be restructured so that Caracal will own 1% and CH 99% of Tyacks."

Can anyone confirm my understanding that these 2 stated subsidiaries in turn own:

> Kilimapesa Gold Pty Ltd = Kenyan assets, licences, mine and plant

> Tyacks Gold Ltd = Tanzanian project and licences

Funding summary:

> Phase 1 = $1m cash in 2 tranches for 25% of CH ($500k now and balance end Jul-24)

> Phase 2 = $2m equity and $3m debt (terms to be agreed) for additional 10% of CH

> Phase 3 = any future fundraise via equity can subscribe up to 29.9%

ATB APR

RNS with notice of AGM and someone let the trolls out!

@CM I have no idea why GWMO have not done more drilling to follow up the 2018 drill results from CPGW-1 hole as this equates to intercepts of 65.3m copper grading 0.23% to 0.35% over 150m depth drilled:

> 27.4m @0.35%Cu from 35m

> 12.2m @0.23%Cu from 68.6m

> 10.7m @0.22%Cu from 138.7m

If GWMO can show extension of these at depth below 150m and by step-out drilling then this could easily be the basis of a future bulk open pit mine.

ATB APR

@GTMufo Yes I have thanks.

ATB APR

I would love to see GWMO update Eastside mine claim group graphic showing P6 presentation map overlaid with M2 JORC, copper and drill hole results AND fault lines across whole area showing extend of claim but not new claim recently staked or any Huntoon group results. This would be super helpful for new investors to get whole context of GWMO.

ATB APR

@mcadder / Tradedesk I think that there are now more than enough "breadcrumbs" pointing to a much larger copper system under the Huntoon valley given the recent results PLUS the bonus WH-C large positive IP return. Looking at GWMO website there are 4 copper mines 90 km to the North West plus GWMO JORC as follows:

1) Yerrington 154Mt @0.23% Cu

2) Ann Mason 1400Mt @0.32% Cu

3) MacArthur 243Mt @0.2% Cu

4) Pumpkin Hollow 500Mt @0.45% Cu

5) GWMO JORC 4.3Mt @0.43% Cu at Black Mountain claim M2 location to North East of Huntoon valley

Also worth looking at GWMO West Huntoon 2018 drill results (P8 presentation) from RC hole CPGW-1 hole namely:

> 27.4m @0.35%Cu from 35m

> 12.2m @0.23%Cu from 68.6m

> 10.7m @0.22%Cu from 138.7m

Did I miss any other breadcrumbs?

Check P7 presentation showing GAP between JORC resource and other resources too small to add to JORC due to limited drilling ... would be nice to pop some more holes in here and 2x to 4x existing JORC?

Check P9 of presentation that gives context to their strategy ... it will be very telling where they decide to put the next drill holes

Check recent RNS for new IP target WH-C ... what is under there that gives such a strong IP response? I fully expect 2-3 drill holes being popped in here to find out

ATB APR

This is very annoying but given the licence and hence delays in revenue from tailings processing it is not unexpected. At least they are now funded

What @GTMufo misses here is that everyone knows they are a Junior without revenue so will sell shares to raise funds, but what he does is talk about it incessantly and then crows loudly when it happens = very annoying and not very clever

ATB APR

Okay reading description WH-B is on line 2 and new anomaly WH-C cuts across lines 3, 4 & 5 so map looks to be wrong and target shown as WH-B looks like it is in fact WH-C with WH-B actually between WH-C and WH-1 but not shown.

Come on Brian I'm not a geologist ... who checked the map before it went out?

ATB APR

Good to see todays West Huntoon aerial IP survey results with map overlays.

Looks like soil surveys copper in soil highs and WH-A and WH-B chargeability targets line up nicely which is encouraging. Especially pleased to see WH-C target appear which seems to be away from soil surveys but shows considerably higher chargeability response than already suspected copper targets at WH-A and WH-B.

It would have been REALLY useful to have included a map showing all 3 targets as WH-C is missing as map needs to be zoomed out for context and overlaid with new & existing claims AND JORC resource for context.

Damned good start and lets hope GWMO get on with drill targeting and some drilling ASAP.

ATB APR

@ID78 my weekly chart is saying SP is stuck between 20-week and the 50-week MAs ... so in firm but not exciting territory!

Once the licence has been confirmed and GWMO can start mobilising for tailing plant commissioning & processing then we should start to move again as investors with less risk tolerance start to take more interest

ATB APR

@JC To be 100% clear I am expecting a royalty stream to be added in due course (on one or both projects) as this will give additional cash advance required investment to ramp up with speed given high POG, but paid for out of future revenue. Once GCAT have sorted themselves out they ought to get good terms given potential that any royalty stream will benefit from

I am also VERY glad that operations will be outsourced to an experienced & professional outfit

ATB APR

@JC My interpretation is that this is the foundational funding to replace the "no dilution" royalty stream previously talked about and allows GCAT to now press on with everything needed to complete audit and come out of suspension quickly and with confidence.

I note the funding agreement gives pre-emptive rights to participate up to 29.9% in any new funding going forward AND stipulates on what basis which I take as a huge positive as they are here for the longer term not just to flip their investment in the short term.

I'd much rather 75% of something healthy than 100% of nothing!

ATB APR

@JC Nice spot, Minopex "economic assessment" will effectively serve as PEA/DFS once we have mine plan reviewed and audited.

Is this the light now being turned on at the end of the tunnel? I do hope so

ATB APR

@ID78 Whatever optics we use to look at this mess no one looks good, BUT I get the strong sense that Robbie is trying to keep the lights on and get this back on-track. The most frustrating thing is the lack of Governance that led GCAT into this unholy mess that can then only be resolved by the Auditor who in turn is obliged to get this right not necessarily to do the audit quickly.

The key are (1) the JORC Resources, (2) assets/plant & (3) the mine plan showing how GCAT intend to get those resources out of the ground profitably. We need to remember GCAT went straight to mining ore without a PEA or DFS that would have underpinned the risk taken by any incoming investor and/or lender/s. This was okay originally as it was operating profitably albeit at low throughput, once the business was levered up to cover upgrade costs this worked so long as the cashflow in outpaced the capital + operational profit being expended.

Reasons to be cheerful:

> there is a working plant plus open pit and underground mine

> second project can be brought online, JV'd or sold to bring forward cash or future revenue

> high probability of additional higher grade resources near main plant once infill drilling completed

Reasons to be cautious:

> prolonged suspension is not a good look and lots of investors will exit regardless at 1st opportunity

> add investment needed to complete plant & Mine upgrades needed but at what cost?

> Royalty as %NSR would be best route for new cash again at what cost?

> Audit outcome and timeline unclear and no guarantees

Once audit passed, Robbie needs to secure cash injection and protect the balance sheet going forward to avoid a repeat performance. I just hope he can pull this off without too much further dilution; higher POG is defo his best friend in thsi situation

ATB APR

@ID78 Agreed chart is very positive after an extended downtrend and show s a very clear solid breakout from this descending grind-line. I am expecting resistance/support at 0.055 from Jul-23 capital raise and also at 0.0625 resistance/support. If we can continue past prior 0.08 fundraise from Jan-23 then I would consider SP recovery/rerate to be well underway, but I believe we would need licence confirmation, mill start and processing to be underway for that to occur.

ATB APR

@Edgar Again appreciated.

I am 99.9% sure that the mill is a 50/50 JV that effectively provides "toll processing" of 3rd party ore for a toll fee and NOT a 50% share of the metal extracted from the ore, I have seen figures around 10-15% elsewhere, but I expect that there are a huge amount of variables that the toll processor uses to calculate toll fees and I am absolutely no expert in this matter.

Overall I would expect lower toll processing fees for higher volume/grade ore processing as this reduces setup and downtime changes between 3rd parties processing jobs. Given GWMO is 50% owner of JV I would expect us to be first in teh queue for toll processing especially as 1.6g/t is a decent grade by todays standards

ATB APR

@ID78 appreciated & thanks ... posting on these BBs seems thankless at best and having 2 of my investments namely ARCM and GCAT suspended is somewhat frustrating to say the least!

The reality is junior explorers with no revenue stream are at the riskier end of a very risky business as tehy need to raise money via share sales at whatever the prevailing market price is meaning a 10-30% discount is typical. Both GWMO and GCAT are trying to make the transition to very junior producer/explorer which reduces the inherent risk considerably and if successful should reward holders with a decent SP rerate ... time will tell.

ATB APR

@Smkr 100% agree with the frustration bit around poor valuations and relentless trolls ... this BB seems plagued by both

ATB APR