@GTMufo Yes you will always be correct if you avoid specific dates, facts or RNSs and use generic criticisms with vague and non-specific doom-mongering ... anyone can do that, but to then repeatedly point out how right you were as a stick to beat everyone else with to justify your comments is very lazy IMHO!
ATB APR
So in summary combining 22-Aug-23 and 12-Sept-23 RNSs plus IMHO casting ahead to some NEXT STEPS we have ...
Completed work:
· Process equipment assembled adjacent to site and ready to install = confirmed DONE RNS 22-Aug-23
· Foundations laid and concreted with retaining walls erected = confirmed DONE RNS 22-Aug-23
· Water bore holes and water monitoring wells concreted and complete = confirmed DONE RNS 22-Aug-23
· Access roads and laydown area complete = confirmed DONE RNS 22-Aug-23
· Final concrete pour to meet environmental standards = confirmed DONE RNS 12-Sept-23
Outstanding Items - within JV control:
· Assembly and testing of plant = RNS 12-Sept-23 "mill site is now ready for the installation of pre-prepared equipment"
· Stockpiling of GWMO Tailings materials onsite = NEXT STEPS ... not yet reported
· Completion of plant build & commissioning = NEXT STEPS ... not yet reported
Outstanding items - outside JV control
· NDEP site visit for provisional inspection (from RNS 22-Aug-23) = await update
· NDEP approval likely to be delayed by at least two months (from RNS 22-Aug-23) = await update
· Start of commercial plant production = NEXT STEPS ... not yet reported but dependent on licence to operate from NDEP
JV Costs: RNS 22-Aug-23 also stated "Project costs within budget" which was £600k
Summary RNS 6-Jun-23
> Phase 1 JV Gravity Separation is anticipating a 50% recovery whilst Phase 2 chemical leaching expecting 90% recovery for an aggregate recovery of 80% via both stages when complete ie Phase2 recovers a further 30% of original materials metal content
> "Plant throughput: "upto 5 tonnes/hour of feedstock but there is likely to be an initial period of lower volumes before the plant is running consistently"
> "JV's aim will be to operate the mill for 70 or more hours per week for plus or minus 48 weeks per year to allow for maintenance and possible weather downtime. "
> "Plant capacity can subsequently be increased in excess of 5 tonnes per hour when needed with only minor investment and without a commensurate increase in operating expense. "
So initial nameplate gravity separation throughput = 5t/hour * 70 hours/week *48 weeks = 27.4 kt/year. We know OMCO surface tailing alone is 31kt with Inferred MRE OMCO tailings = 1,600oz gold & 3,000oz Silver metal.
Assuming just OMCO tailing processed via gravity at 50% recovery implies 800oz gold & 1,500oz silver recovery at 90% value to base metal as GWMO will be providing a concentrate not refined metal.
Throughput @27.4kt/year = 2,280kt/month
Gold recovery via gravity separation = 50% *2,280kt/31,000kt *1,600oz = 59oz/month
Silver recovery via gravity separation = 50% *2,280kt/31,000kt *3.000oz = 110oz/month or ~1.5 AU Eqoz
Revenue = 90% *60.5oz *$1,900 = $103.5k or $86k/month
ATB APR
MILL SITE PROGRESS
Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW), which is exploring and developing gold, silver and copper targets in Nevada announces that a final concrete pour on the Western Milling LLC joint venture's mill site at Sodaville in Mineral County was completed over the past weekend after a number of weather and supply-related delays. The mill site is now ready for the installation of pre-prepared equipment. Timing of production start-up for gold and silver concentrates, initially via gravity separation, will depend on receipt of consent from the state environmental authority. Further updates will be provided when appropriate.
We always enjoy good news ... now about that licence?
ATB APR
@GTMufo It called organisation & planning ... you send your trucks and diggers in when the weather is good and ensure that you have enough material stockpiled and/or additional contracts for 3rd party materials to keep your plant busy over winter = simples
ATB APR
@GTMufo LOL you're the only emotional one here ... if you read the RNSs you will know that the JV processing plant is in the more sheltered valley not in the mountains where the licences and poor weather is October through March every year.
ATB APR
The meat of the RNS ...
1. To authorise the Directors of Caracal to allot securities up to an aggregate nominal amount of £1,068,376.08.
2. To empower the Directors of Caracal to disapply statutory pre-emption rights to allot equity securities for cash on a non-pre-emptive basis.
"The passing of the resolutions will allow Caracal to raise further funds to support its operations and, if necessary, issue shares in lieu of cash payments to creditors to preserve the Company's cash position."
The reality is an additional £1,068,376.08 @£0.0025p = 427,350,432 new shares versus TVR = 1,879m listed or approx. 22.7%. This makes perfect sense to potentially shore up the balance sheet and maintain GCAT as a going concern albeit at the "cost" of further dilution with the removal of pre-emption rights enabling GCAT to move at speed and avoid any costs associated costs/delays in offering shares to existing holders.
Ideally the non-dilatative royalty capital funding would have been agreed by now, but having this option on the table allows them much more latitude in negotiations' and helps avoid them having to agree a bad deal because they have no choice but to agree a deal.
Less than happy but ...
ATB APR
@Fulmar Thanks that made me laugh
ATB APR
@TOTC It's not everyday anyone accuses me of being misleading as that implies intent to do so which is absolutely not my intention as I try my best to be as balanced as possible stating any assumptions that I use across all the shares I follow.
I don't ask anyone to agree with me, but I do try to be as open as possible and go out of my way to be clear what is my opinion using "IMHO" or "Commentary". I am very careful when I am stating something to reference it to something tangible such as an RNS or an interview ... I wish others would do more rather than blatant "To The Moon" or "its all lies" or even worse asserting something is true with absolutely no reasoning to back up that view making any debate purely emotional rather than based on anything real.
Any non-producing microcap explorer such as GWMO carries the certainty of dilution in one way or another which is why I am very keen to see GWMO become a microcap producer and generate a revenue stream to both underpin the balance sheet and reduce the scope/scale for further future dilution.
ATB APR
@TOTC Yes having once held over 1% of GWMO I am very painfully aware of the ongoing dilution of which the "recent" dilution was a surprise. My point is NOT to sit here continually bemoaning the situation, but to look at what is going on and provide my commentary around why I bother to still hold GWMO.
Please read my post and look at the chart rather than pick holes in my phraseology.
ATB APR
GWMO has had its challenges not least of which was the recent surprise £500k capital Raise @0.055p to boost the balance sheet in anticipation of further delays in JV Tailings processing plant licencing approval ... understandable but very unwelcome! This move broke PI confidence and invalidated a building bullish inverse Head & Shoulders pattern https://ibb.co/8BGwNJP which was anticipating a circa Aug-23 licence approval.
IMHO we now have a situation where the JV is building out the processing plant in anticipation of a licencing decision but with some delays to concrete subcon availability so is sensibly derisking and doing it itself albeit delayed. GWMO meanwhile raised £800k in Jan-23 @0.080p and a further £500k in Jul-23 @0.055p to protect its balance-sheet and maintain a £600k JV budget plus its 2023 exploration programme with cash to spare.
IMHO subject to no further hiccups on build or licencing, GWMO has protected the downside with £500k add capital and go-it-alone JV concreting solution which opens up possibility of an SP recovery which will only be driven on good news being delivered. My weekly chart indicates possibility of new inverse H&S target around 0.1075p or 2.2x upside from yesterdays 0.048p close. https://ibb.co/RHJZrTw
GWMO has been a rocky microcap ride but is now on the cusp of becoming a microcap PRODUCER via its extensive historic at-surface gold/silver tailings which have been opened up with an all-weather access road.
I think despite the disappointment of the recent dilution if the JV can be delivered this maybe a compelling entry point for PIs with very high risk tolerance.
ATB APR
FWIW how I perceive what's going on with the weekly chart https://ibb.co/7YYZbj6
IMHO we have a large high-confidence inverse bullish reversal Head & Shoulder pattern forming with neckline around 18.6p which will close the RH Shoulder of this pattern on the back of a very strong bull pennant and implies an upside target of 32.1p
ATB APR
Morning Jarvy, first upload attempt https://ibb.co/26CrT3d so hopefully this is self-explanatory but having followed for some time and given the "waiting for news" backdrop my assertion that we are in an Accumulation phase makes sense (to me at least).
The recent precipitous drop seems to be a collective sign of frustration with lack of JV progress/news but given the recent ministerial "slip" we are at an inflection point ... will it reject or breakthrough to close H&S pattern as I surmise?
ATB APR
Hi Jarvy, a bit too much going on to want to redraw it in another app.
I use IG and can Export to PNG; any ideas how I might publish from there?
ATB APR
@Jarvy I wish I could find a way to share my weekly ARC chart as very different structure to yours but none-the-less very bullish with price now sat exactly on underside of lower bound of long term accumulation wedge at 3.4p and upper bound at 3.8p which will both be short term resistance at this point. I also have a very strong inverted head and shoulders bottoming pattern forming with neckline around 4.5p and implied target of 6p.
Accumulation Wedge:
Wedge lower bound line = 17-Oct-22 @2.95p +20-Mar-23 @3.15p +29-May-23 @3.25p so 3 touches & confirmed
Wedge upper bound line = 2-May-22 @5p +10-Apr-23 @4.2p so 2 touches
Invert H&S bottoming pattern:
Invert H&S neckline = 2-May-22 @5p +30-May-22 @4.7p +17-Apr-23 @4.65p ... LH shoulder and head formed and expecting price to hit neckline around 4.5p in next few weeks and be rejected but return quite quickly to form RH shoulder before it breaks up to target around 6p
ATB APR
@Fulmar thanks for sharing ... now the Zambian Mining Minister is either lying on a live stream or this is now moving to the next stage. I am NOT expecting ARC to issue any RNS as this is not official but none-the-less very, very positive ... how can they issue an RNS and say what exactly?
ATB APR
@JArvy Looks like a solid breakout to me
ATB APR
Nice to see the construction photos and all the process equipment including the process plant diagram so you can see which plant goes where in what sequence. Second hand equipment that is designed to sit outside is going to get rusty ... the important thing is that it is well maintained and get painted regularly.
ATB APR
Nice to see some positive SP action ... would be even better to see some positive conditions precedent newsflow
I've sat on my hands so long I can't feel them anymore!
ATB APR
Mill Construction Update
Great Western (AIM - GWMO, Euronext Growth - 8GW) provides the following update on construction of its mill for producing precious metals in Mineral County Nevada.
· Process equipment assembled adjacent to site and ready to install
· Foundations laid and concreted with retaining walls erected
· Water bore holes and water monitoring wells concreted and complete
· Access roads and laydown area complete
· Final concrete pour to meet environmental standards waiting on contractor
· Assembly and testing of plant will follow final concrete pour
· NDEP site visit for provisional inspection this week
· NDEP approval likely to be delayed by at least two months
· Project costs within budget
No one likes delays to approvals, but at least we have an update and GWMO have taken steps to keep costs under control and ensure site development continues. Good to hear that plant is over-sized and that plant build out will include stage 2 equipment subject to further licencing approvals
ATB APR
@UFO LOL, did you type this is the wrong account on 9-August @12:50 ?
"So I’m not the only one, who don’t trust the board.. just like ufo .. prem delays as I expected"
Multiple accounts can be Soooooo confusing ... not to mention against LSE rules!