The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
I've called IG 3 times to try and get this IPO listed on their platform but to no avail so far. Not to worry though as I have got some with H/L - just the dealing fees are a bit higher. Hopefully when all the brokers get the share listed the demand will pick up - and with it the share price. See below.
The IPO seems to be reasonably priced, considering they are drill-ready including the funding. HE1 IPO'd at 2.84p with 497M shares for a m/cap of £14.2M. HEX IPO's at 10p with 122M shares for a m/cap of £12.2M. On checking I see that HE1's share price rose very quickly after listing despite being little known at the time and was over 8p within the first week of trading for a m/cap peak of over £40M. It then stayed in the 7p/8p range for 4 or 5 months until they started drilling.
HEX appear to have a very experienced CEO in Bo Spears which will certainly be a bonus.
I never quite get all the ramping about Nevada - "the best mining jurisdiction on the planet", "the biggest mines", etc, etc. I know several companies - Tertiary, Great Western Mining, Sunrise Resources, Thor Mining - who have spent years and years trying to prove up resources in Nevada with very little success.
This is now a completely fresh start for Tertiary Mining and I tell you now that if this upcoming drill hits high-grade copper at 2%, 3%, (or a lot higher because '250 million tonnes with a mean grade of 3.8% copper' is just an average over the whole prospect), then the m/cap won't be at £2M for long, nor will it be at £20M for long. Huge potential here.
And as SeisNav has pointed out Tertiary have other prospects in Zambia, though this is the one that is in focus for now with a fully paid-up initial drill campaign.
ATB
This is a very exciting fresh start for Tertiary after all the years they have wasted in Nevada.
The geophysics shows that the mineralisation from the adjacent high-grade copper deposits extends into TYM's acreage. They have a well-funded JV partner, who owns the adjacent acreage, and drilling is due to start by the end of April. I would expect a fairly decent share price rise into spudding and then at least a 10-bagger if the drill hits the high-grade copper. After all the m/cap is only a miserly £2M at the moment.
For goodness sake stop squabbling. This is a fresh start with a very exciting prospect.
ATB
"The Konkola West Project is targeting deep down-dip and along-strike extensions of the contiguous Lubambe-Mingomba-Konkola copper deposits to the west of the Licence and which extend north into the Musoshi mining complex in the Democratic Republic of the Congo. Together these deposits comprise a 15-kilometre-long continuous zone of mineralisation that contained a pre-mining endowment of over 775 million tonnes grading 2-3% copper. Konkola West is located approximately 2,000 metres southwest of the Mingomba deposit which lies between the Konkola and Lubambe mines and which currently has a reported mineral resource of 250 million tonnes with a mean grade of 3.8% copper."
This is a genuine high-grade copper prospect which is made even more attractive with the price of copper rising along with gold and at nearly $9,500/ton
Massive news. Drilling to start this month.
9 April 2024
Tertiary Minerals plc ("Tertiary" or "the Company")
DRILL START - KONKOLA WEST COPPER PROJECT, ZAMBIA
Further to its announcement of 19 December 2023 regarding the signing of an earn-in agreement ("the EIA") between a subsidiary of KoBold Metals Company ("KoBold"), the Company's 96% owned subsidiary Tertiary Minerals (Zambia) Limited ("TMZ") and TMZ's local partner Mwashia Resources Ltd ("Mwashia"), the Company is pleased to announce that:
· The Minister for Mines for Zambia, the Hon. Paul Kabuswe, has given consent to the EIA which provides for KoBold to earn into Exploration Licence 27067-HQ-LEL known as the Konkola West Copper Project in Zambia.
· The Board of the Zambian Competition and Consumer Protection Commission has given its final unconditional authorisation for the EIA.
· As a result of these authorisations, all of the conditions precedent to the EIA have been met and the EIA is now operative.
· KoBold expects to commence drilling later this month.
Patrick Cheetham, Executive Chairman of Tertiary Minerals plc said:
"KoBold has been advancing its drill plans in parallel with the consent process and these approvals clear the way for drilling to start. The first drill site has been selected, the drill contract has been let, drill site preparation has been completed and equipment mobilisation is in progress, with drilling expected to start by the end of April."
"This is a very exciting and potentially transformational time for Tertiary. Drilling will test for deep copper mineralisation in the main ore shale that hosts Vedanta's Konkola Deeps deposit and the nearby Mingomba deposit where KoBold has recently announced it will develop one of the highest grade copper mines in the world."
The management here are blind to what has happened at GCM where a resurgence of interest in their coal-to-power project has seen the share price rally from a low of sub-1p to a high of over 12p. Instead, this lot are still looking for new projects. Pathetic.
No, I was looking and referring to the rise that peaked around 8th August at 3.25p before dropping back to sub-2p. Then the rise to mid-October to around 3.5p when the share price was on the point of dropping back down just before the 'unsolicited approach' nonsense, after which it did drop back down to just over 2p. Then the 2 peaks on the 8th and 15th of December which hit resistance at just over 4.25p before falling back to 3p and also on the 9th of February when the share price was back over 4p before dropping back down to 2.75p.
Apart from the 'unsolicited approach' RNS, which rather erroneously took the share price higher into the 4p to 8p range, the share price has been within the 2p to 4p range for about 8 months now. So it would be nice to get some real news which will take it back into the higher range of 4p to 8p - or higher depending on the news.
Let's hope that this current rise ends with some 'real' news - ie. PSC, volumetrics, farm-out, etc - that will see the share price rise to a new high. So often this share has risen and then stalled on no news and fallen back down.
Unpredictable nonsense here if you ask me. We get a positive RNS (the Pitfield Development Plan) and the share price dips; then on no news it starts to rise; and I thought that this would be a good share to add to the new ISA year but oh, no, it decides to rise first. Adding at 6.5p was far more attractive a proposition than adding at 8p plus. Maybe now the current buyers will be looking at selling them when the ISAs start to fill. Who knows. It's just unpredictable nonsense.
But then I am excited really because as soon as they drill any of these copper prospects, and subject to XTR hitting zillions of metres of super-high grade copper, I can use the rise in the share price to get the hell out of this share for good. Birdie is a waste of time as are all of his minnow largely African-based exploration companies.
Yawn, yawn, yawn.........
'Xtract has an option period of 18 months to earn an initial 51% in the Licence provided Xtract spends US$500,000 in exploration over the period.'
18 months, blimey, what's the excitement?
Exactly. XTR just acquired one of these copper prospects a while ago and that is yet to be drilled. And there certainly isn't anything to get excited about until they do some drilling. Plus they still have Bushranger but nothing has happened there for ages. And Birdie has several of these types of companies, all with lots of exciting prospects but all just about worthless. When will people ever learn!!
Maybe the correct figure was 2,580bopd - and not 12,580bopd. Maybe it was a printing error. Maybe it was deliberate. 2,580 is sort of around the 'several thousand barrels a day' though maybe a bit low though 12,580 is wildly more than 'several thousand'.
The whole rise from 0.65p, where the share price was on the date of the TO-14 drill results, up to 1.35p looked to be totally ungrounded and false and now I can see the reason why the share price spiked as it did: false information
The Half Year Report is out today and there is a blaring disparity in the information regarding the TO-14 drill which I have been suspicious of for some time now.
The RNS dated 28th December contained the following statement:
"The TO-14 well penetrated the entire Binga reservoir section (~80m column) with potential pay zones seen in multiple intervals. TO-14, with a total depth of 781m, was drilled in close proximity to TO-4 as an offset well from the best historic producer in the original Tobias field; a well which produced at its historic peak 12,580 bbls/d despite only penetrating the first 8m of the reservoir."
What I could not work out at the time was how one well could have produced so much oil - 12,580bopd - when the whole field, which was I believe about 7 or 9 individual wells, only maxed at 17,500bopd. It didn't seem to make sense that if the wells were all averaging 1500 - 2000 bopd how one could be at 12,580.bopd.
In today's Half Year Report it now says:
" Following the completion of the TO-13 well, the operator at KON-11, Sonangol, moved the rig to the Tobias-14 ("TO-14") location, where we drilled near the most prolific historic producer of the Tobias oilfield, having reached several thousand barrels per day alone at its peak."
So according to the Half Year Report T0-4 actually only peaked at 'several thousand barrels per day' and not the previously quoted 12,580bopd. That is a lot of difference.
It looks to me as if the figure was deliberately bumped up in the December RNS and that is what caused the share price to go on its wild rise from around 0.65p to as high as 1.35p in January. It was also behind some of the wild flow rate production figures that were being bandied about on this board.
Naughty, naughty, naughty.
The news gets worse. Now their partners at Mt Weld have pulled the plug on any further investment in the project. Never a good sign of what is there.
Mt. Weld Update
28 March 2024
Corcel plc, (London AIM: CRCL), the Angolan focused exploration and production company, announces an update to its Mt. Weld rare earth element project, located 1.5km west/north-west of Lynas Rare Earth Element's Mt. Weld rare earth oxide mine, near Laverton, Western Australia.
Corcel's partner, Riversgold Limited (ASX:RGL) has informed the Company of its withdrawal from the Mt. Weld earn-in agreement, as part of a much larger tenement rationalisation process undertaken by RGL.
This decision will leave the Company with an 80% interest in the project, with the balance of 20% being held by Extraction Srl, an entity in which Corcel's Executive Chairman, Antoine Karam, owns 45%.
With the current and future shareholdings now clarified, the Company is assessing its options and next steps regarding further development of the project.
Corcel Executive Chairman, Antoine Karam, commented: "We thank our partners at Riversgold for driving Mt. Weld forward over the past year, including management of the initial drilling campaign at the project. While it is clear Riversgold's significant project rationalisation effort moves them to focus on other avenues, primarily lithium, it leaves Corcel with ultimate control of the project's next steps."
https://www.londonstockexchange.com/news-article/CRCL/mt-weld-update/16400834