Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Probably best not to expect too much from the company,
The October RNS mine plan indicated 1365 oz per month production after the expansion. Which is over 30% more than Goldplat's plan.
If you were the lending company and you looked through the financials and production since the company was formed, it would be doubtful whether you would lend to any company teetering on bankruptcy.
RM can say whatever he wants but can't escape the audited financials, if the company is to remain listed.
Interesting, I've got their additional spending average per month since suspension at $388k.
So, the latest fundraising should last until sometime inJune, if they continue to spend at the same rate above operational cash flow.
Apron, we have a reasonable handle on the likelihood of the audited results as the gold production / sales is already published.
The high-grade material was mostly used up by the end of June to inflate the production figures.
It's the interims July to December that will contain the most worrying figures and RM knows this, so he has to come up with something to counter the pending bad news.
Let's see what happens.
I said all along they wouldn't get the prospectus without publishing the accounts and it looks like the FCA has now included the interims.
I made contact with the FCA months ago and yesterday's RNS confirmed what they said to me.
'To finalize the prospectus will require the publication of the audited accounts of the Company for the year ended 30 June 2023 and the unaudited interim results for the six months ended 31 December 2023'
The raise is not conducive of the company selling much gold, currently.
They look like they're in financial difficulties, hopefully they will weather the storm or at least get relisted.
Gold price is only relevant when they make a sale. At best a dozen times a year but doubtful much has been sold since last June. There was nothing in the most recent update to suggest any gold has been sold recently either.
The Minopex expansion plan, estimates after upgraded plant, production of 1,365 oz per month.
Still some way to go with variable revenues in the mean time. Another cash generating company Bidstack recently went under, so it's still a threat HERE. IMO
RNS 4 August 2023
The AISC per oz produced for the quarter was US $1,218 per oz
With 383 oz of low - grade sold for Q2
If the production levels were maintained throughout Q3 and Q4 (even though there were stoppages)
It would offer around 127oz per calendar month for the periods.
Increasing the $1,218 per oz AISC in the process.
This is most likely one of the top reasons for cash flow problems within the company to date.
So going by the RNS's in the previous post.
The High - Grade material was depleted in Q2.
Out of the 1,645oz sold in Q2 ,
High-Grade accounted for 1,262 oz sold.
Low - Grade accounted for 383oz sold.
Leaving only the remaining low-grade material for Q3 & Q4 (NOT released)
This is also confirmed by the RNS 26 October 2023
The Phase 1 mining plan has 2,427,279t of ore mined over the 36 month period at an average grade of 1.06g/t. 529,756t at an average grade of 1.8g/t are processed through the Milling/CIL plant
RNS 7 March 2024
average grade of 1.82 g/t
RNS 21 March 2023
high-grade material with average grades from 3.31g/t to 4.74g/t being processed,
At present 6 zones have been mapped, sampled and a bulk samples processed - these zones are numbered 1A, 1B, 2A, 2B and 3A, 3B. Each of these areas has then intensively sampled and the resulting information put into a mining plan which supports throughput of high-grade ore through the milling plant for the rest of March and for the 2nd quarter of 2023 (April, May and June).
RNS 4 August 2023
· A total of 38,011 high-grade tonnes were mined from the open pit @ 2,51 g/t,
RNS 7 March 2024
Open cast mining continued in pit 3B with a total of 11,400 tonnes mined at an average grade of 1.82 g/t gold (Au) with a strip ratio of ore to waste of 2.7 to 1
It's taken so long because RM has been finalising the numbers.
Gold production from the open cast mining is approximately 6,062 grams.
There's been no record published showing for any gold sales for the last 9 months, including in the latest update.
The gold sold in the upcoming financials, is already known.
Zan, it's a big ask to get any CEO to discuss anything they don't want you to know about.
I've no idea about the interview but it would most likely revolved around known questions for good reason.
The bottom line is that after suspension, they'll be looking to raise funds via placement from prospectus, so they certainly wouldn't say anything that would trash the SP (like the true financial muddle).
Secondly,
Shareholders with significant investments (publicly) would rarely say anything negative about the company and would always look to riddicule those that do (in order to stop a snow ball affect of disgruntled shareholders).
Privately, the same shareholders would have many sleepless nights, knowing that they believed in being cunning buying way more than they should have, only to find themselves in a total fix being on the wrong side of the trade.
That's basically what's happened here and it happens a lot with small caps, some win big but they also get wiped out sooner or later.
I remember a time when it's you was a big RM fan, decent researcher and eventually changed their opinion of the company/CEO
I'm delighted they've filtered me, so I've no need to engage in their BS.
Shame they got under itsyou's skin and then showed everyone their true colours.
This is a win/win situation for me, if the company does well I'll make money and if it doesn't I'll lose money and have a front row seat watching them being taken to the cleaners.
Expecting a decent amount of dilution with the prospectus, if it comes.
Lol I don't know why you're all squabbling over liabilities, when you only have to look at the retained earnings in the interims, from negative $25m to negative $29m, for the six months period to 31st December.
Consecutive accumulating losses will be here for a while, it's just a question of whether the company can stay afloat.