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If ECR start pulling out anything close to what Kirkland did we're on for a significant rerate.

Here's some of Kirkland's drilling from early on in the Fosterville project:
Lower Phoenix Footwall mineralization has demonstrated high-grade continuity and down plunge extension with the return of the following drill intercepts:

1,429 g/t Au (1) over 15.15m, including 21,490 g/t Au (1) over 0.6m in hole UDH1817
356 g/t Au (1) over 7.2m, including 1,339 g/t Au (1) over 1.85m in hole UDH1943
83.9 g/t Au (1) over 3.5m, including 234 g/t Au (1) over 0.65m in hole UDH1941

Eagle high-grade mineralization has been extended down plunge with a recent drill intercept returning:

15.97 g/t Au (1) over 11.35m, including 195 g/t Au (1) over 0.45m in hole UDH1890A

If they do start reporting grades similar to what Kirkland got a re-rate will be on.

These are from some of Kirkland's early drilling in 2017 at Fosterville - very high:
Lower Phoenix Footwall mineralization has demonstrated high-grade continuity and down plunge extension with the return of the following drill intercepts:

1,429 g/t Au (1) over 15.15m, including 21,490 g/t Au (1) over 0.6m in hole UDH1817
356 g/t Au (1) over 7.2m, including 1,339 g/t Au (1) over 1.85m in hole UDH1943
83.9 g/t Au (1) over 3.5m, including 234 g/t Au (1) over 0.65m in hole UDH1941

Eagle high-grade mineralization has been extended down plunge with a recent drill intercept returning:

15.97 g/t Au (1) over 11.35m, including 195 g/t Au (1) over 0.45m in hole UDH1890A

Really positive interview and a great update on all aspects of the business. It was also good to get a bit more detail about the relationship with Shenyang and their desire to support.
It's really up to drilling results at Bailieston and conclusion of JV discussions to do the talking now.
Very optimistic for the future here.

Isn't Gervaise Heddle a free agent soon??!!

In the total mess that the markets have been for the last two days that's a really positive finish from ECR - assuming the 3.3p close i'm seeing is accurate.
Imagine how this will go with warrants out of the way and good news on drilling or JV.

Oh and warrants I think there are still some left to be exercised but it's really hard to work out accurately until the block listing 6 monthly return is made. But the bulk have been exercised.... which is great news for the SP in the short term.

LeFlic17 - I agree long term-ers shouldn't care and even to short term this brings cash in. It's dilution we already knew was coming.
The main thing for me is the warrants bring in good levels of extra cash that can be used for working capital going forward to fund exploration projects without needing to do further placings.
We now have £4m+ in the bank plus probably due another R&D tax refund payment from Oz government. That should all fund planned exploration and admin costs this year. If they find something really good the share price will rocket and you'd expect a further raise at some point to fund an expanded drilling program..... or a JV, which may mean that is not necessary.

Exciting, company changing 6 months coming up hopefully!

Hopefully less manipulation and institutional investors with deep pockets.
Other than that, who knows. Maybe even a takeover.
Brazil Covid trial results due imminently.

Faramog they have ground to make up on the UK share price.
$4 divided by 2 = $2 divide by $:£ rate (1.36ish) = £1.47.......

Hi Angoose,
I guess it depends on the investment profile of the warrant owners. If they convert and sell between 3.5p and 4p then close to 100% gain which may be within their investment profit target. Often their own investment fund rules require them to sell regardless of what’s going on with the company.
It’s only crazy PIs like us that hold and hold waiting for 10 baggers lol!

Sorry that should read Aug 2020 block listing

Hi TS,
Fair play I’d missed the expiry on those Dec 2018 warrants. It’s difficult to tie the 1.125p warrants as there are various different buckets of them although we do know 50m of the Dec 2018 warrants were in the Aug 2018 block and 32m in the Nov 2020 block so they may well have been exercised rather than expired (either way no issue at this stage).

Was just trying to work out how long we have left and how long the lag on sp. when they are gone fully expect this to make its way above 5p in prep for drilling and/or JV update. Exciting times!

Been trying to reconcile the warrant position based on what is known:
At 30 Sept 2019 un-exercised warrants in the accounts are 283,937,327
Warrants issued in April 2020 100,000,000 (1p)
Warrants issued in July 2020 46,156,846 (2.1p)
Since 30 Sept 2019 I can see RNS stating 80,250,213 warrants have been exercised.
This leaves 236,247,885 outstanding.

In addition 160,142,862 warrants have been block listed (4 Aug & 30 Nov RNS's). We don't know how many of these have been exercised and paid for until the next block listing return is made.

So best case 76m options still outstanding (it's likely to be more depending on how many have been done through the block listing). Worst case 236m outstanding. Either way cash incoming when they are (if it's 236m I make that over £5m which is great). Assuming warrant holders exercise it's unlikely we'll need a placing for planned work for a considerable time.

Also almost 28m options are at 5p so not eligible to exercise yet.

Can anyone spot anything I've missed?

Just looking at the map on that site for the current licences and applied for licences, look at all the yellow dots (Gold mine >1000oz - assume means production) above and below Creswick and the licences applied for. Appreciate 1000oz is a small amount and some are likely to be old mines but the stuff does not just disappear unless it is mined... so what does that tell you about the Gap ECR's licences sit in?....

Test update, results on initial by end of Jan.
Very interesting LFT device as well as optical detection.

The other good thing I see for ECR is what has been found at the licences so far is shallow so more easily (cheaply) extractable.
Not saying they won't find better deeper down but decent grades of shallow gold is a good start.

Hi Jack, Actually GGP is valued at their share of 3.4m ounces (plus copper) at Havieron. I think Newcrest has so far earned 50% of that asset per the terms of their JV but ultimately that will be 70% Newcrest and 30% GGP. So 30% of 4.2m (adjusted) ounces... off the MRE. Obviously this resource will continue to grow hence their £1.2b Mcap.
ECR's assets are all currently 100% owned. Although we are of course at a much earlier stage.

Add to that if ECR ever produce their own gold and make a profit, the Oz subsidiary Mercator has a considerable tax loss to offset against those profits.
Plus we get periodic top ups of working capital via R&D tax reclaims from the Oz government.
Finally there are payments up to $2m due if the licences they offloaded to Fosterville last year are ever progressed.

All in all a very well run junior explorer.

Sharanw, I agree I've been invested in many junior explorers over the years but this is the first that has bought their own equipment. Most bring in contractors. Does seem a sensible thing to do currently though with the high activity in exploration in Oz. Craig is a big forward thinker I believe and has taken his time acquiring the right ground in Oz and refocusing this company over the past 4-5 years.
Before him it lacked focus - Share of a project in the US, Project in the Philippines, projects in Argentina.
Now it's almost exclusively focused on Oz. Which is a hot region particularly with high gold prices.
They recently applied for some further licences in Eastern Victoria with some historic production, hopefully they will secure those as clearly there's yellow stuff in the ground.

OMI will come good, they have exceptional grades and two majors involved. Kick myself for not selling out on a high and buying back now but I generally invest for the medium to long term growth not the quick trade (i'm no good at it). GGP sat around 1.5-2p for around 18 months (post JV) before it started its meteoric rise, exploration takes time.

Back to ECR bagging exploration at Ballarat would be a fantastic addition.
Tambo early days but Geo's must have seen something they liked to make it worth applying for.