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Maybe, I’m not sure there would be any development plans this quarter as I’m not really expecting the ML much before year end (I might be wrong). The most obvious contingency I think is the lack of an additional appraisal drill from ITW-1 following the EWT but I’m not sure if it’s necessary in this context as we haven’t seen the modelling yet. Totally aware they were up against a tight deadline to complete the EWT for the ML application and probably didn’t have time for more than the minimum to prove up the discovery. I’ve no doubt they’d be pleased to move very quickly after the ML as it will take c.12 months to realise any revenue but I’m not sure they’ll be able to do that before an SPV is formed. Not sure.

Very pleased to see correction/clarification on this in today’s RNS. Very significant I think. The previous update reported relinquishing all Rukwa licences except those under ML application (which implied only the two licence areas). The skeptic view was that they retained only the minimum to keep the project alive on paper. Today’s update clarifies that all six licences in southern Rukwa are retained (including the two ML areas). Small semantics but major implications. This massively strengthens the interpretation that HE1 continue to view the whole of southern Rukwa as potentially commercial for development.

That’s not quite correct Sharebel. You refer only to the operational capital allocation and not to the working capital allocations. Assuming there was no significant overrun on the EWT (they reported none) then the allocation was sufficient for working capital for ‘at least 12 months’ from the June raise, and further amount was allocated from the acquisition raise. So as far as we know the current operational and development period is fully funded. They will need money going into H2 2025 (end of accounting year) so that all depends on (a) first revenue from Colorado coming on stream in H1, (b) financing terms for any SPV associated with the Rukwa project (or sale of asset etc). There’s no case for raising before Q1 2025, none.

You’ve started at least 8 new discussion threads before 9am, what’s going on? 🤣

Please tell me you’re not leveraged short on missing an RNS?

It’s not like you to miss a placing Sharebel, remarkable! The acquisition deal conditions are now largely met so the odds are very heavily stacked on that project proceeding as planned for immediate drilling this quarter with revenue generation in H1 2025. There is simply no case for a placement this quarter at all.

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Admin have removed, false and misleading information

Very good, looks like they’ve retained all six licences in southern Rukwa too, rather than just the two principal ones so they must see potential across the whole area

Should be on YouTube tomorrow

Motion carried, permits approved, bingo

Small skid mounted development plant "if exploration successful"

So shallow vertical wells, with no directional drilling

They're drilling with water well rigs, which maybe explains the low well cost estimates in the acquisition deal

No submissions or objections received so a straight forward request for approval following the presentation on now

Not a foreign company though Jacks, both exploration and mining are done by a TZ registered company formed for the purpose. Once there is a ML then an SPV would be formed for the project and the government will take a stake in that. They won’t take any share in HE1 so that isn’t a consideration for new investors at all.

It's on the Zoom link, probably uploaded to Youtube tomorrow

I'm not sure if we should expect HE1 to release an RNS about another company's project before they've concluded an acquisition deal or until all the conditions for signing it have been met. It could be viewed as relevant to market, so it's a maybe. Hopefully they at least post to social media to underline that the main condition has been met. And any news on ASX may filter through here anyway to bump the price up a bit on added confidence of concluding the deal, followed by BNL's general meeting etc. Loads of good news in the pipeline now anyway but it won't all be RNS. Let's hope they let their PR team off the leash, goodness knows they're paying them enough for very little at the moment.

Oh dear, you made another new account, surely you're not still short and leveraged the day before good news starts to roll?

The regulatory board hearing kicks off around 4pm UK time (9am Colorado) with the Pegasus-Galactica item scheduled a bit after 6.30pm. If anyone wants to listen in to BNL's 20 minute presentation of the project development plan then it should be live streamed around that time, followed by the Commissioner' questions and deliberations (the Director's recommendation is for approval without amendment, so hopefully that all goes smoothly). Hopefully there'll be a BNL news release to ASX after that, which might filter through here by tomorrow's opening.

ECMC hearings are available on YouTube at following link:

https://www.youtube.com/channel/UC85gdSA3EWoxH1kzjE-USbw