Member Info for Catbert

https://www.goodtherapy.org/blog/narcissism-perfection-superiority-manipulation-0313134

Senala could easily have 2moz on it and IAMGOLD never completed the 8000m auger drilling campaign they had committed to. It may be worth a lot more than $10m. It's right in the middle of a bunch of properties sat on a regional gold trend. It even has a resource plus some stunning grades where we have hit gold.

It probably needs more exploration right now. Even though we need cash.

Is our £7m market cap too low? The market seems to think it is.

#LetsGetThisSold

Landore Action Group

The Telegraph group is full of talk on direct action now. Bill seems to be the target. His unwillingness to communicate with holders and/or to address their legitimate concerns is the essence of their issue with him.

I'm not sure if it will do any good, however it is clear that Bill has no interest in communicating with shareholders so somehow there is an inevitability that his apparent contempt for small investors is now being reflected back at him.

The Board and Bill in particular need to extract their heads from their own rear ends and address this issue pronto.

It's still an easy buy at these prices with Saudi listing and projects still to come IMHO.

GLA DYOR

Thanks Nicetomichu.

I agree re Bill. The new CEO idea is a little bit like the idea of appointing a new manager to a team playing in the relegation places. Mentally it can clear the decks however it does little to change the fundamentals. We are not flushed with cash either so I'd guess no change besides the appointment of a PM for the DFS. Is a new CEO going to get us sold sooner? I just don't see it.

I'd love to see a proper Marcomms person appointed to overhaul the website and take charge of how the comms are managed and to professionalize and dial up the quality and frequency of investor communications. A more PI friendly approach to comms and presentation will have a positive impact on sentiment and share price.

This type of appointment would do more for sentiment than a new CEO IMHO and cost less.

One further thought and it may just be me and this isn't an attempt to ramp but rather a genuine if possibly misplaced or utterly incorrect idea. Right now we stand a better chance of a buy out or JV than at any time in the last year. Yes I said it. Based on my investment performance you really shouldn't take my advice. So DYOR.

We spun the wheel of fortune in the SR and lost but now that the fundamentals have changed re gold price, inflation, gold miner share prices, investor sentiment so much so that the world is a different place to what it was 6 months ago.

Indeed mid tier producers are now enjoying healthy returns and recovering share prices.

A good many of these mid tiers are operating in jurisdictions where political risk is ever present and whilst the sun may be shining on their businesses now they know that they are only ever an election or a coup away from disaster .

What better time to pick up an asset in a safe jurisdiction and de-risk their resource base?

Fear is so often a more compelling motive than profit. Fear makes you do things. The considerations are different. Those motivated by profit can do nothing whereas those motivated by fear must do something.

The entire market knows were up for sale.

Furthermore what better way for Bill to perform an act of redemption that many here believe is beyond him.

If Bill gets his "Stick that in your pipe and smoke it" moment because we sign a JV or sale agreement then we'll all be happy, even his most ardent detractors.

Many holders here are waiting for depth drill results from BAM which are a long way off prior to a DFS and then another SR type process. Whilst this might be how things play out a sale or JV in the short or mid term seems to have been utterly discounted by many holders here yet for me it seems more likely than not.

These people round here, wear beaten down eyes
Sunk in smoke dried faces, so resigned to what their fate is
But not us, no not us, we are far too young and clever
(Remember) Toora Loora Toora Loo-Rye-Aye
Eileen I'll hum this tune forever

The SR and it's extended timeline yielded no Gold buyer. It did however eventually after much delay lead to a sale of the Lithium which for the time being at least meant that we did not have to raise cash.

There are four obvious reasons at the time for this hesitancy by the Gold Miners.

1. Inflation- Until the inflation Genie was put back into it's bottle any rational actor must assume a continuation of the current trend (last year inflation was running at 10%) This is hugely damaging to the cost platform of any mining project particularly if inflation persists at these level. Until the numbers start changing a buyer must reasonably assume persistent high multi year inflation.
2. Investor sentiment was highly risk off.
3. Gold Prices were falling and unstable.
4. The share prices of Gold Miners was in free fall.

Gold miners are risk averse and prefer not to use cash for asset purchases (they'd rather use their cash to finance at a project level). Their preferred means of paying for purchases is in their own shares.

Last year the share prices of the majors and the rest were low and falling.

The notion that Landore is unsaleable in its current format is not necessarily the correct assumption to draw from failure of the SR although this may have been the excuse which those miners who had been leading Bill on ("off the record" about their interest in Junior Lake) may have used to justify being unable to keep their word.

Buying Junior lake last year would have been one hell of a risky call for these actors. With their own share prices suffering last year any CEO of a gold miner who had taken the plunge on Junior Lake would have been hammered by their own share holders and the market. A purchase of this type would have been viewed as somewhere between brave and suicidal at the time and rightly so.

The sentiment here now seem to reflect the idea that no gold miner is going to ever take us out because none did so last year during the SR.

I personally don't think this is necessarily the logical conclusion.

Nonetheless for those who do hold this view (No sale in SR means nobody wants Junior Lake)it does create a drag on sentiment here which seems over done in the price. The price itself might add further to this sentiment and so it becomes a self perpetuating doom loop at least until a more positive view returns.

Indeed most holders here will be under water. A position that seldom engenders a huge degree of positive sentiment in itself.

What has changed since the SR is that US inflation is falling https://tradingeconomics.com/united-states/inflation-cpi

The share prices of Majors and Mid Caps is recovering.

The Gold price is stable and rising.

Some risk off sentiment persists however resource stocks do have a loyal following and seem to many to offer a value play as investors pivot away from growth stocks.

All of the factors which discouraged potential buyers during the SR have now begun to m

I agree Legalwolf that $1m isn't a whole lot of drilling. It isn't. On the plus side however the rock chip sampling of the vein with the two high grade samples (taken some distance apart) is a very hot target.

Furthermore we may not need to do diamond drilling as RC is cheaper, indeed we may be ok with this as an option.

This very high grade vein (which we have rock chip samples from) could quite easily convert into a maiden resource with a relatively small highly targeted drill campaign.

We know where it is we see it outcrop at surface so drilling can be targeted to follow it without huge levels of uncertainty. If this target extends to any distance we should see money pouring into the share here.

Sokoman is an example of a mining explorer who has made a business out of finding one relatively narrow high grade vein which extended a fair distance. Further drilling there revealed some additional high grade discoveries and no doubt Sokoman's proximity to NewFound Gold's Queensway property helped the cause but nonetheless finding 100 g/t hits usually indicates some sort of a system.

For any who follow Sprott the 100g/t level is something of an indicator of a potential major find. He's not always right but he's right often enough.

Rock chip sampling has its detractors as field geos just like anyone else are attracted to samples which look interesting (but which may not be representative). However in our case we have context. These two high grade samples were taken from the same vein. They were not samples of random shiny stuff which someone picked up off the ground.

We also have some Lithium prospects to drill. Again we don't need to do a whole bunch of drilling on these. Just enough to tempt a partner in to JV with. If we can do that we could raise funds for 2024's drill campaign. Again no dilution.

The idea of "by the clock" is so much a facet European Industrialization that we are conditioned from a young age to think in these terms almost without question. Indeed many of us can think no other way.

In Africa things start when everyone gets there. You want a time and date? It will be when everyone gets there.

Despite what many think the African concept of time is quite rational.

Travel is more difficult, health and security risks are more acute and the weather can be a little on the biblical side.

A concept of time based on when people "get there" is ultimately a rather sensible solution under the circumstances even though it is at odds with what we have been taught as Europeans.

Our friends have told us they are coming. So we must wait for them. Looking at the clock won't make it happen any faster.

When in Rome and all that.

The Macro is that AIM resource stocks have all dropped by 50% in this risk off environment.

It isn't just Oriole.

What we lack in cash we make up for in "optionality" (A Canadian word beloved of Pierre Lassonde).

For me the Board has done what was necessary despite the criticism of the dilution doom loop posters (point taken can we move on please?). The number one priority was to keep the lights on and to continue to be a going concern.

Had we not achieved this outcome we'd all be out of the game. As it is we are still here.

The staff have taken shares in lieu of pay and the shareholder have taken dilution at a poor share price.

Every time you read whiny boy's last grizzle about dilution just say the word "Optionality" to yourself (In a French accent of course) it might cheer you up.

https://oilprice.com/Metals/Commodities/What-Does-The-Future-Hold-For-Iron-Ore-Markets.html

Parys Mountain has a bunch of Zinc in the MRE.

Whilst Zinc is not a battery metal resource it is nonetheless part of a portfolio of metals which will be required to make a greener world into a reality.

Zinc is the metal used in galvanization and the area where it will see a huge uptick in demand is in offshore wind in particular.

Zinc mines just like copper mines take a long time to come on line and forecasters suggest that demand for the metal is set to soar due to supply side shortages and demand growth. All of which which can only have a positive impact on prices and on mine developers who have oven ready projects.

An uptick in long term Zinc prices in the meantime is the most likely outcome.

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/lack-of-high-quality-iron-ore-supply-threatens-steel-s-green-push-70947714

This is more or less the business case for Grangesberg. The pivot to green steel making needs high grade deposits and we hold the keys to one of the most high grade deposits in Europe/ the World.

For me it would be almost criminally irresponsible if Grangesberg were not reopened.

If the business case exists to do so then the regulatory support from the Swedish government must be forthcoming.

Hopefully the local community will support such a development.

Perhaps that aspect (community support) is the largest risk element or at least unknown in the Grangesberg project.

Whilst we do not have the monies to develop a project like this with a completed DFS the next step would be to complete an off take agreement however once an off take agreement is signed then it will be possible to complete the project financing even though we are a small cap company.

This can only stay below the radar for so long.

The crucial and most insightful statement here was that Harry and Kefi are "leading" the process but that other parties such as the governments and investors "implement" the actions.

For those constantly grumbling about timelines this is the reality for both Harry and for us as investors on all timelines inside this project.

Harry isn't going to brief against those parties whose co-operation is required here when a project timeline gets breached on their account. However neither is it fair to blame him for any delays.

Accepting that this only gets done as fast as the slowest moving part is the issue that holders here must acclimatize themselves to.

This wasn't an energetic barnstorming presentation however an investment doesn't get better just because of the superficiality of a slick sales pitch.

Harry seemed tired or possibly unwell. Nonetheless he should be given due credit for making the effort to update us and for doing the right thing by continuing to communicate with shareholders.

For that I'm very grateful even if the news is nothing new.

Other Directors of these types of stocks avoid investor communications in these sorts of situations.

The fact that he does not is a big plus for me.

In this case charts are about as much use a silicone breast implants on a goldfish.

Nice to look, at but ultimately of no use whatsoever.

Fair play to Harry for making the effort to keep us all informed. Others in this situation would go incommunicado.

I like many here dismissed the last RNS on drill results as so much guff. Not commercial. An attempt to bury bad news behind a baffling new statistical reporting method by showing our results in ppm or ppb.

The problem I had was in understanding the numbers. I suspect that many others here may have had the same challenge.

These are the conversion tables;
1 ppm = 1 gram per ton
100ppb = 0.1 grams per ton
there are 9072 grams in 1% of a ton
A ton of rock is roughly 1 to 1.1 m3

Someone might need to check my calculations but when I revisited the last drill result related RNS and the one from November it seems to me that Bill and Glenn might be slow playing a far better hand than the market thinks they hold.

Carrot top and Felix Grassy pond are lengthy deposits ( 600m plus) , they are thick deposits 25m . They extend East and West. I don't know how they extend N-S. Critically they are shallow. On a 50m stepout we get the same thickness so a quick bit of Cat Maths and I'm thinking we might have something here. Perhaps the first big clue was that they wanted to spend money to drill a step out.

Making an assumption (always bad) that we have deposit that is 150m deep or wide, 25m thick and 650m long these two could add up to 5000 tons of Nickel. The Carrot top Nickel grades are better.

We have in all about 5m tons of ore on this guesstimate. 60,000 oz Palladium 16,000 oz Platinum 5000 Tons Nickel, 6000 tons of copper and some cobalt.

Admittedly the 150m number (used for width/ depth (we don't know the geometry of these two areas) )is an assumption. I confess I pulled this number out of my butt (Bam is nearer 250m wide). If you have a better number lets go with that. Caveat Emptor- Catbert's MRE is as dodgy as you can get. So don't make any investment decisions based on my speculations.

Based on the widths of other deposits it seems reasonable but it could be hugely out either way.

The Nickel is low grade but shallow and it seems extensive and mixed in with some reasonable Palladium results (Russia makes the most Palladium 43% of global production).

Large shallow deposits make economic mines even where they are low grade. Indeed if one were to write a plan to mine Junior Lake the first thing you'd mine is a large shallow deposit.

Large shallow deposits make for quickly productive mines and the Canadian Government are falling over themselves to get Nickel production moving.

Plus there may be a number more of these shallow wide low grade Nickel PGE deposits on our claims.

Good for Harry. The dual listing is the way to go.

More ease for Saudi investors to get involved should lead to a stronger market for the shares as a result but there is also a moral and a political case for doing this too.

The Saudi listing pivots our identity away from our being a wholly European entity- which is what is needed given the projects we are involved in.

I'd also like to see us with an Ethiopian listing in due course too.

This may be so much political posturing for some but crucial aspects of this business are inevitably political.

The greater respect we show for our hosts sovereignty the better we will be positioned as partners for their mining projects.

Having our shares widely held by the citizens of our host countries is the way forwards.

We should be sharing the wealth generated by our projects with shareholders in countries where those projects are based - dual listings are a very obvious and effective way to achieve this.

The more Saudis and Ethiopians we enrich the better for all of us.