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**** means sl ag.

On the zinc front, the WH Ireland broker coverage for JLP linked from a post here, offers some guidance as to the future of the Sable Refinery at Kabwe.
The refinery is not in the Copperbelt as such and is receiving tailings ore feed from the Roan Plant to the north, third party suppliers and is clearing-up it's own limited copper tailings dumps on site.
The Roan Plant is nearer to Kitwe and JLP's Northern Strategy Leopard Refinery making logistical sense to truck some of the ore feed there once the plant is operational leaving spare capacity for JLP to realise other options it has at Sable.
Sable was a zinc refinery until 2004 when a previous owner converted the plant to produce copper cathode. It has 5.8Mt of tailings, leach plant residue and **** on site with grades upto 10.7% Zn and 8.7% Pb. The report says, the expected timing for the zinc circuit to resume operations at Sable is Q1'23. However, the report was written in December last year and JLP have had some production issues with power and water, now resolved, which may have delayed this timeframe. Still, an active zinc refinery closer to the Kash itu deposit than Luansobe is to the Mufulira Refinery is another milestone and box ticked for Galileo Resources.

ID78
Back of an envelope calculation. With small cap's that fluctuate so much with the minutest of detail it is as you say the simplest way.

Good RNS, similar to the last quarter (record) with FCF of $17.8M ($18.0M).
Present company valuation of £38M (m/cap) + £55M (debt) gives £93M and a sp of 5p+ when the debt is repaid. Using a debt repayment rate of $14.3M/qtr for $69M + interest is around 5 quarters with a sp re-rating before then.
Add-in the upside, what this company may do next, acquisition, exploration, new ventures etc, plus the possibility of dividends, now is a good time to buy imo.

Could be just waiting on drill results for Stages 5 and 6. Scheduled for Q1'23 after the wet season which ended in December.

How about a Beutong JV with free carry through to 'decision to mine' and then use it as leverage to finance BKM?

A record FCF of $18M last quarter (Q4'22) with a realised average gold price of $1742/oz.
Gold has continually traded above $1800/oz since then and is now $2006/oz. Say an average increase of around 9% gives a projected FCF of $19.6M (Q1'23).

Robert Friedland (Ivanhoe Mines) said today, should Teck Resources split into coal and base metals, he also would be interested in the base metals business part.
Mark Bristow (Barrick Gold) said a few weeks back, it's on the hunt for copper and gold prospects focusing on Indonesia as an exploration destination.
Beutong has size, scale, potential and a JORC resource to attract the attention of anyone of these companies imo.

A copper/gold asset with massive upside on China's doorstep.

The copper space is definitely heating-up with Glencores hostile bid for Teck Resources.
Teck prefer to split the business into two parts, coal and base metals (copper and zinc). This in itself makes the base metal business a takeover target where 6 global miners including Anglo American, Vale and Freeport have already expressed an interest.
BHP and Rio Tinto have also said they are actively looking to grow their copper exposure.
Sure looking good for Asiamet and in particular Beutong a Tier 1 copper/gold asset.

The comment was meant as a quib.

So funding an exploration company by diluting the share base isn't the only solution and Oriole isn't destitute after all?

Congratulations BoD. A smart move.
The intended sale of 10% of a subsidiary (a 10% Oriole is to acquire at a later stage and thereby retaining the 90% it holds today) and fund Oriole through to Sept/Oct 2024 (the end of the wet season).
A master stroke.

Once the prospect is up and running with visible earnings for all to see, Luansobe could become a very attractive and sought after asset.
Prospect Resources purchased the Arcadia camp (Lithium) licence in Zimbabwe for a nominal sum. They proved up the resource, proved the economics and viability, constructed a pilot processing plant, exported the finished product, then within weeks received seven offers for the advancement of Arcadia including, JV's, pre-payment debt funding and acquisition. They accepted US$378M from the Chinese in an outright cash sale making US$310M profit from the deal, kept $50M as working capital and returned the rest to shareholders as a special dividend.
A scenario relevant to all projects in this portfolio.

Also last week, Goldman Sachs have increased their forecast for this year for Gold to US$2050, up from $1950 previously.
A boon to Shinganda, a copper/gold or gold/copper prospect.

With a realistic margin on those revenues and with the current m/cap, Galileo will be able to afford to buy itself two or three times every year!

Trafigura the commodities trading house and the world's largest copper trader said on Monday last week, the copper price would hit a new high within the next twelve months owing to very tight stocks, with only 3.5 days of copper equivalent at the end of last year, they have increased their forecast for this year to US$12,000/t.
Using this figure for an estimated 600,000t/yr @ 1% Cu gives the Luansobe project annual revenues of US$72M for a projected 10 year LOM.

Thanks Castiron.
As good an endorsement as you'll get for the region.

What has Sprott been buying in the Kalahari?

121 Mining Investment - Hong Kong - 29/30th March.
Asiamet have attended in the past, should they go this year, any news on partnering for either project KSK or Beutong would be greatfully received.