Member Info for Coyote2020

Certainly an outrage most pleasureable.

80 Mt would be outrageous as it would equate to that magic figure of 2 Mt contained copper.

Dyor.

Further comparison,
Mimbula (Moxico) 93.7 Mt @ 0.97% Cu for 909 kt cont.
Luansobe 20 Mt @ 2.51% Cu for 500 kt contained.
Moxico holds 12 licences in Zambia focusing on two cluster area's, Mufumbwe (Kalengwa) and Chingola (Mimbula).
Mimbula is the flagship asset where most of the funding is currently directed and is progressing. Stage 1 is to construct a Heap Leach SX/EW plant producing 10 kt of copper cathode a year. Stage 2 is to increase production by 40 kt to 50 kt/yr. Stage 3 is for a Cobalt facility. Stage 1 is almost complete with production expected in Q3'22. Running material into the KCM Tailings Leach Plant (temporary early revenues) has been suspended.
However, what is worthy of note, Moxico has raised, in these market conditions nearly US$160m for this project ($73.6m in June'21 and $85m in May'22 ) to fund Stage 1.

Dyor.

Great name for a gold coin (22 carat) given it's 'safe haven' qualities.
THE SMOKE WHICH THUNDERS.

Maybe the prospects for Gold in Zimbabwe are looking up. They are about to introduce a gold coin as currency. It weighs one troy ounce and they have named it "The Smoke Which Thunders".

Caledonia (Blanket Mine) were looking to invest up to $400m over the next few years as it needs a larger asset base and expand from a single asset business. Don't know if that's still true or not.

For comparison, Mimbula (Moxico Resources) just across the way from Luansobe, licence 21816-hq-lml has a land area of 9.38 sq km for a JORC compliant 93.7 Mt @ 0.97% Cu. The near surface oxide/sulphide mix is run into the KCM Tailings Leach Plant 10 km due north at Chingola for a low cost Capex light operation.
Luansobe, licence 28340-hq-sel has a land area of 9.18 sq km for a non-JORC historic estimate of 20 Mt @ 2.51% Cu (under review) and is 15 km from the Mufulira Plant.
See the Trimble Cadastre for clarity, size, scale, etc.

Dyor.

ZCCM have appointed Rothschild Investment Bank (see RNS-16th June'22) to assist with a strategic review of the Mopani Copper Mines (MCM) including the Mufulira Mine and Plant, to ensure its sustainability, to assess its optionality and therefore its continued development.
Mopani requires investment targeting a near trebling of current production output. Mopani buys-in 3rd party concentrate.
With numerous synergies, not only proximity, Mufulira (metallurgy accepting) has for example, its own heap leach operations and produces sulphuric acid as a by-product.
Rothschild are engaged for 6 months with a possible 6 month extension. Galileo are progressing towards an open pit (oxide) definition by the end of Q3 and a larger resources estimate by August'23.

All speculation. Dyor.

Some cheery news if that's at all possible in these market conditions.
Yesterday Arkle Resources said they have been granted 3 prospective licences for Lithium in Zimbabwe.
"The Directors have long experience in Zimbabwe and are aware of the extensive history and potential for hard rock Lithium in the country."
With the rising lithium prices and a looming supply gap contrary to the opinion of some others to meet battery demand, Arkle have recognised the opportunity.
In the last 6 months, the Chinese have spent or intend to spend well over US$1B on Lithium in the country with another $35m added today at Prem.
'Follow the Money' is as good a guide as any imo.

Dyor.

The Chinese are buying everything they can get their hands on in the Lithium space. If Geoquest turn up something half decent, how long will it be before they are knocking on Galileo's door?

Also, give 'Red-Hot Lithium Boom' a look over on Mining.com.

Best keep it that way. Until market conditions/sentiment change for the Juniors, they'll only mess it up one way or another.

Dyor.

BYD, one of the world's larger EV manufacturer's are reportedly buying 3 mines capable of producing enough Lithium for 27 million EV's, sufficient to cover BYD's demand for 10 years somewhere in Africa.
They can't be in Zimbabwe because the Chinese have already bought them all, Chengxin (Sabi Star), Huayou (Arcadia) and Sinomine (Bikita). The Chinese see no slow down in this space.
Early days for Kimativi as Geoquest have barely started, but along with Luansobe, another buy-out target in the making?

Dyor.

Thought I'd have another go at this. Someone? Is loading up on Galileo shares in anticipation Cupric Canyon/Khoemacau could sweeten their buy-out deal by acquiring 39/40 licences from Galileo?
Nothing to do with Sandfire.

Not sure on the logic here. A block of 5.23m shares are sold and because of the quantity it is probably Sandfire.
Why would Sandfire want to sell their shares?
And sell for a loss? From memory they paid 2.68p/sh.

A common theme amplified by the Indaba Conference.
"The country is in a race to grow the mining industry and is pushing for huge investment in the mining sector. There is a growing demand for Zimbabwe resources especially in the new age minerals like Lithium."

The money that has come in of late,
Sandfire - US$3m + shares ( AUS$2m).
Glenover - £2.923m + possible £5.33m.
Star Zinc Royalty.
Totals £11.5m+ which is more than the market capitalisation, so it could be argued everything here is for free!
More acquisition or not?
If the right one came along?
What a cracking problem to have in these market conditions and with an Explorer on AIM no less.

Should Afrimat exercise the option and purchase the Glenover shares may well inspire more acquisition from Galileo. Zimbabwe looks promising, not only the 5th largest producer of Lithium but 23% of it's exports are Nickel.

Dyor.

In the last two years Galileo has;
1/ Acquired 14,500+ sq km in the highly prospective KCB, Botswana, one of the world's most exciting emerging (Sandfire description) copper region's where Khoemacau, the first and only copper producer to date, brought on-stream in June last year, is up for-sale, price tag US$1.5B. Sandfire is building a mine hub at Montheo and is actively exploring the vicinity for satellite deposits and additional ore feed. A4 Dome is an example. Galileo sells 9 licences to Sandfire for a combined consideration of $3m (cash + subscription) and Sandfire shares (today's value AUS$2m). Also, Sandfire is required to spend $4m on the licences with a Success Payment due of up to $80m depending on quantity found.
2/ Sale of Star Zinc for US$0.75m + variable royalty up to a maximum of 10%. At today's price, $3939/t equates to an 8% royalty. £86,000 has been received with a further £335,000 pending.
3/ Entered into a JV agreement for 186 sq km (LEL) at Shinganda Copper-Gold Project in Zambia. Mapping, soil sampling, ground magnetic surveying carried out, drill cores from previous explorers located for follow-up and a drilling contractor engaged to test the Shinganda pit for copper and gold. Results pending.
4/ Glenover Sale.
£2.923m received to date (including the vermiculite mining right consideration). Should Afrimat elect to buy the Glenover shares, then a further £5.33m will be added to the Galileo coffers.
5/ Entered into a JV agreement at Luansobe, Zambia a (SEL) with a non-JORC resource of 20mt @ 2.51% Cu. Galileo plan to bring the resource to JORC compliance, undertake a feasibility study focusing on early mine (oxide) potential leading to the development of large scale (sulphide) mine. Addison are 3D modelling the project from historical records, whilst Geoquest are examining historic drill cores stored near-by. Samples sent to the lab, results awaited.
The project is along strike and a 15 minute drive from Mufulira mine, concentrator, smelter and refinery. Mufulira is one of two mines (Nkana in Kitwe is the second) owned by Mopani who in turn is owned by the Government's investment vehicle ZCCM. Mopani's forecast production is 80kt this year. It requires 100kt+/yr just to hold station and pay down the Glencore debt and is buying-in 3rd party concentrate in an attempt to maintain production levels. The mines are not producing and require $300m+ investment, targeting 225kt/yr. Mopani is a major employer in the region and the Government are ultra keen to resolve all issues and get the mines back on track. Once restructuring is completed, investment secured and with attention focused on the technical issues at the mines is where Galileo could possibly benefit the most imo, in the short-term (oxide), but more likely in the medium-term (sulphide) ore feed to the Mopani predicament.
6/ Entered into agreement for the Kimativi Lithium Project and Bulawayo Gold Project in Zimbabwe. Mapping/sampling underway at Kimativi. Airborne

Past performance is no guide to future accomplishment.