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100,712 voted no.
I'm quite confident that positive news will drop prior to the AGM given the option for shareholders to submit any questions to Emma. If not, then first question would surely be 'WTF is going on'?
I guess if the mining, crushing, stacking & leeching is all classed as part of the gold production process, then we started that in May, which would give us our 8 months to year end. Alternatively, if production is when you actually pour a gold bar,then the first 8 months will take us to around April. It's not very clear, but probably intended to be that way.
The gold will need to be stripped from the loaded carbon using an elute solution and then go through an electro winning cell to remove the gold from the resultant solution. Given that loaded carbon can contain between 4000 and 8000g per tonne a 20 tonne truck load could easily result in 2500oz gold pour. One of the crews on a recent episode of Aussie gold hunters struck a tolling deal to process their gold in which the processor took a share of the produced gold rather than a cash fee. Hopefully we can strike a decent deal or maybe we already have!
More than happy to see something on Twitter if it's relevant to where we are now, like images of the actual mining operation or the completion of something. That tweet just seems a bit pointless. Would've been fine if we had some gold to sell now. Hopefully that day is getting closer.
Even the big players like Anglo American and Barrick etc have seen a retrace in their sp in recent weeks due to a lower POG. Add in a bit of disappointment at delays and impatience here ( Me included) and that's why the GRL sp is where it is. Certainly nothing more sinister than that. I actualy think the sp here has held up quite well.
Johnnymd
Totally get where you're coming from. I personally feel like we're still at least 2 months from the first pour after yesterday's update, given that it appears we've not even begun the leaching process yet. It's frustrating when you go around 7 weeks with no news, so you take it that all is going to plan, only to get an update stating that nothing has really happened and we're no nearer to the first pour. However, I'm confident that it will happen this year and hopeful that we will get to the 25000 ozs or near to it. Also with the exploration programme back on, there could be a chance news could come from that while we wait. The market loves more ounces and would give the share price a boost. Would love to see a quality presentation from the company with a Q & A section to finish with, to give investors that bit of clarity. Eric Zurin at SHG is great at this. Keep checking for those RNS's though as you never know when ones going to drop & it will be a biggie one day!
It reads pretty much like we're where we were when the RNS was released on May 13th but with a bigger pile of ore! Has the pipework and irrigation been completed? Are we in discussions with a third party regarding gold extraction? Have we made any progress on costing our own processing plant? The only thing I've learnt is that we're still waiting on an inspection of the leaching facility. Even a date for that would've been helpful but that's Africa for you. Slightly underwhelmed by it if I'm honest but happy to continue hold given the potential here. We do need to begin delivering on targets though and communication could definitely do with a bit of improvement.
Sponge share did one back in April.
Thanks for that Jeff, much appreciated. With regards to the third party processor, I would be more than happy if we get a toll deal sorted with Anglo gold Ashanti at Obuasi, obviously dependant on terms, as it's a no brainer logistically. I reckon a year of using a third party processor would give us more than enough time & cash flow to complete our own processing facility. I can find quite a few companies that use this type of arrangement but costs don't seem to get mentioned. I'm guessing it would be either a certain rate per tonne of loaded carbon or based on weight of gold produced. Each tonne of loaded carbon can typically contain up to 250 oz of gold, so if we sent a 10 or 20 tonnes load each time, it's not many trips for our 25000 oz target. All pure guesswork mind!
The number one African gold producer at around 150 tonnes in 2020. Several processing mines within a relatively short haul of Akrokeri (Obuasi 45 minutes, Bibiani 2.5 hours, plus a couple more around 3-4 hours) possibly offering the toll option. Times courtesy of Google maps. Goldplat installed an elution plant (albeit second hand) in Ghana 3 years ago for $1.2m with a 4 tonne capacity, so guessing brand new at today's prices would be somewhere around $2.5 - 3m? Sounds more than achievable from this years production & would probably pay for itself in a few years, what with toll & haulage costs. One Australian miner saved $0.9m pa in costs (Australian Dollars) by installing their own plant. Just a thought. Here's hoping for news shortly, as GRL like to say.
Definitely Monday JL. I'm having knee surgery then & fully expecting to come round from the anaesthetic to find GRL share price at 20p+ & an RNS with a photo of Emma and the team holding a 400oz gold bar!
I notice that an updated 5 year plan has been added to this timeline. Due between Q2 operations update and H1 interims. Wasn't on the May 5th presentation. Even more to look forward to between now and August.
Still only 16% of WK drilling reported so far. 4 rigs and Yuri on site & I reckon that Guy really does know where to stick a Drill bit! Must admit that at first I thought the decimal point was in the wrong place as the grafes just seemed so insane.
So loaded carbon can typically contain between 4000 & 8000 g of gold per tonne (128 -256 oz)and then needs to go go through an elution process to remove that gold from the loaded carbon. The RNS mentions that they're weighing up the options including purchasing an elution plant/gold room or using the plant of a nearby miner for this process, obviously in return for payment of some kind(Toll) Apparently that method is seen as a win win for both parties. Hopefully we won't be waiting to long for a decision.
I take it you were on Thatchers GOLD currently priced around £4 a pint.
Big swing in the Gold price this afternoon after dropping below $1855 earlier and now at $1890. JPM claiming that ii's are moving out of bitcoin and into Gold. Who can blame them after the day cryptos are having. Could see a few late buys here all being well.
$1890 Rich!
And multiply that by our expected 50,000 ounces! That's a big number I reckon!!!
The possibility that we may require additional funding depending on which extraction method we opt for was the only slight negative of what was a massive RNS. I doubt many were expecting us to be potentially producing 50,000 ounces so soon!