RE: Funding8 Jul 2022 16:50
Fair reasoning Lupi - i agree it seems bonkers to go straight for a value of $10m as per previously sought, enough for the bond and labor costs of getting the initial few months of oxide off of production is what should be aimed for.
Fira - "SML currently, has three interested parties who have signed the Company's Confidentiality Agreement and have been in our data room for a month or more. These parties reflect a European based, mining focused fund, a large, respected, global copper supplier with activities in South Australia and the equity investment and debt funding arms of a major Australian, internationally recognised bank."
The fact that they've been in the 'data room' (whatever that is) for a month or more means that they're currently undergoing due diligence, they don't need to carry out environmental/social due diligence (as DEM have given it the green light) only economic/financial - looking at the feasibility/production of the land itself, PEPR is quite a read though, I estimate 2 weeks/a month dedicated to looking over SML to see whether it's worthy of investing or not, so could here back soon if they've been in the "data room" for over a month already.
It's indicated that there's 5,500 tonnes of Cu to be sold within the oxide zone of Paltridge North which is where phase one is so $41,250,000 (@$7,500) assuming 50% profit accounting for costs/losses etc (i'm not doing in depth calcs here!) = $20,625,000 in phase 1 only (all above 0.63% Cu - average grade stuff however shallow mining depth which will reduce cost - Paltridge north depth is estimated to reach max <50m). The fact that Olympic Dam is nearby is probably a good indication for VC investors that it's a prosperous area.
I'm hoping that we just secure something along the lines of a high interest loan here (from that reputable bank), would be much more preferable than CLN
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