Member Info for Culpepper

Https://www.theglobeandmail.com/investing/markets/markets-news/Tipranks/458339/rincon-expands-high-grade-gold-copper-trend-at-telfer-south/

I think that what you say is reflected in the Cavendish, ‘sum of the parts’, buy rec and target price.

In today’s climate, I think a significant opportunity exists to enquire into what can be made of the tungsten.

I’ll lift up Charles Archer again, presenting the bullish case for this one, so anyone can look at his thoughts and determine the extent to which they might ring true.

https://thatstocksguy.substack.com/p/amaroqs-rise?utm_source=post-email-title&publication_id=1504413&post_id=189114482&utm_campaign=email-post-title&isFreemail=true&r=4xupfa&triedRedirect=true&utm_medium=email

Where I mention fully funded, I should have perhaps acknowledged that it has become clear that Amaroq is looking to third parties, to at least part-fund Suliaq.

“We have a very exciting opportunity set and are actively looking at ways to fast-track the various projects we are developing, in order to realise incremental net present value through accelerated execution. I believe this will be a theme in 2026; leveraging our scale, local expertise, and people to drive value from our extensive acreage position and integrated platform.”

In other words, the faster we can prove resources and bring projects forward, together with increasing exploration, the faster they earn money at ‘todays’ value of money, and move up the value chain.And one, I think, can go further ahead and say, longer term,with permissions granted and infrastructure in place, the more attractive the valuation becomes.

I mention it because Mr. Olafsson does as a theme for this year. It usually involves cash in some way, though Amaroq appears fully funded from revenue, to the point of dividend being mentioned, earlier by Mr. Olafsson and now by Cavendish.

Amaroq has not told us of one, but if there is a capital markets day, to be followed later by London Main Market listing ( as confirmed ) it will all be part of this years strategy. It’s still possible to see US govt/EU support - old Archer seems convinced of it. Which would do wonders for the company and the share price.

Summary.

2026: Commercial production and turning FCF-positive Amaroq is set to achieve ‘commercial’ production and turn FCF-positive during 2026. The recently completed gravity-based Phase 1 of the flagship high-grade Nalunaq gold mine in Greenland is reported to be at steady state, while Phase 2 (a flotation circuit, which should see recoveries improve from c60% to 90-95%) is set to begin commissioning during 2Q26. FY26 guidance, issued today, is for production of 25-35koz Au (FY25A: 6.6koz) at total cash cost of US$44-47m (implying US$1,343-1,760/oz) or All-In Sustaining Cost (AISC) of US$69-73m (which works out at US$2,086-2,760/oz). Notably, 4Q26 is explicitly being guided at 10-12koz at US$1,250-1,450/oz – which is of significance, we believe, in that this should be representative of production and costs thereafter. For context, the spot gold price is currently cUS$5,200/oz, suggesting significant cash generation at healthy margins. Initial free cash generation from Nalunaq will likely be earmarked for advancing Amaroq’s highly prospective portfolio of assets in Greenland, the West’s last mining frontier (in particular: the exciting Nanoq gold prospect, a potential Nalunaq satellite; and Black Angel, a historical high-grade zinc-lead mine whose redevelopment could lead to the development of a new mining district). Thereafter, we see the tantalising possibility of dividend payments from 2027, albeit we have not yet modelled this. Our understanding is that Amaroq will be looking to host a Capital Markets Day (CMD) in March. We are therefore initiating coverage today with a relatively brief report, with the intention of following up with a more-detailed piece following the CMD. Our SOTP-based target price is 204p, representing c81% upside; our recommendation is Buy.

Https://thatstocksguy.substack.com/p/amaroqs-rise?utm_source=post-email-title&publication_id=1504413&post_id=189114482&utm_campaign=email-post-title&isFreemail=true&r=4xupfa&triedRedirect=true&utm_medium=email

All results from the 2025 campaign will now feed into an updated geological model ahead of a Mineral Resource Estimate revision scheduled for Q1 2026, with the company aiming to upgrade resource classifications.

The whole point of the Nalunaq starter mine is to use the free cash flow from that mine to support the developing portfolio of existing assets, and those that will emerge from ongoing further exploration.

Bringing them closer as time progresses to becoming a multi-commodity full cycle mining company, going up the value chain, and potentially also attracting a bid.

The forthcoming London Main Market Listing is part of that value-enhancing strategy.

Whatever broker Cannacord estimated before, as broker/analyst, as opposed to this first guidance from the company, it must have been something of a guess. Perhaps they will revisit their target price.

A mid range estimate of $1350 AISC compares very favourably with other miners, probably top quartile - especially considering the Greenland environment. Down to the Nalunaq high grade.

‘Within the current gold price environment and based on our cost and capital budgets for the year, we anticipate strong free cash flow from operations, supporting comprehensive exploration programmes, as we seek to unlock the substantial value within our portfolio; from pure play exploration to pre-development infrastructure and resource growth.’

That’s what I hoped to see overall.

On track.

We shall have to see what accelerating projects amounts to. That may become clearer once listed on London Main Market.

Though I don’t suppose for a minute one should take much note of it, Greenland still on his brain.

https://news.sky.com/story/trump-sending-great-hospital-boat-to-greenland-to-take-care-of-the-sick-13510664

‘Production guidance and budget for 2026 will be announced in late February 2026’

I don't envy infanthood.

I miss, in hindsight, the joy of youth.

Hey. We’re up today.

No particular reason for it though, as far as I know.

Just ‘them’ buying and selling.

Crack on.

‘they can spout their crap and think themselves important whilst the rest of us laugh at them’

Well, mostly you wouldn’t come here, else, would you, this board.

I agree with some of it mind. Not a lot, but there you go.

All in all, people like it. So it’s good. Like ice cream.

See, it is entertaining, though, as loads of posts, nothing to do with Ggp.

And I think Andrew’s a Pratt. But we known that for years.

‘Keep up Culpepper! ‘

Yes, on the board.

You only got to look in first thing, really, to know what’s going on.

The rest is forward guessing.

Yet it’s sociable, in a sense, amongst old farts like us with nothing better to do at a point in time, except telling stories.