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A 5% or 10% raise at a valuation of say £20m doesn't seem to make a lot of sense if we are generating say £4million net from manica p/a.

I'm happy for a chunk of that profit to be reinvested in Manica to maximise what is a really substantial gold deposit.

The focus should be on making the most of this asset, getting clarity on the net income and judicious investment of the profits.

I'm personally pleased that spending on BR will be limited to building out the model for the time being. Revisit when copper is consistently over $10K and at least we shouldn't be a forced seller with good gold income.

LW why don't you post some details from the recording then? what was actually said, people who couldn't be there could make their own judgement on it.

Thanks Bob for bringing a bit of sanity to the board with a summary of what was actually said. If anyone can add to that at all with what was actually spoken I for one would be grateful. Up to the individual to make their own mind up then. Spamming mindless ramping or anger and frustration either is just pointless.

Who is going to the AGM on Friday?

I'm quite interested in the new TR1 holder John Swann. He bought in a substantial stake at the raise and he's got a couple of other big holdings. Clearly he sees some significant upside, wonder if anyone knows anything else about him?

Technology Minerals Plc (TM1)

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Correction I meant 28th July when the others are being held

I had it in my head it would be 28th august like most of the other CB companies - doesn’t look like that is the case - in reality he’s probably going to be focused on those until august so might be quiet here until then - though an update on luansobe is definitely due now

Colin is leaving it tight for a big news drop prior to the AGM. Fingers crossed for early next week. Some sort of update on Luansabe is needed. The timescale has obviously slipped, just give us the latest.

Barrick on the lookout in Zambia

https://www.reuters.com/markets/commodities/barrick-ceo-wants-search-more-copper-zambia-congo-2023-07-07/

I do feel there will be a strong luansobe update prior to the agm - it’s a bit overdue now but if there’s a clear pathway to moving rock for processing within the next few months that would be very good news as cash should start flowing pretty soon after that

Yes I totally agree . When I read up on the detail of the agreement I saw that we ended up with 25% of the 80% of the afp Zambia that we hold.

By that point tho it’s got to the point of project financing for a potentially huge mine.

Say it was big and high grade , say 2mt at 4% copper and proved up it has enormous value, 20% of which is also pretty enormous .

My thinking would be that FQ would want us out relatively early if it was heading in that direction.

What’s the best guess for our current cash and liquid position? In £

I estimate 1.1m for sandfire, 2.1m for Afrimat , say 1m of current cash (no real idea on that figure) = 4.2m

Plus 2.1m with no conditions April 24 confirmed in rns from a £400m cap mining company = 6.3m held or definitely incoming

Anything I missed?

Had a look at that twitter thread metal head, a good analysis of what we have, thanks

As you point out Ongombo on its own will provide multiples of the current market cap and we are now funded to get it going.

The Zambia western foreland is anyone’s guess for the upside but First Quantum are very busy on our licenses and they wouldn’t be doing that for fun. Our interest does drop as they progress to the point of being able to plan and build a mine but I’m sure they would want rid of us a lot sooner should they believe they have a whopping resource on their hands.

The only thing is the predicted start date has now passed without an update on luansobe and also on the podcast CB spoke about some more drilling on the east (?) chute which would delay formulation of a final plan and thereby production?

How did we get a tax charge on a big old loss? seems a bit harsh

I'm interested where £5m cash went to in 2022?

most if not all BR drilling was completed by the end of 2021 - although there was a £2.5 m payables balance at end 21 presumably for BR drilling costs.

That's still £2.5m outflow from a company that wasn't really doing a lot as MMP were setting up manica? maybe money was thrown in there for further drilling etc

will be interested to see board remuneration

no mention of near term income from zambian copper

hoping that we have accrued significant cash/gold stock in 2023 to date, would be interested to know our current cash position.

Its time for this company to spend as little as possible on overheads and new ventures and start accruing funds from Manica to show the market that we got at least one thing right.

But we haven't had an RNS about star zinc or kashutu since early 22? (please correct me if I am wrong)

that is a concern to me personally given that the numbers look like they are (or could have been) significant.

surely if there was good progress and impending cashflow we would have heard something? some jam today with this stock on cash generating activities would be most welcome.

Sounds like a bit of intimidation not to turn up to the AGM there, which might suit some people of course

If those trades at 2.26 were both buys then friday looks like all buys and some decent values, encouraging

There’s no mention of a lock up period in that Afrimat announcement which sounds good.

My initial disappointment when I read this rns this morning has dissipated a bit . If suspensive conditions have not been met as yet then we might have to wait until well into next year for anything by which time 300m zar might be worth quite a bit less and we don’t have the cash to use.

This way at least we get over £2m newish via stock in a decent company .

If we are allowed to cash all or say 50% of that straightaway we are pretty well funded through 23 I believe .

The 2nd tranche will probably suffer from xrate zar weakness and other stuff might happen.

But a bird in the hand in this case is a good thing rather than waiting say another 6 months for anything.

Caveat to that is if there’s a big lock up period which should definitely have been clarified on the rns.

Waiting a few extra months for £2m won’t make or break this stock as we have decent cash - it’s all about showing a route to production at luansobe which has been predicted as within 2023 - seeing some strong news on that timeline in the next week or two would be great