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"Siege have indicated their intention to commence mining imminently, producing in the range of 6,000 to 15,000 tons a month of saleable ore but it is recognised the initial production may be lower. Processing of ore mined, to seek to enhance its grade above 20%"

"Royalties payable under the Agreement are dependent upon the zinc concentrate in ore sold"

"If the Zinc concentrate grade is 25% for a sale at a zinc price of US$2,500 per tonne this would result in a royalty of US$18.75 / dmt"

The RNS is hard to follow and in the wrong order to read it logically, but the above is what I get from it. I read it conservatively (bearing in mind the JORC info as well), that the Zinc is on average 20% (From JORC, with 350-400k tons), they are going to process it off site to try bring the concentrate up before selling the Ore. Also from the Jorc we know max concentrate is around 40% ore.

Conservatively - Taking those numbers 20% is $16/dmt at 6000 tons a month (current price $2700) = $96k a month for 5 years
Target case – 25% at $19-20/dmt (at $2700 ton zinc) at 15000 tons a month = $300k a month for 2.5 years

The target is good actually, just not as good as our $1m we were all hoping for. You can certainly fund a lot of projects with 300K a month though

Possible reference to our KCB sale in Sandfires earnings conference call transcript

https://finance-yahoo-com.cdn.ampproject.org/v/s/finance.yahoo.com/amphtml/news/edited-transcript-sfr-ax-earnings-020000185.html?amp_js_v=a6&_gsa=1&usqp=mq331AQHKAFQArABIA%3D%3D#aoh=16148131697550&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Fedited-transcript-sfr-ax-earnings-020000185.html

"Also, we established late last year the first inferred resource and it's still to be updated but for A4 deposit. And post the completion of that resource statement of 100,000 tonnes of copper at a grade that is almost 50% higher than the T3 resource grade and the copper equivalent of probably in excess of 1.5% copper. We saw some exceptional grades of up to 16% copper. We're still trying to work out what is happening with the geology there. But nonetheless, to say, those are some of the highest copper grades ever seen in the Kalahari Copper Belt, of which we have an exceptional dominant position of some 28,000 -- 26,000 square kilometers in predominantly Botswana and then leaning over into Namibia on the Southwestern side. But really the strategy for us to secure that position over a number of transactions I think, will be significant for us in the future"

Sandfire strategy to keep securing more ground by a number of transactions.......I wonder who else from, maybe a company they have an agreement with already to purchase a possible 15% of and put a member on the board ;-)

thats exactly how i do it "Rule of Thumb" Westlad, of course there are slight flaws in that, but its a good guide. This year really is going to be a big year

This is fantastic for us. I'm really impressed by the intent to drill KCB end of march. The way the market reacted to drill results of Kavangos first samples made it double its sp in 7 weeks last year, then on from there......also, we all saw the market reaction to XTR core samples, why wouldn't we be the same.

Thats without even mentioning SZ. Q1 as stated or slip to Q2.....it doesn't really matter for me. Its going to happen and we have cash to support us until it does

Good Email C7 and thanks for sharing

I like the kisses at the end ;-)

Good idea Ella! As I was looking it started to realise its more out of stubbornness as I don't like to not know things, but came to the same conclusion as you and decided I'll just wait for an update rather than a needle in a haystack search ha

Iv been looking for something similar to this:

https://find-and-update.company-information.service.gov.uk/company/05679987

For zambia, where you can search for a registered company and get some basic info, hoping to find a name related to Siege Mining we would recognise, but so far I haven't been able to and Siege mining ltd doesn't come up in any other surches iv tried, Google and social media etc.

Ps I agree with West Lad this would be a PR disaster if SZ is all of a sudden a "no go"......however I don't believe that to be the case and altho we don't know the exact way ahead as C7 has said, whatever reason that has now made it all.of a sudden the case would have to be explained in am RNS as it would be missleading investors majorly.......they might as well do an all out lie and just pretend that they have found Gold while having a picnic on Ferber and in 2 years time we will be operational making money so "hang in there chaps".

Let's hope something clears it up shortly. I believe personally there isn't much to worry about others than a poor performance in communicating for too long

Thanks all for sharing, I too have emailed investor relations a couple weeks back and had no reply as yet. A) we get the liscence RNS to settle our questions or B) some form of acknowledgement of emails and a plan for SZ now that the one we are used to isn't being pursued

I'm not too worried, more interesting really

We're under Siege!!!......literally

Very interesting. It just shows why little SZ doesn't need a small scale mining liscence as it's far too big. See small SZ box inside Sieges outer boundary

https://twitter.com/Sharedata12/status/1365055010309038082?s=19

My theory was that you could apply for a mining liscence over the top of part of someone else's exploration liscence and I stand by that

But to apply for an exploration liscence over the top of someone else's exploration liscence seems odd.

We will just have to see how it pans out. A mining liscence over SZ got us all flapping, might as well twist the knife with another exploration Liscence. I bet Billy will lose his Sh*t when he sees this

Good work CE!

Im the same, keep topping up myself when more funds are avilable. the SF deal is what does it for me more than anything now, their rising tide will float all the boats attached to them medium to long term. once the SZ liscence lands we wont be at this level again and then KCB from then on will carry us further in the future. might as well stretch myself and load up now.

25?

24p by easter imo is quite a high sp. But to Ella's defence around the 20 something pence mark was discussed a long while back as CB made the statement he said he would turn a profit on his original investment all those years ago, and to do that some ppl on the BB calculated it to be around 20 odd pence.......so that's where that came from in relation to the BB discussion anyway.

I had in my head stretch target of 2.8-3p for re rate on anticipation of SZ news and hit 7-8 when the liscence lands, reducing back to 5 until monetised where it will climb back up and higher, bolstered by KCB news over the course or the year, maybe Glenover news thrown in around Q2/3..........got to have a plan in these testing times, happy to stick with mine

Good work Dave! Thankyou for sharing, Glenover is our underdog I reckon and I'm interested to see how it plays out over the next yr or so given current world politics around Rare Earths

I don't think we will have to wait long and imo just obtaining the mining liscence will have such a positive influence on the sp as it turns useless zinc in the ground to useful zinc in the ground, that a credible plan can be derived for. So semantics around further lisncence transfers etc for me are small fry issues

Hi HD, thanks for the follow, I followed you back. I use twitter just to help share research etc I'm looking forward for the next few bits of news as alot are aware they are our catalyst for success. It seems the sentiment of the sp and measure of CB's credibility is around SZ performance (my theory of why we didn't increase on last KCB news), but our real jewel in the crown is the KCB and that's the big money, of which the ducks are lining up nicely. Both to soon have updates (Q1) which is exciting.

Hi Ella, the relationship of all the subsidiaries and initial intents to current intents is certainly mind boggling so I can see why there are alot of different opinions. It terms of the RISK, you quoted. It looks like that statement in the April 2020 RNS is a reference and quote from a 2018 RNS where back then we were still drilling SZ as we only progressed it to JORC end of 2019. So the risk back then was true, we increased our stake to 100% of enviro zambia knowing fine well Sz needed further drilling and enviro zambia didn't own the exploration liscence. As time has progressed we have got to JORC so the fact we don't have the exp liscence in terms of our name in the title is no longer a risk and hence we are no longer pursuing ministry approval to transfer it. I admit I don't have a theory for ka****u other than the liscences for that run out in Aug anyway and our focus right now is SZ. Happy to hear anyone else's ideas on this

In terms of Zop Co, I understand that to be a marketing agreement, and i consider them to be a form of commodity realestate agaent finding us other "homes" for our zinc to increase options for revenue and actually de risking away from JLP as our only customer

The off take agreement we have is with JLP and there is an RNS for this

All the above is as I understand it and happy to discuss other options....im not always right ;-)

My understanding of the Liscences and plan for Starzinc

https://twitter.com/Sharedata12/status/1363098218964353025?s=19

Using Kavango as a peer comparison it did its phase 2 EM survey of its tenures on KSZ, scanning linear 2000km by helicopter

Commenced: 20th Jan 19

8 weeks

Complete: 18th March 19

11 weeks

3d imaging data processed by Skytem: 5th June 19

GLR
Over 3200 linear km
Commenced:17 Sept 20

6.5/9 weeks

Complete: 31st October with preliminary results 23rd Nov

3d imaging by Spectral Geophysics: TBC
11 weeks data processing = 8th Feb
11 weeks+50% = 15th march

(+50% as our linear survey is longer (3200km vs 2000 kav) so 50% more data)

So assuming Spectral are performing the same analysis that Skytem did for kavango I'm hoping to see results from the KCB survey in the next 3-4 weeks

Some good research there Padmaster, thankyou. My theory is Mr Chelelwa is our SME and related to Enviro processing Zambia (owned by GLR)