Member Info for Dcat80

Neometals was valued near cash at one point last year, screaming buy for those able to buy asx then. Big gains since more I think for those buying their other projects such as lithium recycling which been getting PR. Was hoping it wouldn’t rise after they announced planning london listing to extend I’m put off now, not to say it’s overvalued, just not the value it was!

Not expecting mocidade to have been drilled, priority there clearly on defining for mine build at pitombieras. Field work though is cheap quick and easy, whether it became a target for the wildcat drilling to test more again is something unsure on as comms been quiet.

DS - no worries
Gallmat - 16/11/20 RNS, open full RNS for pictures. Sure another RNS referenced explanation work would include that tenement as well, but all been quiet on that front. I’m very hopeful about mocidade and for ages thought we might get some kind of update on it, even if just basics such as rock samples and soil sample work…

DS- I know buddy, just don’t want anyone getting confused and thinking our exposure to Valore is material and worth investing for that exposure. It’s nice to have, but not like days of old where our MC almost mirrored our cash and Valore share holding! It’s about pitombieras - What’s known and what’s to come, plus whatever they’ve found at mocidade which is eerily quiet or any other licences..

Insignificant to our MC is what I said, £500k to a £20m MC isn’t significant at all. If they rise and are cashed on then that cash of course could be useful

Circa 2million shares left in TSX listed Valore who have uranium assets as well as the PGM asset we sold them in which shares were received as part payment. The Valore shares are now insignificant part of Jangada market cap, but number of Jan holders also hold Valore positions direct and it’s company like to discuss here as Jan do still retain small interest..

Hi DC, yep I listened to the interview earlier and should be nice exciting period ahead.

Fortunately I saved brief notes I wrote up for few friends just summarizing the Botswana deals (copy below, sandfire balor changed since though). Have to admit I just copied few of your posts on the other assets which I found useful. Do need to get myself more up to speed on those.

GLR

Botswana
The Company acquired all its Kalahari Copper Belt Licences which includes the Included Licences and Excluded Licences (as shown in the tables below) on 21 May 2020 by acquiring Crocus-Serv Resources  Pty Ltd and Virgo Business Solutions Pty Ltd for £173,848 and on 16 October 2020 by acquiring Africibum Co. Pty Ltd ("Africibum") for £290,220, the issue of 10,000,000 2 year warrants with an exercise price of 2 pence and the granting of a 1.5% Net Smelter Royalty (NSR) ll loop

Sandfire deal 26/1/21
Agreement for 9 of the 24 Botswana licences acquired above to be sold to Sandfire.
Payment to be made
- $1.5m USD cash
- 370,477 shares at A$5.227 worth $1.5m USD at the time
- Sandfire shares since up and now A$7.05 per share (now worth circa $2m USD)

Sandfire committed to spend $4m in 2 years
If jorc resource over 20,000 tonnes contained copper in this time Sandfire to pay Galileo a success fee between $10m-$80m USD

In addition to above Sandfire subscribed for $1.5m USD of Galileo shares equal to 41,100,124 Galileo shares at a premium of 25% of GLR SP at the time paying 2.68p per share. These were applied for trading around 9/2/21

Amendment to Sandfire deal
Long stop date amended from 31/7/21 to 31/8/21
Additional $500k USD to be paid to Galileo
Spend commitment of Sandfire reduced from
$4m to $3.5m USD
Long stop date subsequently amended to 15/9/21 in 1/9/21 RNS

Like you obelix, but hopefully we’ll over 9p ;)

Also worth noting the company proposing the takeover is Apollo Capital whom our NED (and chairman of fodere group) is also a consultant to.

https://www.reuters.com/business/exclusive-buyout-firm-apollo-makes-43-billion-offer-buy-tronox-sources-2021-09-13/

Acquiring 24 licences for £465k and 10m warrants at 2p then selling 9 of those for $3.3m the next year with a success bonus… Try doing some basic research Earl…

Mesb - you in particular might be interested to see Tronox have had a takeover approach at $4.3b. As you’re aware they have the only current Tio2 pigment production plant in Brazil.

Yer, I was reading your $15 for V as all credit not additional on PEA.

The 66% is in the oxides I.e. at surface/shallower ore. As the DSO route gives us near full credit for the fe, but not the Vanadium it again makes more sense for this to be focus of the DSO.

Importance is shorter term cash flow. Additional drilling and further development work on additional plant should have substantially changed the economics at that time.

Also remember Tombador iron have no vanadium credit plus have to truck their ore over twice the distance we do. If operations like that were getting investment on confidence of profitability then we’ve circa $80 per tonne advantage on price and cost per tonne…

Can understand your use of $100 for 62% fe as more realistic, however your Vanadium and fe premium numbers are well off.

At $6.3 per lb V205 prices the credit is $31.25 per tonne concentrate.
The premium for 62% to 66% is circa 20%

As posted before though the NPV is largely academic. We won’t be a DSO operation under TM for life of mine. Focus for the TM DSO will obviously be pay back capex, cover working expenses and expedited further development (drilling, test work- usual exploration activities!).

Circa $12m additional revenue per annum above the figures used in the PEA. 66% fe gets premium to 62% and vanadium prices circa 50% higher than in PEA…

It’s different selling. Months of sell orders, that’s pretty much stopped with no blocks just appearing on the ask without sells.

Today’s sells all standard selling against what MMs had on bid.

I’d guess just stale holders selling when liquidity to do so to reposition in other favourites. Frustrating the morning selling was so hurried (deters buyers) and later we saw sellers then taking 2% less on small trades..

Mesb, they had/have a small plant that was formerly in USA. Not sure if expanding on this or exactly what their plans are, just that Q4 production was ideally being targeted.

Them moving into production isn’t too material to us with our circa 4.5% ownership, it’s more the hunger to get more information on Fodere with an eye on to them being potential option for us at a later stage, plus what their long term plans are and if our investment has the potential to grow into something more substantial.

I’d be surprised if $20m plant allowed such high input. Probably more likely start small and as income comes in develop larger plant.

Hi mesb, don’t recall seeing those myself so doubt been posted.

Fodere tech works on Ilmenite, titanomagnetite and process waste, so suitable for our ore and Evraz. There’s not many with the technology to deal with Evraz waste hence lack of interest, should enable fodere to pick the rest up, perhaps after their pilot plant proves itself on commercial scale. Sure they’ll have plans for larger plant shod the pilot go well and fund through the income from it.

Had hoped they’d be further along the route for commissioning Q4. Covid id suggest affecting S Africa as well!

Thought that crossed my mind on just 14 day extension was they’d been given nod by Botswana and just waiting paperwork.. Let’s hope that’s so, cracking piece of business done by CB if it completes, just wish he was as savvy when it came to placings!

Obelix - sent you a DM

As before market size is 30,000 shares, MMs must fill this size or less at the quoted ask so if you want to buy via orders that’s best way when n/t on internet trades