Member Info for Dcat80

Didn’t Brian say he might look to buy more after results were out? Maybe now after the AGM resolution we’re passed he’s looking to do so

Doubt it. Not much time between start of AGM and RNS being released. Hopefully they’ll be an investor event post drilling and PEA

Also the Australian vanadium pfs

https://www.australianvanadium.com.au/announcements/gabanintha-pre-feasibility-study-and-maiden-ore-reserve/

No worries. The pfs of technology metals Australia is also another good one to read. They’re looking at a standard processing route with vanadium grade in magnetic portion of 1.1% against our 1.24%.

https://www.tmtlimited.com.au/sites/default/files/asx-announcements/6941650.pdf

If you want a Feasibility study to look at then TNGs is easy to read. You’ll see our grades are much healthier and it’ll give you a picture of what might come in years ahead once lots more drilling is complete.

https://www.tngltd.com.au/project/mount-peake-v-ti-fe/

Ebitda is annual profits, we’re not going to be earning billions per year! Suspect you mean NPV?

PB - my best guess at this stage using the 1m oz resource and new prices is circa 125% IRR and NPV $225m. If the deposit ends up being proved up as district scale over 10m oz then you’re talking an npv at project level comfortably in the billions. Lots of exploration to be done before that. Valore seem confident they’ll get that,

PW- we’d need to prove up a substantial resource before talking NPVs in the billions. As I said last week it looks more like a Jandaga will just prove up a more modest maiden resource at first with the drilling due to commence imminently. From that they’ll produce a PEA on that maiden Jorc and hopefully start producing small scale from it, by the look of it by shipping ore to China for processing (hence the logistics pages on the presentation). Later drilling may be able to prove up economics at much larger scale. Perhaps when we get a PEA and advises that’s only based on x% of the target we can extrapolate a little more.

Blackfish - doubt I’ll be doing detailed calcs at this stage.

In respect of PB the doubling of palladium price and 20% reduction in platinum will increase the economics substantially- increase the irr and Npv by 50% Looks about right on current resource of 1m oz. it’s over to Valore for the exploration now.

PW - I’ll post more on once I’ve a better handle on. I’ll be going on peer comparisons. In meantime I’d suggest you look at some of the economic studies of other vanadium/iron/ti02 deposits. TNG Ltd for example have a DfS showing opex of aus$210 per tonne ore (usd$145 per tonne) which is easily found in their website. Largo have commenced a pilot plant test of ti02 production October 2029 with results due early 2020. Their ti02 grade appears to be circa 19% and I’d suggest if they think it’s possibke to make money at that grade then the 33% in the non magnetic ore Jan have will be very interesting. All the best. DC

Valore Metals Corp. (VO: TSX-V) will be exhibiting at the following conferences. Come by and introduce yourself if you plan on attending.

MIF | Vancouver B.C, January 17 – 18 (Rosewood Hotel Georgia)
https://www.eventbrite.ca/e/metals-investor-forum-january-1718-2020-registration-58114211170

VRIC | Vancouver B.C, January 19 – 20, Booth #734 (Vancouver Convention Centre West)
https://cambridgehouse.com/vancouver-resource-investment-conference

AME Roundup | Vancouver B.C, January 20 – 23, Booth #1017 (Vancouver Convention Centre)
https://roundup.amebc.ca/

Rhodium up 13% today and 20% year to date (on 4th trading day of year). :)

Pertinent numbers from that old scoping study can be seen in tweet below

https://twitter.com/davidca041980/status/1207025120751104001?s=21

Swizz - value of dirt as below. I’ll post more over next couple evenings

Jandaga- vanadium/titanium/iron

Metal prices (Jan 20)
Vanadium - $6.1 per lb - $13,500 per ton
Ti02 - $2,000 per ton
Iron - $92 per ton

Grades - overall ore
Vanadium 0.3%-0.6% ($40.50-$81)
Ti02 8%-10% ($160-$200)
Iron - 40%-55%($41.40-$50.60)
Total $240-$330

High grade zone
Vanadium - 0.83% ($112)
Ti02 - 11.6% ($232)
Iron - 48.4% ($44.53)
Total - $388.53

Magnetite only
Vanadium - 1.25% ($168.75)
Iron - 95% ($87.40)
Total $256.15

Non magnetite
Titanium 33.75% ($675)

Palladium just breached $2k, if it finishes day at this level will be first time. Still away to go until some of the forecast figures of mid 2ks are hit.

Time stamp on both trades is seconds apart, suggests that someone has just moved shares between their accounts with a £20 fee for doing so. I’d take it more as a positive that someone is looking to protect future increases from the taxman and thought their Jan shares in most need of protecting.

I have to say the slides that caught my attention most were the 2 I wasn’t expecting. The logistics of shipping wet ore to China and comment about processing 300k tonnes iron per annum at start up through me.

This suggests to me that instead of taking the significant time and money to prove up a decent enough deposit that’s works into a BFS, then develop a substantial BFS and then try to find funding (TNG capex is $824m aus...) might be bypassed. Obviously margins wouldn’t be as high as if we’d process ourselves, however the combined value of the ingroubd value of the vanadium/ti02/iron may make this economic even with costs of shipping unprocessed ore.

It’s an unusual approach, but just may be feasible with deposit being from surface, combined decent grades and being so close to a port. Obtaining exploitation permits for a simple dig up and export op is likely to be easier than processing on site which always has more environmental concerns....

Finally have we seen a clue as to why Brian thought it more commercially viable to start from scratch on the PW deposit rather than complete the BFS for PB?

Swizz - lets give others a chance to think this through ok buddy? Much more satisfying when the cogs start to fa in place within ones own head! Plus there is far too much reliance on you!

It’s a 0.4% variance, surely not material or something we should be overly concerned about!! Please let’s stop using swizz as though he’s google Alexa, we might just break him!

Obelix - can you not open the link swizz attached?

PW has potential for much higher NPV, but won’t reach the dizzy heights of the IRR PB BFS would have produced. Will be good to get some numbers around both in late Q1/q2. In meantime little downside so as has been said before chance to build positions

Hot Maden had an irr of circa 165%. That was special. I was expecting circa 125%+ from the BFS for PB which never went ahead. It’s an outstanding project and whilst we’ve a much smaller slice of the pie now I suspect Valore will do the work to make it s much larger pie ??

New release from Valore who we hold 25m shares in

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/544-tsx-venture/vo/70524-valore-reports-pgm-gold-mineralization-in-all-rock-samples-at-new-exploration-target-c04-successfully-implements-targeting-methodology.html

Thanks Swizz not come across that before. The British Geological Survey papers are also usually good place to start researching. The below covers PGMs.

https://www.bgs.ac.uk/downloads/directDownload.cfm?id=1401&noexcl=true&t=Platinum%20Group%20Elements%20