Member Info for DeathStranding

"The stated aim now is to bring in gold mines."

That was the stated aim of the last JV, or have you forgotten? What does this actually mean? Noone else in the industry speaks in these terms. Exploration needs to define a resource of sufficient size and quality that it can be converted into reserves through feasibility studies then a development and financing plan presented. Strategy to deal with community and stakeholder issues needs to be presented. Timeline to get planning - all standard stuff to develop a mining project. You certainly don't just "bring in mines", not anywhere in the world but especially not on the island of Ireland where the largest gold deposit in the UK and Ireland has stalled for years due to community and planning issues and the need to remove cyanide from their processing operation.

Clontibret stalled in 2014 after a scoping study without explanation. A resource update in 2017 showed a resource that had already shrunk from 1 million ounces a decade before. Infill drilling in 2018 was supposed to upgrade the resource but no update was announced. In 2022 they drilled step out holes with negative results and again, no resource update announced. Not even a diagram about where the holes were and what the results mean. If the argument is that Demir drilled in the wrong place then let's see why and let's hear why Conroy were not in full control of their project (there was no evidence of this at any point during the JV). This complete lack of proper technical updates to investors is highly questionable and so it stinks of BS.

Total BS. All the targets were drilled and Demir walked. Placing on the way.

Your BS is clear for all to see now.

No way to know that as we don't know where any of the holes are. Would be easy to demonstrate potential if they actually published maps and sections of the results. Why don't they share these. A picture says a thousand words etc.

You're just saying these things, just like the chairman and roast dinner folks, without actually giving any support.

Demir walked. There is nothing huge here except the Conroy family's combined pay packet.

There's millions of ounces at Clay Lake - WRONG

Clontibret is going to be way more than 500koz - WRONG

Lots of drilling hasn't even been added to the JORC - WHY NOT? Until there is a long overdue resource update, investors can only base a decision on the published resource. Personally I think the reason there has not been a resource update is because the number would go down.

Robemy still pretending that Conroy ended the JV.

500k oz of low grade refractory gold is of no interest to any major. This project is nowhere close to being a mine. It didn't work in 2014 and it doesn't work now. Demir have shown that there is no exploration upside from €5m worth of exploration drilling. Conroy scraping the barrel with low grade zinc results ahead of a placing. This continues to be managed and presented dreadfully while the management draw fabulous salaries. You got there in the end PaulFG.

Well by the sounds of things you have a long time to wait. He's talking months. There is no deal lined up. Last time it took 18 months to close a JV deal. Next time will take even longer and if any deal at all it will be a far inferior deal to Demir.

Incredible that he is so happy and comfortable. He has presided over epic value destruction and doesn't seem to care. Presumably it's the €325k he and the missus earn each year working part time for CGNR that make it nice and comfortable for the Conroy clan.

So seems like:

- a single application for an exploration permit, pending since 2019, over 8 square km only

- no project information on website

- no technical disclosure in Annual Report (which the auditors would require if it is a material asset)

Not interesting.

And evidently they all passed. There are only a few "majors". And they look for tier 1 projects. This is not tier one. They love sending their teams out to projects to gather intel but very rarely do deals. May as well accept it. Why release irrelevant zinc results if there is another "transformational" deal in the works?

They have a prospecting licence in Finland which is in application for an extension. €26k spent there last year. Not even a mention of any Finnish geology or prospecting results in the Annual Report. It is irrelevant.

Very concerning if this is the best they have to report. Placing can't be far away now.

Wow, staggering how you have flipped. Wish I could be bothered going through the old threads where you tried to cancel me for any suggestion that Demir were anything other than the best partner in the world. Wow.

If they were so awful for this, you would have to question why the company went into business with them in the first place? And then even though they were on a JV committee and operator, CGNR just let them drill in all the wrong places? Why, only a couple of weeks ago you were telling us Phase 2 was a given.

Elegantly avoiding reference to the grades, which are uneconomic. My guess is Demir were more interested in profitable ounces hence why they left.

Some diagrams would be useful to see what they are seeing. The ones on the website do not give the impression of world class potential.

They've had years to prove up the Fosterville concept and got nowhere. Clontibret is what it is. Too small and too low grade. Cyanide a non-starter. The stated aim of the JV was to develop it and they didn't.

Very revisionist, this view of Demir. Seems they are not gold experts after all. Funny that!

This could easily go to 7.5p in a placing. £3.5 mil market cap seems about right.

And is there a range of views over at He1 that make up the conversation?

Taking a negative view on the company's announced results while the share price falls from 32p to under 10p doesn't seem particularly contrarian.....

Edochan if speculation means nothing, why are you asking these questions? It is not unreasonable, using the facts available, to take the view that Demir exited the JV because the results didn't justify further investment.

I didn't think Demir would enter the JV in the first place. But they did, they drilled, results were poor quality and they left.

Any resource investor can read the results and challenge the quality of the projects . There isn't even a single diagram to help investors interpret 2 years of drilling results, or understand why the company might be so positive about such low grades. It's extraordinary for a junior explorer not to share this information with investors.

Not much to be positive about, I'm afraid.