Member Info for Edgein

Dicko,

Absolutely transformational farmouts, when then market valued those at only £15m previously that was way undervalued too. I don't know what the traders were expecting from a farmout of a 35mmbbl target. That is likely transformational for TRP pending flow rates etc, but also diversifies Prime Global into a possible oil development with potential for material flow rates too. Prime is as big as TRP could have got for a 35mmbbl target, a great partner to have going forward.

Just as a comparison to how good a deal JA got, landing $15m carry and $4.3m in cash and still retained 57.5% you just have to look at the other small players. GEO/GBP and SNDA haven't even managed to pen a deal yet and they've been trying for some time. ECO and SEA have been left with around 6% and 10% respectively after farmout. So it was quite remarkable the quality of deal that JA landed for TRP, which has to date been ignored by the market. But it can't ignore what's going on forever. Its priced at the moment as if the farmout agreements that TRP landed for Cameroon and Namibia didn't happen. The Namibian farmout is important too as Prime will help TRP to define and firm up targets. TRP still has a whopping 60% remaining in Namibia to farmout too.

Regards,

Ed.

Hi Dicko,

Yeah agree, it may or may not be the Gerd that TRP end up with, as you say JA mentions several rigs on similar terms. Interesting that those rigs are both available before the June-December drilling window. So both look like viable candidate for NJOM-3. I agree that with TRP already hiring drilling engineer and geologist, plus finance people that they're looking to go asap after approvals and get development funding in place.

The ducks are certainly aligned at the moment, Mr President just needs to get his pen out and hopefully before end of March and then JA can hopefully work to close all other matters, service contracts, rig contract, field development finance etc all before June. He still has time yet, obviously securing a rig slot from one already in W Africa brings down mob costs and time. If all goes to plan we could still be looking at a June spud and of all the wells that TRP have drilled in the past (Uganda-Namibia) this appraisal well is the most likely to be successful.

Regards,

Ed.

Smkr,

Yeah and volume has been picking up again too. Bodes well if they can then get the local JV, offtake, funding and drilling sorted in the near term in line with the planned Q2 FID.

Regards,

Ed.

Dicko,

Yes its like a coiled spring right now. I'm personally looking forward to see what happens on the next news. Will the traders return en masse. Its still possible that they could be drilling the fully carried appraisal well as early as June. SA farmout news would really be cat among the pigeons.

Regards,

Ed.

Jezzoo,

Its likely they'll release the drill results of the next few holes before we get the XRF:

"We have our mining team on standby pending the next few drill holes at which point we should have a better indication of the morphology of the first mineralised structure and can complete high level estimates of the likely depth to a conceptual pit floor and a stripping ratio. We look forward to keeping shareholders updated on progress".

The next few holes are set to define the morphology and shape of the structure, the first three holes were reported just 7 days after commencement of drilling, so the next few should be released in the coming days.

Regards,

Ed.

Daniel,

Not sure where you are getting your information from, but it looks like Brazilian gas prices are quite a bit north of where you're getting your numbers from:

https://www.riotimesonline.com/brazils-gas-gambit-importing-from-argentina-while-sitting-on-domestic-reserves/

Also you keep quoting as if CRCL has 100% of the production, the option is for 20%, they have rofr on the remaining 80%. they haven't as yet exercised the 20% option let alone the operator willing to sell the other 80%.

Regards,

Ed.

Pete,

Its certainly better odds than 100-1 that's for sure with the JV and licence extension currently in the president's office awaiting approval.

"has discussed both matters with MINMIDT, the Societe Nationale des Hydrocarbures ("SNH") and the Cameroon Prime Minister. The Company's understanding is that the matter is now with the Office of the Presidency and awaiting formal Presidential approval."

Eyes peeled, that would open the door to a significant cash payment to TRP and a free carried appraisal well (up to $15m).

Regards,

Ed,

NtM,

That pretty well sums it up Manica payments pretty much covers the cap.

Some interesting cores when you take a look at the ore types mentioned, do a little digging and you'll find something along these lines:

"Chalcocite is one of the richest sources of copper ore, containing about 79.8% copper by weight. Due to this high copper content, it is an economically significant mineral in the copper industry."

"General Bornite Information : Chemical Formula: Cu5FeS4 : Composition: Molecular Weight = 501.84 gm Iron 11.13 % Fe Copper 63.31 % Cu Sulfur 25.56 % S _____ 100.00 % : Empirical Formula: Cu 5 Fe 2+ S 4"

The cores do indeed look very encouraging for overall copper grade, certainly help to reflect previous copper grades. The only company to date I've seen with more compelling cores to date was GEO (now renamed EEE), amazing holes they had shame about the location. At least for XTR Zambia is mining friendly.

Regards,

Ed.

These seem to be really tightly held too. I got some yesterday afternoon after seeing the news. My 150k topup this morning was really hard to fill an I use a high quality broker too. So not much stock around at the moment, which bodes well as those drill intercepts from the main pipe are like GSCU on steroids and look what it did off the back of one assay result.

Regards,

Ed.

Loot,

Thanks for posting that little clip, interesting, sounds like they'll be back on site again in Q2. With today's update the only non-core asset left is now Zambia, hopefully they'll get a good deal on that one too.

Regards,

Ed.

Nomad,

Interesting, perhaps they are working some large orders through. Today's announcement covers many aspects of the final stages from the rig to the development funding. So we're very close now from the sounds of it. There will be limited time for orders to get filled. Hopefully get SA and further Cameroon updates before the end of the month and then the rig reveal etc. Unbelievable we're still only around £7m cap.

Regards,

Ed.

Nomad,

Absolutely, if people are hoping to get in less than today good luck with that. This one is already very oversold on current progress. TRP are very active recruiting for the drilling and development/bank funding, they've made comments about being ready to go once they get approval. Also the documents are with the president for final approval and all the relevant departments in Cameroon are fully aware of what's going on. The president could sign this off at any time, he may not give these traders the courtesy of end of March. I'm not risking selling a bean here. As the company hinted at again today, they get substantial cash in on farmout approvals.

Regards,

Ed.

Agreed guys, good update, both farmout agreements expected to be approved by the end of the month and rig contract expected for end of March or April. Drilling window remains June-December. Nice bonus to secure the 5% extra in Namibia for a small sum, brings TRP back to a meaty 60% of the multi billion prospective asset. Going to be an interesting few weeks ahead, sounds like the company has been talking to all the necessary parties and its with the President's office. Good stuff.

Regards,

Ed.

Gary,

Very true, but you can bet if/when the farmout deals are approved the herd will be back in full force, 100s of posts a day for a day or two then too. But as you say investors will be using the quiet times to add to their holdings. I'm still looking forward to see the next Gerd update in Q2 when the new operator can be revealed, its unlikely to remain undisclosed when drilling etc. JA was able to convince Prime Global that it was a good idea to invest $19.3m into TRP's Cameroon and Namibian licences so that really says it all at the moment. There are many waiting to see these wells drilled.

Regards,

Ed.

Smkr,

Interesting information for sure. Today's news also mentions their experience in funding mineral sands projects, so its starting to fit together and I'm sure Greg has influenced their decision with the info he's put out there on the grade and scale of Taprobane. Hopefully the new broker will help in arrangement of funding and their coverage will hopefully bring in new money as things move towards the FID. Our tiny cap sure has plenty of scope to it and with phase 1 requiring only a relatively modest capex, hopefully we'll have a good year here.

Regards,

Ed.

Still interesting numbers coming from the BFU. We all know what happens to oil producing when they inject more gas into that field. Just a reminder, the field before gas injection/miscible flood did around 220bopd, at peak of 8mmcfd approx it peaked oil production around 2000-2300. Even now on gas recycling rates of around 2mmcfd its still happily doing around 750bopd (well above pre-injection rates). I notice they're not too keen on increasing gas injection rates while things progress in the background. They seem none too keen to test this fields full potential just yet. :)

Regards,

Ed.

The company is sticking to the Q2 timetable after the minor delay to the drilling. Given their previous schedule of mid Dec drilling and April FID, they'd need to be drilling in the next few weeks to get the FID late Q2. So we should be seeing the local JV, offtake and project debt all within Q2. Perhaps the new broker is the first step to seeing the next stages of progress.

Regards,

Ed.

Loot,

You're welcome. Yes they're doing their homework as they go at present taking a methodical approach for sure. Yeah true, releasing the rock chip results in parts did keep the news flow going and the management did say they were hoping to do monthly updates this year as they progress Hart's. Once they get into more soil and trenching etc it should give the market a better idea of the grade that's down there rather than just surface chips.

Yeah the market missed the significance of the Austral release. While we don't know the terms until Austral process the stockpile for compatibility, it has the potential to make a major difference to NFM. If they get the right terms for the ore processing agreement it opens up, not just Big One, but also the other prospective targets in the region. Given the current copper price a low cost pit development could be pretty transformational for NFM. Looks like a good fit for both companies. Austral could do with the high grade ore source and NFM could do with the cash flow as you say.

Could turn out to be quite some year for NFM after the recent few years of limbo.

Regards,

Ed.

Loot,

At the moment they're looking to see if there are structures on the magnetics etc. A explanation for the distribution of surface outcropping uranium bearing pegmatites. So it looks like they have identified a structure running ENE and it will hopefully be further defined in the detailed report. They're looking for the best targets and the future drilling would try to locate the source of the high grade Uranium and the REEs. The fact that both Bob's and Cusp appear to be on the same structure is promising and could be connected rather than just some high grade outcrops. Would need to be proven with drilling of course, but interesting at this stage as it could direct their drilling campaign towards this structure.

Regards,

Ed.

"New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to announce the excellent results from the processing and interpretation of geophysical data by Southern Geoscience Consultants. The interpretation has identified numerous discreet uranium anomalies - a path finder to heavy rare earths mineralisation"

Looks and sounds promising as we approach the detailed survey results around the middle of the month. Seems like their thorough approach is making steady progress. Hopefully they'll also update on that MOU with Austral over the coming months too as that could lead to the development of Big One.

"Further, enhanced magnetics (RTP 1VD) imagery shows Bobs and Cusp sit on an ENE trending structure, which is interpreted to repeat to the north and south."

Hopefully the scale structural interpretation will show more drill targets around that.

Regards,

Ed.