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@Prof, thank you for the reply; I appreciate it.
Here's hoping for progress tomorrow. It is a particularly interesting time for Bhukia, especially *if* Mark has to attend court this time (asterisked as it's unconfirmed whether he *has* to be there).
July still feels like a significant month for this prospect.
Johnny, I used to think you were a bit of a wind-up-merchant. However, since I was kicked in the head by a horse I now can see how well meaning and informed you are. Thank you for your meaningful contributions to the board.
Hi Prof,
Do you know how long MB is in India for please?
My (consciously biased) opinion on today's RNS is that the arbitration funding due diligence outcome has been pushed back to a suitable time beyond JV agreement to spare blushes, but I am biased.
Thanks
@deckchair, releasing / updating a mineral resource estimate (mre) essentially means a recognised process(es) has been followed to calculate how much ore is in a prospect / location. as a rule of thumb, the more drilling you do, the more accurate the mre gets, but if you google 'mineral resource estimate meaning' it'll direct you to the wikipedia page on this, which is a good start.
the drilling which has just commenced in kalaka, if successful, will go towards the production of a maiden mre for this prospect. more drilling thereafter will enable further updates to the accuracy of the mre, which in turn will enable the company to state with confidence how much gold is at a process and inform mining feasibility studies and, eventually, a decision to mine.
at cascades (labola), the maiden mre was announced in october '21 (602k oz). subsequent drilling has been undertaken by moydow, and we should expect an updated mre to be released at some point. something 1moz+ would really make the market sit up and take notice.
timescales for the above are tbc off the top of my head, as the last corporate presentation was published in may 2022 - another is overdue.
it's difficult to assess value of gold in the ground to a share price - personally i've seen estimates vary from between $10-160 per oz. ultimately, how much its worth is dependent on whether anyone wants to buy a prospect, or if a decision to mine is made at a location.
however, if do a very quick and dirty *** packet calculation for bhukia:
7moz mre
take a 'gold in the ground' value of, say, $100/oz
value to panthera as 100% owner of bhukia is $700m
per-share value (131m shares in circulation) translates to $5.34
hope this helps.
It's feasible.
It could also be that as the incentive requirement is to deliver a *minimum* of $5M funding is also just an easy target for Mark to smash? Makes him look good on paper to others...
"Hey, investors! You know you're all expecting a potentially transformational update from the company in the immediate future? Well, in completely unrelated news, we've decided that we'd like to reward Mark for his efforts with a nice bonus if he gets it across the line..."
'b) securing committed litigation finance (that is available for drawdown by the Company) for a minimum of US$5 million to pursue a claim under the Australia India Bilateral Investment Treaty.'
The key word here for me is *minimum*- doesn't mean that's all they'll end up with, nor that they would necessarily need more than that for arbitration.
Very bullish RNS, and I have no objections whatsoever to Mark's reward if (when) he gets this over the line.