Member Info for elir71

Whilst I am enthused by the upcoming exploration on all fronts, please bear in mind that the results of that exploration will take some time.

I think it was the transfer of the newly issued shares

@Proquo the hearing, for the public consultation has been held some months ago. Arising from the application were some questions that the Greenlandic government wanted answers to. The reply is called the "white book". Stefan told us following the receipt of these questions that some could be answered quite briefly, but some were more involved. Last week Stefan told us that he was just putting the finishing touches on the white book, answering a question about archaeological matters. I don't think that the white book is in the public domain, however, if I find that it is, then I shall post this information. Stefan has told us that he is hopeful that the exploitation licence can be granted this year. What remains to be seen is the impact that "fast tracking" a strategic project has , as it is new territory. Recent changes in Greenlandic laws mean that an exploitation licence can be granted without a full submission of Environmental Impact Assessment, Social Benefit Assessment and Navigational Safety Assessment. As I understand it, all the necessary fieldwork to gather data for the Environmental Impact Assessment has been completed, so the rest of the environmental and social studies is a desktop exercise. As for the navigational safety study, I don't think this has been done, I haven't got navigational charts for the area so I can't comment further than shallow draught vessels have recently berthed there. The topography suggests deep fjords so I doubt it would be a major issue.

Next year I would expect to see the completion of these studies and an application for a mining permit which would require a great deal more technical detail to complete. I like the way that Stefan sets out his timelines and regularly reports on progress.

@nomlungu, I dont think the shares have changed hands / been issued until yesterday. I would expect TR1s from Elemental, Berwick and Cass in the very near future.

@Divermike

With respect to the small scale of operations at Clogau St Davids :- It is likely that a planning constraint would be imposed on us limiting the amount of surfaced material to 500 T annually. In an ideal world, then we would only extract ore, however, levels capable of human access are also needed. It is nevertheless in our interests to keep the mining equipment as small as practicable , so I think the mechanical shovel they have is ideal for the task. Yes, larger plant would be easier to operate, however it would mean larger cross section levels. Take for recent example the Connonish mine. Scotgold bought a machine so large, the tunnels of the mine needed to be greatly enlarged to accommodate it. Ultimately it contributed to putting Scotgold into the mire.

In my view, then the boutique or "cottage industry" mine is the way to go. I would hope we would surface 500T of ore annually with a 37g Au / T grade so 18500 g per annum. about £1.8M at spot, £14M with the x8 premium. 37g Au . T is the historic average grade, which is why the operation is highly targetted. The wast tip was at about 8g Au/ T

Your next point, about the downstream processing. Crushing and washing is done on site at present using the pilot processing plant. The product of this is concentrate. That is what is sent to the gold refinery, so in terms of weight, fractional to the weight of the ore. That being so then there is no big problem is shipping these small quantities to a refinery.

Nevertheless if in the future it proves worthwhile to establish a refinery , I'm sure it could be looked at.

Yes, each mine, would be expected to be small in nature, but profitable. As you can appreciate the marketing of this gold, the protection of its provenence is as key to the profitability of the operation as good grades.

Given the recent capraises, there is probably no further value in starving ourselves of a decent capacity gold ore processing plant at or near Clogau St Davids. GIven the relatively small tonnages involved, access to a hiab equiped 10T lorry , then a plant in a nearby industrial estate would probably be most suitable

Capraises

approx £1M for Motzfeldt in shares

approx £1M in cash

The Motzfeldt project will require more funding, but not all of it will necessarily be in the form of placings ... its probably 3 to 4 years away from start of mine construction ( I presume an opencast, hence my recent question on dip)

Finsbro requires £100k a year at least, however in 3 years it should be a saleable asset

Clogau St Davids will be dependent on the results of the imminent sampling, but we can expect a significant haetus with respect to application for exploitation licences, more specifically the satisfying of the planning authoritieS. It may however still be possible to extract some material under the "multi year" exploration option in the meantime.

GROC however should appreciate significantly in the coming months and in many ways acts as both some balance sheet backbone for ALBA and as a pathfinder for getting other non dilutive funding.

However, with debt as a non dilutive form of funding , then it means that timescales and budgets take on a renewed urgency, so does introduce a new element of risk, one that it worth taking.

Today's placing means we can go full steam ahead with our exploration.

JV partner , not necessarily so with strategic project status. Nevertheless, I look at it as a project to get to DFS completion. On the fundamentals, we should be at 13p to 35p at present. Nevertheless, there is a persistent seller been active for some time. No TR1s though, so a bit of a mystery. Still, its a great buying opportunity at these levels. Exploitation licence is a milestone, but I think it's almost a formality in this case, though of course markets may see that differently

@Cryptomamum .. the IPO was targetted at high networth long term holders .... fairly sticky hands with a long investment horizon. The way I have looked at it is to the point immediately prior to financing mine production, as the NPV has been already calculated for that point. Anyone interested can pm for how I calculated my 13 - 35 p target

Anywhere between 13p and 35p is reasonable at this stage

Market makers have not reacted .... you've minutes to fill your boots

Good luck all

GROC is hardly ALBA's side hustle, in makes up the bulk of ALBA's fundamental value

The west can make synthetic graphite from petcoke, a byproduct of oil refining

I think February when blasting complete, that assumes contractor availability.

Thereafter processing (although would have started in parallel) ... May 2026 for results.

Uranium. Greenland government will not allow the mining of Uranium, nor a mining operation that surfaces Uranium. With respect to Motzfeldt, there is no known Uranium associated with the deposit.

Perhaps it is because George to all intents and purposes owns Elemental. To progress the asset then a publicly owned vehicle would have been necessary, or an IPO of Elemental. I thought George would have gone for a stand alone Elemental (previously known as Stallion), he was probably playing with the idea, as there was a time stallion's website was gathering email addresses of potential investors. Stefan's approach is to focus on one project, which is why Amitsoq has progressed. Perhaps some other options were too readily surrendered (Inglefield ?) nevertheless, Amitsoq is enough on our plate at present and certainly enough, if successful to meet my investment hopes. Alba's strategy is to diversify. Those at the AGM know I spoke against spreading our resources too thinly at the present time. I think the result of those thinly spread resources is the less than hoped for progress at Clogau St Davids. Certainly between February and the placing of 14th July then I doubt there was much in the way of funding for CStD available, however the overheads inherent to being a plc were still incurred. The accrual of salaries of the bod suggest a cash strapped situation. Perhaps the BOD were afraid of disappointing grades at the CStD level 5 and wanted other projects as a safety net ? Given that at the time 4/5 of ALBA's market valuation comprised their GROC holdings, then, I would have thought that an adequate safety net existed.

With reference to the RNS of the 14th I have asked questions with respect to the detail of the "tag along" clause. I would imagine that it means that Elemental (even if 100% of the Motzfeldt exploration licence is owned by ALBA) would receive some sort of payment in the event that Motzfeldt is sold on to a third party at a later date. That, in my opinion, is the probable exit route for ALBA vis a vis Motzfeldt, further down the line ... (4 years is my guess)

Ore for testing ... the cost of shipping is almost immaterial when compared to the cost of testing. It does not reflect the flow of ore when the project is in production

Clogau disaster ... there have been challenges, primarily of a regulatory nature. However there has been wasted time this year, probably due to a scarcity of funds

Amitsoq let go ... the motives for spinning out GROC was to have a vehicle capable of raising its own finance as the project's capital demands had a different timescale and magnitude to ALBA's agenda. Nevertheless it remains an important, possibly the most important project. Progress made has not really been matched by a deserving appreciation in SP, however, both the exploitation licence and finance is likely within the coming months and so far Stefan has not put a foot wrong.

@smkr You touch upon a very important point there. Not only does China control much of the rare earth mineral resources, but also the downstream processing capability. It is a question I posed to George on the Q&A session following on the from RNS of 14th July announcing Motzfeldt aquisition : Would ALBA look to developing downstream processing for rare earth minerals prospected at Motzfeldt ?

You'll probably be aware that GROC have two strategic projects. Amitsoq , the mine and an active anode material processing plant (probably to be sited next to Morrow Batteries in Norway). The NPV of the latter is substantially greater than the mine itself, however of course the synergy of the two contributes to eachs' individual value.

Elemental's lock in for 50% of the shares was 3 months long. So they are a candidate for being the seller

@Sageman, that figure is what Sarah Potter told the AGM in April 2025 and includes NOMAD costs etc

If you have different information that corroborates your view that it is less than £250k I am open to revising my belief