Member Info for elir71

Crap timing for a placing, should have waited for the dewatering permit to be granted. Total contempt for supportive loyal shareholders and sucking up to finance houses providing placing finance.

Livid isn't the word

@divermike... Sort of thing would be
1. some sort of habitat survey. Much as I love badgers, I hope they don't live there.
2. Topsoil preservation, not that there's a lot there
3. Noise suppression
4. Dust suppression
5. Treatment of runoff
6. Stability of reinstatement works, slope stability, drainage
7. Chemical tests heavy metals etc

The other unmentioned areas are the 'floors' of known pays hoots in the worked areas

@Ryan
for "awld miners tales, arrrr" read "British Mining Memoir No3" 1976 page 4 of this pdf https://www.nmrs.org.uk/assets/pdf/BM3/BM3-12-16-synopsis.pdf

from which you will find that the area I last refer to is 12 ft deep (approx 4m), its also on the section shown in the latest presentation and Harry Guests' video presenting the 3d model he worked on. Given the trial winze is not likely to be greater than 2x2m in cross section then that's 16 cu m of water. So , yes, that could be dewatered reasonably quickly with something from a local toolhire shop.

To be clear thats not what you'd use for dewatering the llechfraith shaft where a higher capacity higher head pump or multiple ones would be appropriate. I posted a suitable model on telegram yesterday.

Where's the water going, siltbusters already on site then discharge into Nant Cwm Llechen, thats what the permit is for.

@Ryan
The last paragraph refers to a zone which is not currently targetted by ALBA, or at least it is not mentioned. The bulk of my post are my estimates of costs of the activities that ALBA have stated they wish to pursue. I agree with you that some form of capital raise will be required, however, unlike you, I am comfortable with that since I put some effort into trying to quantify it and estimate its impact.

@MPO818 about £1M in cash 31 May 2022
my guesstimates for costs ....
£80k digging up screening, processing and restoring primary target zones at waste tip (currently pre permit application stage)
£50k for driving trial adit to secondary target (currently pre permit application stage)
£5k very little dewatering llechfraith lower shaft (permit application submitted)
£100k making safe llechfraith shaft and workings installing new access lift (a bit like you see on scaffolding) electric pneumatic and pipework (guess of course as condition of workings unknown until surveyed)
£150k 10m trial winzes * 5 @ £3k per metre
£25k for assaying processing
£50k for driving cross cut New Lode

£410k in direct costs

£300k in overheads (guesstimate)

£710k total expenses .... versus £1M in the cash

As such I dont think there is any need for a capital raise until the sinking of the shaft from the present workings at Llechfraith which in itself would cost by my estimate about £400k (£300k for shaft sinking + 100k for ancillary works)

The above does not take into account any receipts from sales of gold produced from the waste tip. I really wish the permissions for that were submitted sooner rather than later .

So assuming about £700k in indirect costs for a year I would expect a placing to cover shaft sinking and a years indirect costs of about £1.1M, the timing of which would probably be after results of bulk sampling the trial Winzes at Llechfraith.

I'd also point out another (target of mine) in a small trial shaft on the main adit that was abandoned I think in the 70s due to an unreliable air compressor, (work being transferred to Llechfraith) though the accounts of miners at the time state that they were very confident of imminently hitting a very rich zone. I expect its flooded at present but wouldnt take very long to dewater with the sort of pump you can pick up at any hire shop

It's all very much a business that it dependent on the efficiency of obtaining the necessary regulatory approvals. There's little doubt about the presence of economic mineralisation. From the vox markets presentation, the waste tip is in pre application communications stage. This may be the most efficient way of getting a permit. Significant growth in confidence in this process will be instilled once we see some success at the regulatory process.

@Herbert
Dewatering the existing shaft, assuming 60cu per hr is "allowed" should take a couple of weeks
Making safe, new ladders etc I would imagine a month or so. The unknown is the condition of the workings at the base of the existing shaft, there may be rockfalls that will need clearing, electric ventilation (3-4 months?) I'd hope for some inspiring bulk samples from this open area. Id further hope that processing of those samples and their subsequent assay is done a bit faster than the last lot. The pricey bit will be sinking the new shaft from the existing workings to reach the target zones identified from the phase 2 drilling from pad1. It is the primary target and will require funding. I'm working on about £600k -800k for that alone.

Nevertheless there's the waste tip at TynyCornel entrance which, subject to permissions could start quite quickly and is quite cheap to do.

Lets not forget that the secondary target (free draining, so not dependent on dewatering) could be reached for bulk sampling by a 50m trial adit, which would cost about £50k. Im unclear at present about what permissions would be needed for drive that, but I have sought clarification. It would have been my preference for the cross cut to the secondary target to have been advanced during the period of waiting for dewatering, however there may be good reasons for not doing so, such as avoiding jeapoardising the existing application. Picking the low lying fruit of the waste tip would mitigate the amount of capital raising needed.

I'm not at the least bit concerned at a SP arrived at on the basis of 11 trades only two of which are above £100 in value

It's an entirely fair question but difficult to answer as the timescales for permissions are out of the company's control and the distribution of gold is concentrated in high grade areas.

The most certain would be gold won from processing the waste tip

for the other areas within CStD, then I am using the end of the exploration licence +1 year as a guess

Amistoq has a clear timeline as set out in today's presentation. I'm looking at TBS being about 2 years behind JAY's Dundas

I especially liked the timelines being presented and some more illustration of the secondary target (which I have banged on about) at Clogau St Davids. When the updated JORC resource at Amistoq is available then it will make for a more readily quantifiable net present value of that said resource.

Going back to the secondary (New Main Lode Extension) as Clogau , there is a note there that it is subject to planning permission. I would hope that this will be applied for in good time, as it is preferrable that such activities be avoided in lying on the critical path.

rule 41 of the AIM rules for companies suggests 75% of the votes cast to agree to a takeover.

Just flew Jet2, brs to tfs, plane fully occupied

Good sign

so why is it not being published on the public register ?

Its almost the anniversary of the refusal. Since then Ive seen nothing pertaining to GMOW on the NRW public portal which is in itself a concerning lack of transparency of a public body. I find it difficult to believe that no correspondence has been entered into since, so why is it not on the public register.

@Stephen, last time they (NRW) stretched it out to the full guideline response time. I'm not expecting any change in laconic behavioural pattern. Company has done all it can. Its a case of patience yet again I am afraid.

@hunter
Plans if no dewatering. There are two targets in free draining zone 24 and 50m respectively from existing workings, so one adit would do. Cost about 50k. Why they haven't already done that, disposing of spoil underground I don't know

Its not the regulations themselves that I oppose, it is the laconic rate at which NRW work.

There will be a need for a capital raise to fund shaft sinking, further development, bulk sampling etc However, at the last AGM then the maximum number of new shares that the existing shareholders authorised the board to issue was far less than that we authorised them to do the year before. The more measured approach was one that I approved of, whereas I had opposed the levels the board wanted authorised the year prior to that. Furthermore, GF has stated that the board are exploring ways of allocating some new issue shares to existing shareholders at comparable terms, which I think is reasonable too.

The question you would have to ask yourself is
Is the fundamental value per share increased sufficiently through the exploration bought by raised funds to justify the dilution ?

It would be preferable of course to make such a placing at a time of stronger sentiment (and thus higher share price)

the other way forward is a single or very few already high end jewellers , like scotgold do. Problem is with that, you arent the dominant party in the relationship. In bilateral relationships then you can negotiate a greater degree of control if the other party is in a weaker position. Its not to screw anyone over, its to maintain standards.